Blood Bank Market
Number of pages: 100 | Report Format: PDF | Published date: July 18, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 17.04 billion |
|
Revenue Forecast in 2031 |
US$ 23.89 billion |
|
CAGR |
3.83% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Products, Bank type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global blood bank market was valued at US$ 17.04 billion in 2022 and is expected to register a revenue CAGR of 3.83% to reach US$ 23.89 billion by 2031.
Blood Bank Market Fundamentals
A blood bank is a vital component of healthcare systems, responsible for collecting, testing, processing, and storing blood and its components for transfusion to patients in need. It is a centralized facility that ensures a safe and adequate supply of blood products for medical treatments, surgeries, and emergencies. Blood banks organize blood donation drives and maintain collection centers where eligible individuals can voluntarily donate blood. Donors undergo screening to meet the necessary criteria, such as age, weight, and overall health. The collection process typically involves drawing blood from a vein in the arm using sterile equipment. Blood banks are crucial in natural disasters, accidents, or mass casualty incidents. They must be prepared to rapidly respond to increased demand for blood products, coordinating with hospitals, healthcare providers, and emergency response teams to ensure a timely blood supply for critically injured patients.
Blood banks serve as a lifeline, providing a safe and reliable blood supply to save lives, support medical treatments, and improve patient outcomes. They rely on the generosity of blood donors, the dedication of skilled healthcare professionals, and stringent quality control measures to uphold the highest safety and efficacy standards in blood transfusion practices.
Blood Bank Market Dynamics
The demand for blood and blood products continues to rise due to various factors, including an aging population, a higher prevalence of chronic diseases, and an increase in complex medical procedures and surgeries. Blood transfusions are essential for treating conditions such as cancer, anemia, trauma-related injuries, and surgical complications, thereby boosting the demand for the global blood bank market. For instance, according to the WHO’s factsheet of September 2022, chronic disease kills almost 41 million individuals annually, and 17 million individuals die before age 70. Additionally, efforts to raise awareness about the importance of blood donation have increased the donor pool. Governments, non-profit organizations, and blood banks conduct campaigns and initiatives to educate the public about the need for regular blood donations. These awareness campaigns encourage individuals to become regular blood donors, contributing to the overall supply of blood and supporting the growth of the blood bank market. For instance, according to the WHO’s factsheet of June 2023, of 118.5 blood donations made globally, 40% were collected from high-income counties. In low-income countries, up to 54% of blood transfusions were collected from children under age 5. Moreover, blood-related disorders, such as hemophilia, sickle cell anemia, and thrombocytopenia, are rising globally. These conditions often require regular blood transfusions, creating a sustained demand for blood and blood products. Additionally, natural disasters, accidents, and emergencies can lead to an immediate need for blood transfusions. Blood banks play a crucial role in meeting these urgent requirements, and the increasing incidence of such events drives the growth of the blood bank market. For instance, according to the Centre for Disease Control and Prevention’s estimations of August 2022, the number of males with hemophilia living in the U.S. is between 30,000 – 33,000.
However, although blood donation screening tests are highly effective, there is still a minimal risk of transmitting diseases in donated blood. Despite rigorous testing, there is a slight chance of false-negative results or the emergence of new infectious agents. This risk necessitates ongoing research, development, and implementation of advanced testing methods to minimize further the risk of transmitting diseases through blood transfusions. Furthermore, ensuring an adequate and safe blood supply heavily relies on voluntary blood donations. However, there is often a shortage of eligible donors due to factors such as strict donor eligibility criteria, fear of needles or medical procedures, and the need for awareness about blood donation. This limited availability of safe blood donors challenges meeting the increasing demand for blood products. Additionally, resistance to change, concerns about data security, and a lack of trained professionals are some restraints impeding the overall market growth.
Blood Bank Market Ecosystem
The global blood bank market is analyzed from the following perspectives: products, bank type, end user, and region.
Blood Bank Market by Products
Based on the products, the global blood bank market is segmented into platelet, whole blood, plasma, white blood cells, and red blood cells.
