Blood Bank Market Research Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights

Overview and Scope

A blood bank refers to a facility or organization that collects, tests, processes, and stores donated blood for use in transfusions or other medical procedures. This provide a safe and dependable source of blood for patients who need transfusions as a result of surgery, injury, or medical conditions.

Sizing and Forecast

The blood bank market size has grown strongly in recent years. It will grow from $16.91 billion in 2023 to $17.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increase in trauma cases, surgical procedures, blood disorders, chronic diseases, maternal health..

The blood bank market size is expected to see strong growth in the next few years. It will grow to $23.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to emerging markets expansion, telemedicine and remote blood banking, gene editing and therapies, global health emergencies, growing aging population.. Major trends in the forecast period include expansion of donor pool diversity, blood utilization review programs, expansion of cord blood banking, blockchain in blood supply tracking, advanced blood processing technologies..

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Segmentation & Regional Insights

The blood bank market covered in this report is segmented –

1) By Bank Type: Private Blood Bank, Public Blood Bank

2) By Function: Collection, Processing, Testing, Storage, Transportation

3) By Product Type: Whole Blood, Red Blood Cells, Platelet, Plasma, White Blood Cells

4) By End User: Hospitals, Ambulatory Surgical Centers, Clinics, Pharmaceutical Companies

North America was the largest region in the blood bank market in 2023. Asia-Pacific is expected to be the fastest-growing region in the blood bank market report during the forecast period. The regions covered in the blood bank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

A rising number of accidents is expected to propel the growth of the blood bank market going forward. The rising number of accidents refers to an increase in the frequency or occurrence of unexpected events that result in injury, damage, or loss of life and includes a wide range of accidents such as car accidents and workplace accidents. The rising number of accidents frequently increases the need for immediate blood transfusions to treat injuries, replace blood loss, and maintain adequate circulation caused by accidents. For instance, in June 2022, according to an article published by the World Health Organization (WHO), a Switzerland-based international public health agency responsible for public health efforts, road traffic crashes caused approximately 1.3 million deaths, and non-fatal injuries accounted for 20 to 50 million people. Furthermore, more than 90 percent of road traffic fatalities occur in low- and middle-income countries. Therefore, the rising number of accidents will drive the blood bank market.

Key Industry Players

Major companies operating in the blood bank market are undergoing partnerships to drive revenues in the market. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in August 2023, Blood Bank Computer Systems, Inc. (BBCS), a US-based software company, collaborated with Bloodbuy, a US-based biotechnology company. Through this partnership, BBCS and Bloodbuy will work together to integrate BBCS’ newly released ForLife Biologics Platform with Bloodbuy. This integration will enable blood center customers to engage with their national resource-sharing counterparties seamlessly, remove existing manual data transfer processes, and enhance user productivity and data quality by eliminating opportunities for human error, all while improving user satisfaction by automating highly repetitive data transfer tasks.

The blood bank market report table of contents includes: