Blood Bank Market

Blood Bank Market Size:

The global blood bank market size reached US$ 17.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 25.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032. The market is propelled by the rising number of individuals diagnosed with chronic diseases, significant advancements in healthcare infrastructure and technology, increasing awareness about the importance of donating blood, growing government initiatives, and rising geriatric population across the globe.

Blood Bank Market Analysis:

• Major Market Drivers: The increasing number of individuals diagnosed with chronic diseases, significant technological advancements in healthcare, growing awareness about the necessity of donating blood, these are some of the major market drivers which are leading to a rising blood bank demand.
• Key Market Trends: The rising utilization of developed screening technologies in order to improve blood safety, advent of portable blood donation units and the enforcement of stringent regulatory standards to control the quality are some of the key market trends creating a positive blood bank market outlook.
• Geographical Trends: North America dominates the market due to a robust healthcare infrastructure of the region, increasing number of chronic disease cases across the region, and rising number of awareness campaigns. Additionally, Europe holds second position geographically on account of this well-established healthcare structures.
• Competitive Landscape: American Association of Blood Banks, Blood Bank of Alaska, Canadian Blood Services, Haemonetics Corporation, Japanese Red Cross Society, New York Blood Center, NHS Blood and Transplant, Sanquin Bloedvoorziening, Terumo Corporation, The American National Red Cross and Vitalant, are among some of the key players in the blood bank industry.
• Challenges and Opportunities: Challenges of this industry include unstable donor participants and confronting issues such as difficulties related to blood compatibility and matching for the purpose of transfusions. Whereas, some of the opportunities of the blood bank industry include introduction of novel technologies for blood processing and screening which improve efficiency and safety standards, and the expansion of these services across underdeveloped regions through portable donation units.
   

Blood Bank Market Trends:

Rising Number of Patients Diagnosed with Chronic Diseases:

The rising number of patients diagnosed with chronic diseases such as cardiovascular issues, cancer, and autoimmune diseases are propelling the market. According to a report by the WORLD HEALTH ORGANIZATION (WHO), chronic diseases are responsible for 41 million deaths each year. The report also states that 17 million individuals succumb to this disease before the age of 70. These diseases require continuous medical interference such as chemotherapy, surgeries, and blood transfusions. For instance, a cancer patient often requires blood transfusions in order to manage the chances of anaemia, similarly individuals diagnosed with heart diseases may need surgeries including coronary artery bypass grafting, which makes the procedure of blood transfusion vital. Other than this, the rapidly changing demography across the globe is further driving the blood bank market growth. With the rising age, the chances of being diagnosed with these chronic illnesses rises exponentially, thereby fuelling the market growth.

Increasing Number of Government Initiatives:

Governments across the globe are working toward increasing awareness in respect to the importance of blood donation. The increasing number of public awareness campaigns, educational initiatives and community outreach programs are further driving the market growth. For instance, on 14^th June each year, WORLD DONOR DAY is observed acting as a worldwide stage to increase awareness about the growing need for safe blood and blood products. This day also acknowledges the contributions made by voluntary blood donors. Other than this, governments across the globe also offer tax incentives, national blood donor registries in order to encourage the donation of blood. These initiatives of health organizations and governments collectively have led to a rise in the number of donors. According to the WORLD HEALTH ORGANIZATION (WHO), an increase of 10.7 million blood donations from unpaid donors has been recorded from the year 2008-2018.

Implementation of Strict Quality Standards:

Stringent regulations and quality standards related to blood collection are one of the key blood bank industry trends. Regulatory bodies across the globe implement strict guidelines regarding the efficacy, safety, and quality of blood products. These regulations are meant to administer numerous facets of blood banking operations, such as blood collection, donor screening and eligibility, storage, processing, and distribution practices. For instance, in the United States region, the FOOD AND DRUG ADMINISTRATION (FDA) has been deemed responsible for the governance of blood establishments under the Code of Federal Regulations (CRF) Title 21.  This includes the requirements for good manufacturing practices (GMP), donor testing, screening, labelling, and adverse event reporting. In case of non-compliance with these requirements may result in license revocation, severe penalties and fines, and reputational damage. This ensures a rise in safe blood donations and blood products.

Blood Bank Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product type, bank type, function, and end user.

Breakup by Product Type:

• Whole Blood
• Red Blood Cells
• Platelet
• Plasma
• White Blood Cells
   

Red blood cells account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the product type. This includes whole blood, red blood cells, platelet, plasma, white blood cells. According to the report, red blood cells represented the largest segment.

