Blood Bank Market Size Forecasted To Achieve $25.18 Billion By 2029 With Steady Growth

The Blood Bank Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Blood Bank Market Size and Projected Growth Rate?
In recent times, the blood bank market has experienced robust growth. The market size is expected to expand from $18.1 billion in 2024 to $19.18 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.9%. The noticeable growth in the past can be credited to a rise in cases of trauma, surgical procedures, blood-related disorders, chronic diseases, and concerns related to maternal health.

The market size of the blood bank is anticipated to experience robust expansion in the forthcoming years. It is projected to amplify to $25.18 billion in 2029, maintaining a compound annual growth rate (CAGR) of 7.0%. The growth in the projected timeframe is believed to be due to factors such as expansions in rising markets, advancements in telemedicine and remote blood banking, developments in gene editing and therapies, responses to global health crises, and the increase in the aging populace. Key trends forecasted for this period consist of growing the diversity of the donor pool, implementation of blood utilization review initiatives, broadening the scope of cord blood banking, the application of blockchain in tracking blood supply, and modernization of blood processing technology.

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What Are the Major Segments in the Blood Bank Market?
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

Subsegments:
1) By Private Blood Bank: Commercial Blood Banks, Specialty Blood Banks
2) By Public Blood Bank: Government-Funded Blood Banks, Non-Profit Blood Banks

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What Are The Driving Blood Bank Market Evolution?
The blood bank market's expansion is anticipated to be fuelled by an increasing incidence of accidents. The term 'increasing number of accidents' implies a growth in the extent or frequency of unforeseen incidents leading to harm, destruction, or death, encapsulating a variety of accidents like vehicular and workplace incidents. A surge in accident rates typically necessitates urgent blood transfusions to address injuries, compensate for blood loss, and sustain sufficient blood flow caused by accidents. For example, a World Health Organization (WHO) article published in June 2022 reported about 1.3 million deaths due to road traffic accidents and non-fatal injuries affecting 20 to 50 million individuals. Furthermore, over 90% of road traffic deaths occur in countries with low to medium incomes. Therefore, the increasing incidence of accidents is projected to stimulate the blood bank market's growth.

Which Firms Dominate The Blood Bank Market Segments?
Major companies operating in the blood bank market include 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

What Trends Are Expected to Dominate the Blood Bank Market in the Next 5 Years?
The rise of technological advancements is becoming a significant trend in the blood bank sector. Key players involved in blood collection and storage are innovating new technologies to cater to the rapidly expanding industry demands and bolster their global business presence. To illustrate, in January 2023, Abbott Laboratories, a multinational corporation specializing in medical devices and healthcare solutions from the US, joined forces with Blood Centers of America, an independent blood center in the US. They introduced a mixed-reality application embedded with Abbott's technology. This novel customer-centric application is employed during blood donations. The objective of this digital experience is to refine the blood donation procedure, attract first-time donors and encourage the younger generation to participate in blood donation.

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Which Is The Largest Region In The Blood Bank Market?
North America was the largest region in the blood bank market in 2024. 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

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Blood Bank Market?
2. What is the CAGR expected in the Blood Bank Market?
3. What Are the Key Innovations Transforming the Blood Bank Industry?
4. Which Region Is Leading the Blood Bank Market?

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