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Blood Bank Information Systems Market Size, Share, Growth, Forecast 2024 To 2033
Blood Bank Information Systems Market Size
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According to The Business Research Company's, The blood bank information systems market size has grown strongly in recent years. It will grow from $0.72 billion in 2023 to $0.78 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increasing demand for blood transfusions, growing prevalence of chronic diseases, regulatory requirements, the need for efficient blood management, rise in surgical procedures.
The blood bank information systems market size is expected to see strong growth in the next few years. It will grow to $1.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to the integration with electronic health records, growing focus on patient safety, an increasing number of blood donation drives, expansion in emerging markets, and enhanced data analytics capabilities. Major trends in the forecast period include integration with electronic health records, enhanced automation in blood collection, blockchain technology, emphasis on data security and privacy, and improved user interfaces.
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Market Drivers and Trends:
The increasing prevalence of blood cancer is expected to propel the growth of the blood bank information systems market going forward. Blood cancer, also known as hematologic cancer, is a type of cancer that affects the blood, bone marrow, and lymphatic system. Blood cancer is rising due to several factors, including environmental factors, genetic factors, lifestyle factors, and infections. A blood bank information system aids blood cancer patients by efficiently managing and tracking blood donations and transfusions, ensuring timely access to compatible blood products. For instance, in May 2024, according to the Leukemia Foundation, an Australia-based national charity, an estimated 19,403 Australians were projected to be newly diagnosed with blood cancers such as leukemia, lymphoma, and myeloma, translating to 53 people per day or one person every 27 minutes. Currently, around 135,000 people are living with a blood cancer or blood disorder in Australia, and this number is expected to rise to more than 275,000 by 2035. Therefore, the increasing prevalence of blood cancer is driving the growth of the blood bank information systems market.
Major companies operating in the blood bank information systems market are focusing on developing innovative solutions, such as enterprise resource planning (ERP) software, to meet the unique needs of blood banks and advanced therapy providers. Enterprise Resource Planning (ERP) software integrates core business processes into a unified system to streamline operations and enhance data management. For instance, in June 2023, Blood Bank Computer Systems Inc., a US-based company specializing in software solutions for blood banks and transfusion services, launched the ForLife Biologics Platform. This state-of-the-art ERP software is specifically designed for the blood and biotherapies sector. The platform aims to streamline operations related to the collection, manufacturing, and distribution of blood products and advanced therapies, addressing the unique requirements of organizations within this field. The ForLife Biologics Platform integrates seamlessly with the Blood Bank Control System 6.0, which has received clearance from the relevant regulatory body, ensuring compliance with the necessary standards for blood bank operations.
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Major Key Players of the Market:
Grifols S.A., Sysmex Corporation, Epic Systems Corporation, Haemonetics Corporation, Sunquest Information Systems Inc., WellSky Technologies Inc., Soft Computer Consultants Inc., LABVANTAGE Solutions Inc., Integrated Medical Systems International Inc., Luminous Infoways Pvt. Ltd., Mediware Information Systems Inc., Mak-System, Orchard Software Corporation, Dataman Computer Systems Pvt. Ltd., Hemosoft, Slashdot Media Inc., Blood Bank Computer Systems Inc., Strides Software Solutions Pvt Ltd, Sara Technologies Pvt. Ltd., IT Synergistics Inc., Digi-Trax Corporation
Blood Bank Information Systems Market 2024 Key Insights:
• The blood bank information systems market size is expected to see strong growth in the next few years. It will grow to $1.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Blood Cancer Propel Growth Of The Blood Bank Information Systems Market
• Innovative Enterprise Resource Planning Solutions Transforming Blood Bank And Biotherapy Operations
• North America was the largest region in the blood bank information systems market in 2023
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