IMARC Group's report titled "Blood Bank Market Report by Product Type (Whole Blood, Red Blood Cells, Platelet, Plasma, White Blood Cells), Bank Type (Private, Public), Function (Collection, Processing, Testing, Storage, Transportation), End User (Hospital, Ambulatory Surgery Centers, Pharmaceutical Companies, Clinics and Nursing Homes, and Others), and Region 2024-2032". The global blood bank market size reached US$ 17.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 25.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032.
Global Blood Bank Market Trends:
The prevalence of chronic blood disorders, such as hemophilia and thalassemia, is increasing globally. Patients with these conditions require regular blood transfusions to manage their health effectively. As awareness and diagnosis of these disorders improve, the demand for blood products for long-term treatment is rising. Blood banks play a pivotal role in emergency preparedness and disaster response. Natural disasters, accidents, and unforeseen emergencies often lead to a sudden rise in the demand for blood. Blood banks must maintain sufficient reserves to respond promptly to such crises. The need for robust disaster management and stockpiling of blood products is leading to increased investments and support for blood banks from governments and healthcare organizations.
Factors Affecting the Growth of the Blood Bank Industry:
Increasing Demand for Blood Products:
The rising demand for blood and blood-related products due to the global increase in surgical procedures, medical treatments, and trauma cases is impelling the growth of the market. As healthcare infrastructure continues to improve, more complex surgeries and medical interventions are being conducted, leading to a rise in demand for safe and compatible blood supply. Moreover, the heightened emphasis on voluntary blood donation and awareness campaigns highlighting the critical role of blood banks in saving lives is propelling the market growth. This awareness is encouraging more individuals to donate blood voluntarily, contributing to the overall blood bank reserves.
Advancements in Technology and Testing Methods:
The increasing transformations through advancements in technology and testing methods are supporting the market growth. Traditional manual blood collection and processing are replaced by automated systems, which not only streamline operations but also ensure the safety and accuracy of blood products. These automated systems are reducing the risk of human errors in blood processing, making transfusions safer for patients. Compatibility testing, a critical component of blood transfusion safety, is experiencing remarkable improvements. Modern testing methods have made it possible to precisely match donor and recipient blood types, reducing the risk of transfusion reactions. This not only enhances patient outcomes but also builds trust in blood banks as reliable sources of safe blood products.
Increasing Chronic Diseases and Aging Population:
The rising prevalence of chronic diseases and an aging population around the world are bolstering the market growth. Chronic diseases, such as cancer, anemia, and cardiovascular conditions, often necessitate frequent blood transfusions as part of treatment protocols. The increase in these conditions, often associated with lifestyle changes and aging, directly drives the demand for blood products. Moreover, the escalating demand for blood components and products among the geriatric population is strengthening the market growth. The elderly are more likely to require medical interventions and surgeries, which, in turn, require access to a reliable and sufficient blood supply.
Explore full report with table of contents: https://www.imarcgroup.com/blood-bank-market
Leading Companies Operating in the Global Blood Bank Industry:
American Association of Blood Banks
Blood Bank of Alaska
Canadian Blood Services
Haemonetics Corporation
Japanese Red Cross Society
New York Blood Center
NHS Blood and Transplant
Sanquin Bloedvoorziening
Terumo Corporation
The American National Red Cross
Vitalant
Blood Bank Market Report Segmentation:
By Product Type:
Whole Blood
Red Blood Cells
Platelet
Plasma
White Blood Cells
Red blood cells represent the largest segment as they help in the removal of carbon dioxide, a waste product of metabolism.
By Bank Type:
Private
Public
Private exhibits a clear dominance in the market due to their vast stocks of donated blood and blood products.
By Function:
Collection
Processing
Testing
Storage
Transportation
Testing represents the leading segment owing to its importance in segregating blood on the basis of blood group and rhesus factors.
By End User:
Hospital
Ambulatory Surgery Centers
Pharmaceutical Companies
Clinics and Nursing Homes
Others
Hospital accounts for the majority of the market share. It heavily relies on blood banks for providing blood to patients.
Regional Insights:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
North America's dominance in the blood bank market is attributed to the rising investments in enhancing healthcare infrastructure and increasing occurrence of various diseases.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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