The red blood cells segment dominated the market with the principal revenue share in 2022 and is also expected to grow with the fastest CAGR of 4.15% during the forecast period. Red blood cells, also known as erythrocytes, transport oxygen from the lungs to the body's tissues and remove carbon dioxide. The RBC segment in the blood bank market primarily focuses on the collection, processing, storage, and distribution of red blood cell units for transfusion purposes. Blood banks collect whole blood from voluntary donors through donation drives and collection centers. The collected blood undergoes a series of screening tests to determine the donor's blood type and ensure its safety for transfusion. Once cleared, the blood is processed to separate it into its various components, including red blood cells. These aspects contribute to the growth of the red blood cell segment.
Blood Bank Market by Bank Type
Based on the bank type, the global blood bank market is segmented into public and private
The public blood bank segment dominated the market with the maximum revenue share in 2022. Public blood banks are those that operate under the jurisdiction of governmental or non-profit organizations. These blood banks are primarily responsible for collecting, processing, testing, and distributing blood and its components for public use. They play a vital role in ensuring an adequate and safe blood supply to meet the needs of patients in healthcare systems. Public blood banks are typically owned and operated by government entities, such as national health ministries, public health agencies, or regional healthcare authorities. They may also be managed by non-profit organizations promoting public health and welfare. Public blood banks organize and conduct blood donation drives in collaboration with various community partners, including schools, colleges, workplaces, and community organizations. They actively promote voluntary blood donation and work towards increasing awareness about the importance of blood donation among the public. These factors contribute to the growth of the public blood bank segment.
Blood Bank Market by End User
Based on the end user, the global blood bank market is segmented into hospitals, ambulatory surgery centers, and others.
The hospital segment is a key player in the blood bank market, with the largest revenue share in 2022. These blood banks are an integral part of the healthcare infrastructure, serving the transfusion needs of patients within the hospital setting. The Hospitals segment plays a critical role in providing timely and appropriate blood products for patients undergoing medical treatments, surgeries, or experiencing emergencies. Hospitals often have dedicated blood banks or blood transfusion services within the hospital premises. These blood banks are closely integrated with the hospital's clinical departments, operating rooms, emergency departments, and intensive care units to provide immediate access to blood and blood products when required. Hospital blood banks prioritize the immediate needs of patients within the hospital. They maintain an inventory of blood products based on anticipated demand and specific patient requirements. This on-site availability allows for rapid access to blood and reduces the time required for transfusions in critical situations. These overall factors contribute to the growth of the hospital segment.
Blood Bank Market by Region
Geographically, the global blood bank market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global blood bank market with the largest revenue share of 43% in 2022, attributed to the technologically improved healthcare infrastructure, the increased prevalence of blood diseases, and the increasing number of trauma cases and surgical operations. For instance, according to the WHO’s factsheet of June 2022, around 1.3 million individuals die each year due to road accidents in the U.S. Additionally, companies across the region are continuously involved in partnerships, mergers as well as acquisitions which are also expected to improve the blood bank market outlook.
Blood Bank Market Competitive Landscape
The prominent players operating in the global blood bank market are:
Blood Bank Market Strategic Developments
In September 2021, the Illinois Medical District (IMD) and the American Red Cross of Illinois partnered to raise awareness of sickle cell disease and its treatment. During National Sickle Cell Awareness Month, the groups are encouraging Chicagoans, particularly those from minority populations afflicted by sickle cell illness, to give blood to address disorders such as sickle cell anemia and to minimize inequities in health care for minorities.
A blood bank is a vital component of healthcare systems, responsible for collecting, testing, processing, and storing blood and its components for transfusion to patients in need.
The global blood bank market was valued at US$ 17.04 billion in 2022.
The estimated market size of the global blood bank market in 2031 is US$ 23.89 billion.
The revenue CAGR of the blood bank market during the forecast period will be 3.83% from 2023 to 2031.
Some key companies operating in the global blood bank market are Canadian Blood Services, Sanquin Blood Supply Foundation, Japanese Red Cross Society, New York Blood Center, Vitalant, NHS Blood and Transplant, and National Blood Transfusion Council.
*Insights on financial performance are subject to the availability of information in the public domain