Red blood cells hold the largest blood bank market share on account of its vital role in transfusion therapy, particularly in patients with anaemia, surgical procedures, and blood disorders. According to the AMERICAN RED CROSS ORGANIZATION, approximately 29,000 units of red blood cells are required each day in the United States. Another major factor driving the demand for red blood cells is the increasing number of unpaid voluntary blood donors across the globe. Moreover, the limited shelf life of red blood cells is further creating a rising demand, according to the aforementioned organization, utilization of red blood cells within 42 days or less is suggested.

Breakup by Bank Type:

• Private
• Public
   

Private holds the largest share of the industry

A detailed breakup and analysis of the market based on the bank type have also been provided in the report. This includes private and public. According to the report, private and public accounted for the largest market share.

The private banks hold maximum number of shares in the market on account of their well-built infrastructure, large presence, and competitive edge in catering to the increasing demand for blood related services and products. Additionally, private blood banks are also easily accessible to a wide range of healthcare communities and facilities. According to the PRESS INFORMATION BUREAU, DELHI March 2022, the number of private blood banks in the state of UTTAR PRADESH alone are 322. This widespread network of these blood banks allows them to collect blood efficiently, further process it and distribute it at a large scale, thus catering to the vast needs of healthcare organizations and patients, while ensuring quality and safety.

Breakup by Function:

• Collection
• Processing
• Testing
• Storage
• Transportation
   

Testing holds the largest share of the industry

The report has provided a detailed breakup and analysis of the market based on the function. This includes collection, processing, testing, storage, and transportation. According to the report, testing accounted for the largest market share.

Testing dominates the market in account of its important role in assuring compatibility, quality and safety of the blood products. Additionally, another vital factor driving to the eminence of testing is the consecutively rising number of blood donations globally. For instance, according to a report published by the WORLD HEALTH ORGANIZATION (WHO), approximately 118.54 million blood donations are collected across the globe. This large volume makes it necessary for testing protocols to scrutinize for infectious diseases, blood type compatibility, and numerous other factors in order to combat the risk of transfusion-transmitted diseases and adverse reactions.

Breakup by End User:

• Hospital
• Ambulatory Surgery Centers
• Pharmaceutical Companies
• Clinics and Nursing Homes
• Others
   

Hospitals hold the largest share of the industry

The blood bank market research report has provided a detailed breakup and analysis of the market based on the end user. This includes hospital, ambulatory surgery centers, pharmaceutical companies, clinics and nursing homes, others. According to the report, hospitals accounted for the largest market share.

Hospitals hold the maximum number of shares on account of their core role in serving the population as healthcare providers and the primary source for patient care and medical interventions. Another factor building up a positive blood bank market forecast is the exponential rise in the number of medical procedures and treatments which require blood transfusions. According to the NATIONAL INSTITUTE OF HEALTH, the United States alone performs almost 64 million surgical procedures each year, from tooth extractions to open heart surgeries. The increasing number of these procedures is leading to a significant increase in the demand for blood banks.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest blood bank market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

One of the most prominent reasons of North America being holding maximum number of shares in this segment is the strong healthcare infrastructure of the region. Additionally, the rising number of donations across the region is also fostering the market growth. Other than this, rising number of chronic diseases across the region is also propelling the market growth. According to the CENTER FOR DISEASE CONTROL AND PREVENTION (CDC), 6 in 10 adults in the United Nations are diagnosed with one chronic disease, whereas 4 in 10 are diagnosed with 2 or more such diseases. These substantial figures make procedures such as blood transfusion regular, thereby creating a positive market outlook.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the blood bank industry include American Association of Blood Banks, Blood Bank of Alaska, Canadian Blood Services, Haemonetics Corporation, Japanese Red Cross Society, New York Blood Center, NHS Blood and Transplant, Sanquin Bloedvoorziening, Terumo Corporation, The American National Red Cross and Vitalant.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• At present, key players in this industry are making strategic decisions in order to improve their market presence and cater to the evolving needs of the healthcare providers and patients. Additionally, they are prominent organizations are also working toward expanding their global footprint through acquisitions, mergers, and partnerships to build a robust distribution network and gain access to new portfolios. For instance, in May 2022, Babson Diagnostics and Becton, Dickison and Company decided to expand their strategic partnership of 2019, with the intent of introducing blood sample collections to new care settings. Moreover, they are also increasingly focusing on the implementation of novel digital technology in their healthcare settings.

Latest News: 

• April 2022: The Scottish National Blood Transfusion Services announced the launch of an advertising campaign “PEOPLE LIKE YOU”, which acknowledges blood donors across the region of Scotland. 
• September 2021: The Illinois Medical District (IMD), Chicago partnered with the American Red Cross to inspire individuals from ethnic and racial minorities to donate blood.

Blood Bank Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the blood bank market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global blood bank market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the blood bank industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.