Blood Bank Market To Achieve A Modest CAGR By 2027| COVID-19 Impact Analysis, Growth Trends, Share Estimation

Blood banks are where whole blood and its components are stored so that you may need blood transfusions in the future. The main functions of the blood bank include donor recruitment, blood collection, donor processing, diagnostic testing, blood composition preparation, record keeping, typing and cross matching, medical or legal evaluation of blood, storage and transportation.

The world blood bank market size is expected to reach $13.85 billion in 2019, reaching $2.18 billion in 2027, with an annual average growth rate of 5.7% from 2027 to 2027. The hospital sector accounted for more than a third of the market share. 2019.

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Most blood banks are non-profit organizations where blood and blood components are stored. The main functions of the blood bank include donor recruitment, blood collection, donor processing, diagnostic testing, blood composition preparation, record keeping, typing and cross-matching, medical or legal evaluation of blood, storage and transportation. Blood banks can be independent independent organizations or departments of hospitals. The prevalence of hematologic diseases is high and the number of accidents is increasing, increasing the demand for blood banks.
In addition, the growth of the elderly population prone to blood disorders further accelerates the growth of the blood banking market. However, waste of donated blood and strict rules and regulations are expected to hinder market growth. Conversely, transfusions in emerging countries are expected to provide significant profitable opportunities for market participants.

The blood banking market is expected to grow significantly during the forecast period due to the increase in the elderly population, the number of accidents, and the prevalence of blood diseases worldwide. However, the wasted blood and strict rules and regulations are expected to hinder the growth of the blood bank market. Conversely, transfusions in emerging countries are expected to provide significant profitable opportunities for market participants.

Depending on the product type, the global blood bank market is divided into whole blood, red blood cells, platelets, plasma and white blood cells. The erythrocyte segment was the main source of income in 2019, and in the case of patients suffering from anemia or excessive bleeding from bleeding, the demand for erythrocyte transfusion in whole blood is high, so this trend is expected to continue during the forecast period during trauma and surgery or during childbirth.

By function, the market is categorized into collection, processing, testing, storage and transportation. As the demand for blood transfusion increases and hematologic disorders increase worldwide, the collection period is expected to show the fastest growth during the forecast period.

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Key findings from the study
• Depending on the product type, the platelet segment is expected to grow rapidly, with a CAGR of 7.5% from 2020 to 2027.
• By function, the test segment dominated the world blood bank market in 2019 and is expected to maintain this trend during the forecast period.
• Depending on the type of bank, the private sector was a major revenue contributor in 2019, and this trend is expected to continue throughout the forecast period.
• The United States earned the highest revenue in the world blood bank market in 2019, accounting for more than 4/5 of the world market in 2019.
• China is a profitable sector that is expected to grow at an annual average rate of 7.8% over the forecast period.

Europe accounted for more than a third of the world blood bank market share in 2019, and is expected to maintain its dominant position during the forecast period. This is due to a well-established health care infrastructure, a large number of diagnosed patients, an increase in the number of blood donations and policies to support health care. However, the Asia-Pacific region is expected to experience the highest growth rate during the forecast period due to increased demand for blood transfusions and the introduction of reimbursement policies by healthcare systems.

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