Blood Bank Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 21.74 Billion |
| Market Size (2029) | USD 28.77 Billion |
| CAGR (2024 - 2029) | 5.77 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Blood Bank Market Analysis
The Blood Bank Market size is estimated at USD 21.74 billion in 2024, and is expected to reach USD 28.77 billion by 2029, growing at a CAGR of 5.77% during the forecast period (2024-2029).
The COVID-19 outbreak had a significant impact on the growth of the market due to the shutdown of the blood-donating organizations during the initial phase of the pandemic resulting in fewer blood donations. COVID-19 had a significant effect on blood collection nationwide, forcing blood banks, blood centers, and the government across the world to adopt new policies to adapt to a decreased blood supply as well as to protect their donors from COVID-19. However, the market is recovering due to the reopening of the blood collection centers after the relaxation of the lockdown restrictions, which led to a rise in blood donations, thereby expected to contribute to the growth of the market during the forecast period.
The major factors propelling the market's growth include an increasing number of surgeries and accident cases and a high prevalence of hematologic diseases. For instance, according to an article in August 2021, Lancet Journal, globally, there were 178 million new fractures, 455 million prevalent cases of acute or long-term symptoms of a fracture, and 258 million years lived with disability (YLDs). Such a high burden of fractures requiring surgical care and blood transfusion is expected to contribute to the growth of the market. Also, in the 2022 data published by the NCRB, the number of traffic accidents in India has increased from 36.9 thousand in 2020 to 42.3 thousand in 2021. Hence, this increasing number of cases of accidents resulted in severe injuries and surgical procedures requiring blood transfusions, thereby contributing to the increasing demand for blood. Also, the prevalence of blood-related disorders is expected to contribute to the need for a blood bank market. For instance, as per the March 2021 JFMPC data, the overall prevalence of anemic was found to be 90% among pregnant women in West Bengal, India. Such a high prevalence of anemia is expected to drive the demand for blood transfusions, thereby contributing to the growth of the blood bank market. In addition, in the past few years, the burden of blood-borne diseases has also increased, coupled with the increasing prevalence of transfusion transmissible infection and surgeries, growing awareness about blood donation, and several government initiatives associated with blood donation, which are promoting the demand for blood banks and driving the overall market.
Thus, this increasing burden of accidents, the high volume of surgical procedures, along with the rising prevalence of hematologic disorders are expected to drive the growth of the market over the forecast period. However, stringent rules and regulations are expected to restrain the growth of the market over the forecast period.
Blood Bank Market Trends
The Red Blood Cells Segment is Estimated to Witness Healthy Growth in this Market Over the Forecast Period
The red blood cells segment is expected to witness healthy growth over the forecast period. The growth of this segment is attributed to the high demand for transfusion, an increasing number of surgeries, a rising number of trauma cases, and an increasing prevalence of chronic disease-induced anemia. For instance, according to the NCBI article published in April 2021, 57.7 million people were living with limb amputation due to traumatic causes worldwide. Leading traumatic causes of limb amputation were falls (36.2%), road injuries (15.7%), other transportation injuries (11.2%), and mechanical forces (10.4%). Amputation surgeries are generally accompanied by transfusion of red blood cells; thus, the increasing trend in amputation surgeries is expected to drive the demand for red blood cell transfusion. Similarly, as per NHS May 2021 study, including 13 medical and surgical wards, in the United Kingdom, among 267 patients in the surgical and medical wards, 52% were anemic on admission, 62.2% were anemic on the study day, and 16% had hospital-acquired anemia. Such a high prevalence of anemia is expected to drive the demand for transfusion of red blood cells, thereby contributing to the growth of the studied segment over the forecast period.
Also, the advantages associated with red blood cells are easy availability, low cost of storage and maintenance, and the increasing demand for surgeries and transfusion, which are the major contributors to segment growth. Therefore, the burden and growing road accident cases are estimated to boost the demand for surgeries which will drive the growth of the studied segment during the forecast period.
North America is Expected to Hold a Significant Share in the Market over the Forecast Period
North America is expected to hold a significant market share in the blood bank market due to the increasing incidences of blood disorders, and the rising number of trauma cases and surgical procedures. For instance, according to CDC's March 2022 data, the number of emergency department visits was 130 million and the number of injury-related visits was 35 million in the United States in 2021. Such a high volume of emergency visits coupled with a high burden of injuries is expected to lead to rising demand for blood supply primarily from the blood banks in the United States, thereby expected to drive the growth of the studied market. Also, as per American Red Cross, an estimated number of 36,000 units of red blood cells is required every day, and nearly 7,000 units of platelets and approximately 10,000 units of plasma are needed each day in the United States. Over 21 million blood components are transfused each year in the United States. Such a high demand for blood supply in the United States is expected to contribute to the market's growth over the forecast period. Lymphoma, myeloma, leukemia, and myelodysplastic disorders are highly prevalent forms of cancer in the region which is expected to have a positive impact on the market. For instance, according to the June 2022 report of the American Cancer Society, about 60.7 thousand new cases of leukemia will be diagnosed in 2022 in the United States. Also, as per the same source, approximately, 526.7 thousand leukemia survivors were living in the country as of 2022. Such prevalence of leukemia in the United States is expected to drive the demand for blood transfusions, thereby contributing to the growth of the market.
