Global Blood Bank Market Opportunities and Forecast 2023-2030

Blood Bank Market Overview

The global Blood Bank market is expected to rise at significant rate in the next few years. Blood banks are primarily engaged in collecting, processing, testing, storing, and distributing whole blood and blood products. The increasing prevalence of hematological diseases such as anemia is the key factors that drive the growth of the global blood bank market. According to World Health Organization, Anaemia is a serious global public health problem that particularly affects young children and pregnant women. WHO estimates that 42% of children less than 5 years of age and 40% of pregnant women worldwide are anaemic. 

Furthermore, the major factor propelling the growth of the market includes a steep rise in accidental cases across the globe. As per WHO report, Approximately 1.3 million people die each year as a result of road traffic crashes. Road traffic injuries are the leading cause of death for children and young adults aged 5-29 years.

Additionally, increase in the number of old age populations and high demand for safe blood due to high prevalence of transfusion transmissible infections such as HIV and hepatitis B across the world. This main factor further contributes to the market’s expansion remarkably.

On the other hand, rising wastage of donated blood and stringent rules & regulations are estimated to hamper the blood bank market’s growth. Besides this, blood transfusion in developing countries is expected to offer significant profitable opportunities for the market players.

Covid-19 Impact on Blood Bank Market:

In addition, the current Blood Bank Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Blood Bank Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.

The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.

Blood Bank Market Segment Overview

On the basis of function, the global blood bank market is divided into the collection, processing, testing, storage, and transportation. The testing function accounted for the highest revenue in 2019 and is expected to maintain its dominance throughout the forecast period. This is attributed to the high cost of screening tests of blood and its components as well as a large number of diagnostic tests that are conducted during the processing of blood.

Moreover, according to function, the testing segment has significant growth in the market and is expected to maintain its supremacy throughout the forecast period. This can be attributed to the high cost of screening tests of blood and its components as well as a large number of diagnostic tests that are conducted during the processing of blood.

Blood Bank Market, By Product Type

·       Whole Blood
·       Red Blood Cells
·       Platelets
·       Plasma
·       White Blood Cells

Blood Bank Market, By Function

·       Collection
·       Processing
·       Testing
·       Storage
·       Transportation

Blood Bank Market, By Bank Type

·       Private
·       Public

Blood Bank Market, By End-User

·       Hospital
·       Ambulatory Surgery Centers
·       Pharmaceutical Companies
·       Clinics & Nursing homes
·       Others

Blood Bank Market Regional Overview

In terms of region, North America is expected to hold a significant market share in the global Blood Bank Market owing to the rising geriatric population, increasing incidences of blood disorders, rising number of trauma cases, and surgical procedures in the region. Similarly, Europe is also a prominent region for the blood bank market. A large number of blood donations, high cost of blood procurement & testing, and low prevalence of infections transmitted through transfusion that fuels the demand for blood transfusion. All these factors are majorly contributing to the market’s growth in this region. As well, Asia Pacific is estimated to be one of the quickest developing zonal markets in the forthcoming year. This can be attributed to the developing healthcare infrastructure in this region.

Blood Bank Market, By Geography

·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)

Blood Bank Market Competitor overview

Some key developments and strategies adopted by manufacturers in the Inhalable Drug Delivery Devices (IDDD) are highlighted below.

Blood Bank Market, Key Players

·       The American Red Cross
·       Vitalant
·       New York Blood Centre
·       Australian Red Cross
·       Japan Red Cross Society
·       American Association of Blood Banks
·       America's Blood Centers
·       Canadian Blood Services
·       Sanquin Blood Supply Foundation
·       Blood Bank of Alaska
·       Indian Red Cross Society
·       NHS Blood and Transplant
·       New Zealand Blood Service
·       National Blood Centre
·       German Red Cross
·       Rotary Blood Bank