Blood Bank Market Key Players : American Red Cross, Vitalant, New York Blood Centre, Australian Red Cross, Japan Red Cross Society, American Association of Blood Banks, America's Blood Centers

Blood bank is a place where blood and its components are stored for blood transfusion.Blood banks are primarily engaged in collecting, processing, testing, storing, and distributing whole blood and blood products. Moreover, the collected blood or blood products are extensively tested as well as processed, which results in high prices of blood. Blood bank stores products that include whole blood, red blood cell, platelet, and plasma for short period of time that depends on the outcome of the testing process.

Moreover, they provide distribution services to hospitals, ambulatory surgery centers, pharmaceutical companies, research centers, and others. Currently, the demand for packed red blood cells over whole blood during blood transfusion is high among healthcare providers. The global blood bank market was valued at $11,527 million in 2017 and is expected to reach $18,649 million by 2025, registering a CAGR of 6.1% from 2018 to 2025.

The report provides a comprehensive analysis of the key players operating in the global blood bank market, namely 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, and Blood Bank of Alaska. The other players in the value chain include Indian Red Cross Society, NHS Blood and Transplant, New Zealand Blood Service, National Blood Centre, German Red Cross, Rotary Blood Bank, and others.

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Surge in prevalence of hematological diseases and rise in accidental cases are the key factors driving the growth of the global blood bank market. Furthermore, increase in the number of geriatric population and high demand for safe blood due to high prevalence of transfusion transmissible infections such as HIV, hepatitis B across the world supplements the market growth. However, rise in wastage of donated blood and stringent rules & regulations are anticipated to hamper the market growth. On the contrary, blood transfusion in emerging nations are expected to offer significant profitable opportunities for the market players.

Blood Bank Market Segmentation

The global blood bank market is segmented based on product type, function, bank type, end user, and region. Based on product type, the market is classified as whole blood, red blood cell, platelets, plasma, and white blood cell. The function segment includes collection, processing, testing, storage, and transportation. Based on bank type, the market is bifurcated into private and public. Depending on end user, it is categorized as hospitals, ambulatory surgery centers, pharmaceutical companies, clinics & nursing homes, and others. Region wise, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (Australia, Japan, India, China, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Region Segment Review:

Region wise, the blood bank market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe dominated the market in 2017, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period, due to the large number of blood donations, high cost of blood procurement & testing, well-established healthcare infrastructure, and low prevalence of infections transmitted through transfusion that fueled the demand for blood transfusion in the market.

Function Segment Review:

Based on the function, the global blood bank market is divided into collection, processing, testing, storage, and transportation. The testing function accounted for the highest revenue in 2017 and is expected to maintain its dominance throughout the forecast period. This is attributed to the high cost of the screening tests of blood and its components as well as large number of diagnostics tests that are conducted during processing of blood.
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Key Benefits For Blood Bank Market :

• This report provides a detailed quantitative analysis of the current market trends and future estimations from 2018 to 2025, which assists in identifying the prevailing market opportunities.
• An in-depth analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
• A comprehensive analysis of the factors that drive and restrain the growth of the global blood bank market is provided.
• The key regulatory guidelines for the blood bank market are critically dealt with according to geography.
• An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.

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