Blood Bank Global Market Report 2024 - By Growth, Size, Share, Drivers, Forecast To 2033

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.

Market Overview -
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.

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Accelerating Demand With Increasing Accidents Fuel Growth In The Blood Bank Market
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.

Competitive Landscape -
Major companies operating in the blood bank market report are American Association of Blood Banks, Blood Bank of Alaska, Canadian Blood Services, The Japanese Red Cross Society, New York Blood Center, NHS Blood And Transplant, Sanquin Blood Supply Foundation, The American Red Cross, Vitalant, America's Blood Centers, Australian Red Cross, Terumo Corporation, Haemonetics Corporation, National Blood Transfusion Council, Shire Plc, Abbott, Beckman Coulter Inc., Polymedicure, Thermo Fisher Scientific Inc., Becton Dickinson and Company, Bio-Rad Laboratories Inc., F. Hoffman La Roche, Siemens Healthcare Private Limited, BioMérieux, CSL Behring, Takeda, Octapharma, Kedrion, Macopharma, Fresenius Kabi AG, B. Braun Melsungen AG, Grifols SA, Hologic Inc., Ortho Clinical Diagnostics, Merck KGaA, Roche Diagnostics, Quotient Limited .

Technological Advancements Transforming The Blood Bank Industry
Technological advancement is a key trend gaining popularity in the blood bank market. Major companies operating in blood collection and storage activities are developing new technologies to meet fast-growing industry demand and enhance their business presence across the globe. For instance, in January 2023, Abbott Laboratories, US-based multinational medical devices, and health care company partnered with Blood Centers of America, a US- based independent blood center, and launched a mixed reality application integrated with Abbott technology. The new consumer-focused application is used during blood donation. The digital experience is intended to improve the blood donation process, attract new donors, and inspire a younger generation to donate blood.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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