The data published by the Government of Canada in July 2021 show that there were 225,208 injury-related hospitalizations (excluding complications of medical and surgical care) in Canada. This results in high demand for blood and boosts the blood bank market in this region. Furthermore, a large number of blood donations, well-established healthcare infrastructure, and government initiatives for blood donation in this region are fueling the market. Thus the factors mentioned above such as increasing emergency visits to healthcare centers regarding injuries and rising road accidents in North American countries and increasing demand for blood supply, are expected to contribute to the growth of the market over the forecast in the North American region.
Blood Bank Industry Overview
The blood bank market is moderately competitive and consists of several major players. Some of the companies currently dominating the market are Vitalant, the New York Blood Center, The American National Red Cross, the Australian Red Cross, America's Blood Centers, Canadian Blood Services, the Japanese Red Cross Society, AABB, and Blood Bank of Alaska, Canadian Blood Services, Fresenius Kabi, Haemonetics, Maco Pharma, Ortho-Clinical, Teruma BCT, Vitalant and Others.
Blood Bank Market Leaders
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Vitalant
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New York Blood Center
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The American National Red Cross
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Australian Red Cross
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America’s Blood Centers
*Disclaimer: Major Players sorted in no particular order
Blood Bank Market News
- April 2022: The Scottish National Blood Transfusion Services launched an advertising campaign, " people like you," featuring blood donors from across Scotland. This campaign had the objective to recruit new blood donors and serve the
hospitals with the blood demand in the hospitals. - September 2021: The Illinois Medical District (IMD) in Chicago partnered with the American Red Cross to encourage people from racial and ethnic minorities to donate blood.
Blood Bank Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Number of Surgeries and Accidents
4.2.2 High Prevalence of Hematologic Diseases
4.2.3 Technological Advancements in Blood Banking Technology
4.3 Market Restraints
4.3.1 Stringent Rules and Regulations
4.4 Porter Five Forces
4.4.1 Stringent Rules and Regulations
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value in USD Million)
5.1 By Product
5.1.1 Red Blood Cells
5.1.2 Whole Blood
5.1.3 Platelet
5.1.4 White Blood Cells
5.1.5 Plasma
5.2 By Bank Type
5.2.1 Private
5.2.2 Public
5.3 By End User
5.3.1 Hospitals
5.3.2 Ambulatory Surgical Centers
5.3.3 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 American Association of Blood Banks
6.1.2 Australian Red Cross
6.1.3 Bio-Rad Laboratories
6.1.4 Blood Bank of Alaska
6.1.5 Canadian Blood Services
6.1.6 Fresenius Kabi
6.1.7 Haemonetics
6.1.8 Maco Pharma
6.1.9 Ortho-Clinical
6.1.10 Teruma BCT
6.1.11 Vitalant
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Blood Bank Industry Segmentation
As per the scope, blood banks are the centers where the blood is collected, processed, and stored for transfusion. Blood testing is an important step in the blood bank wherein antibody screening, ABO typing, and cross-matching tests are being performed to check where the sample cannot contaminate the other blood sample. The stored blood is used for several applications and for transporting it to the end user. The Blood Bank Market is segmented by Product (Red Blood Cells, Whole Blood, Platelet, White Blood Cells, and Plasma), Bank Type (Private and Public), End User (Hospitals, Ambulatory Surgical Centers, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Product | |
| Red Blood Cells | |
| Whole Blood | |
| Platelet | |
| White Blood Cells | |
| Plasma |
| By Bank Type | |
| Private | |
| Public |
| By End User | |
| Hospitals | |
| Ambulatory Surgical Centers | |
| Other End Users |
| Geography | ||||||||
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Blood Bank Market Research FAQs
How big is the Blood Bank Market?
The Blood Bank Market size is expected to reach USD 21.74 billion in 2024 and grow at a CAGR of 5.77% to reach USD 28.77 billion by 2029.
What is the current Blood Bank Market size?
In 2024, the Blood Bank Market size is expected to reach USD 21.74 billion.
Who are the key players in Blood Bank Market?
Vitalant, New York Blood Center, The American National Red Cross, Australian Red Cross and America’s Blood Centers are the major companies operating in the Blood Bank Market.
Which is the fastest growing region in Blood Bank Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Blood Bank Market?
In 2024, the North America accounts for the largest market share in Blood Bank Market.
What years does this Blood Bank Market cover, and what was the market size in 2023?
In 2023, the Blood Bank Market size was estimated at USD 20.49 billion. The report covers the Blood Bank Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Blood Bank Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Blood Bank Industry Report
The Global Blood Bank Market is segmented by product, bank type, end user, and geography. The market analysis includes a market forecast outlook and a historical overview. The market size and forecasts are provided in terms of value for all these segments. The industry report indicates that the blood bank market is categorized by products such as red blood cells, whole blood, platelet, white blood cells, and plasma. Additionally, the market is divided into private and public bank types, with end users including hospitals, ambulatory surgical centers, and other end users.
The report pdf provides comprehensive industry analysis, highlighting the market share, market size, and market growth. The industry research delves into market trends and industry statistics, offering valuable industry information and insights into market data. The market segmentation and market value are thoroughly examined, providing a clear market overview and market predictions.
The industry reports also discuss the market leaders and the annual report, focusing on the industry outlook and market review. The market forecast and market outlook are essential for understanding the future direction of the blood bank market, while the industry sales and industry size offer a snapshot of the current market conditions. The report example serves as a useful reference for understanding the structure and content of the industry reports.
The research companies involved in this study have provided a detailed report pdf that includes industry trends, market growth, and market segmentation. The market analysis is crucial for stakeholders to understand the market dynamics and make informed decisions. The industry reports and industry research are indispensable tools for anyone looking to gain a deeper understanding of the blood bank market.
