Global Blood Bank Market Report and Forecast 2024-2032

Global Blood Bank Market Outlook

The global blood bank market size attained a value of USD 17.59 billion in 2023, driven by rising awareness among people regarding the importance of donating blood, initiatives by the government and other organisations, use of augmented reality (AR) to portray the dire significance of blood donations, adoption of blockchain to add visibility and security to the blood supply network, and improvements in the healthcare infrastructure. The market is anticipated to grow at a CAGR of 4.7% during the forecast period of 2024-2032 to attain a value of USD 26.59 billion by 2032.

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Rising Awareness Regarding Blood Donation Augmenting the Market Growth of Blood Bank

World Blood Donor Day is celebrated on June 14 each year. It is a joint initiative by the World Health Organisation and the International Federation of Red Cross and Red Crescent Societies to raise awareness regarding safe blood and the importance of blood donors. The introduction of World Blood Donor Day resulted in increased blood donation, hence aiding the market growth for blood banks. Moreover, various governments are actively promoting blood drivers to maintain an efficient transfused blood supply. For instance, the Delhi government of India partnered with Facebook to increase awareness regarding voluntary blood donations.

Several governments are collaborating with various organisations to create opportunities for blood donation to increase the scope of voluntary donations in their countries by educating and sensitising the young population, which is positively impacting the market growth.

The improvements in the healthcare infrastructure in emerging countries like Mexico and India are propelling the market growth. The robust healthcare industry is also encouraging blood drivers in remote parts of nations, resulting in the growth of the blood bank industry. The increasing patients of thalassemia and sickle cell disease are also increasing the demand for blood donation as they require blood transfusion regularly, hence invigorating the industry growth. Moreover, the thriving pharmaceuticals industry is augmenting the market growth as it utilises various blood components in the production of blood products. The surging use of blood components in various research and development (R&D) activities in the pharmaceutical sector is providing further impetus to the growth of the blood bank industry.

Blood Bank: Market Segmentation

A blood bank refers to a centre where blood is collected and stored to be used in a transfusion. It ensures the safety of blood by storing it effectively and testing it for infectious diseases. The blood is then broken into various compounds, such as white blood cells, red blood cells, plasma, and platelets, among others, for use in specific applications.

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The major product types of blood bank are:

• Whole Blood
• Red Blood Cell
• Platelet
• Plasma
• White Blood Cell

The market can be broadly categorised on the basis of its functions into:

• Collection
• Processing
• Testing
• Storage
• Transportation

Based on bank type, the market is divided into:

• Private
• Public

On the basis of end users, the market is categorised into:

• Hospital
• Ambulatory Surgery Centres
• Pharmaceutical Companies
• Clinics and Nursing Homes
• Others

The EMR report looks into the regional markets of blood bank like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand for Plasma Owing to the COVID-19 Crisis to Bolster the Growth of the Blood Bank Industry

The increasing research and clinical trials regarding the COVID-19 convalescent plasma to analyse the effectiveness of plasma of recovered COVID-19 patients to reduce the severity of illness in critically ill patients is increasing blood donation from recovered patients, hence propelling the market growth. For instance, researchers in the Netherlands recruited nearly 1,500 COVID-19 recovered patients to donate blood in order to develop effective treatment of the novel disease using plasma. According to World Health Organisation, the market growth was hindered as the COVID-19 crisis prevailed owing to reduced donor attendance rates and cancellation of blood drives. The market is expected to recuperate due to the rising transfusion requirements in severe complications of the disease due to the ongoing mutation of SARS-CoV-2 and consequent second and third waves of the pandemic.

Increasing donations by repeat donors and older donors is further fuelling the market growth. Various digital technologies can aid blood banks in optimising blood donation. The use of robots and medical drones can aid the recruitment of new blood donors while reducing the process of blood donation. The use of augmented reality (AR) to portray the dire significance of blood donations to donors by featuring critically ill patients requiring blood is also increasing blood donations, hence catalysing the industry growth. In addition, the adoption of blockchain to add visibility and security to the blood supply network is projected to bolster the growth of the blood bank industry.

Key Industry Players in the Global Blood Bank Market

The report presents a detailed analysis of the following key players in the global blood bank market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• America's Blood Centers
• Australian Red Cross Society
• Blood Bank of Alaska
• Canadian Blood Services
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report