Blood Bank Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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, Diagnostic Centers, Ambulatory Surgical Centers, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Blood Bank Market Bar Graph
Study Period: 2018-2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 5.2 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The blood bank market was valued at USD 14,550 million in 2020, and it is expected to reach USD 19,750 million in 2026, registering a CAGR of 5.20% during the forecast period, 2021-2026.

As per an article published on Annals of Blood in July 2020, the ongoing pandemic situation has seriously affected one significant area of healthcare delivery, i.e., the availability of an adequate quantity of safe and quality blood in blood centers. The majority of the blood comes from voluntary non-remunerated blood donors. All the educational institutions, industries, social organizations, and IT sectors have been working remotely during the COVID-19 period. Outdoor blood donation camps are mainly organized by these sectors, and the shutdown of these organizations has resulted in fewer blood donations. Thus, this limited availability of blood in the current situation is expected to affect the market growth.

The major factor propelling the growth of the market includes a steep rise in accidental cases, high prevalence of hematologic diseases, and an increasing geriatric population. According to a study published by the World Health Organization in February 2020, nearly 1.5 million people each year in the world die because of road traffic injuries. Road traffic injuries cost over 3% of the country's gross domestic product every year. Apart from the road injuries, accidental cases are also surging in sports. According to the article published by Sarah Megginson in February 2020, 89% of Australian adults participate in sports every year, with 62% participating at least three times a week. Furthermore, according to the Australian Institute of Health and Welfare 2017, it was reported that almost 60,000 Australians have been admitted to hospital for injuries while playing a sport. Hence, these cases of accidents will contribute to the increasing demand for blood. 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.

As per the World Health Organization, the prevalence rate of anemia in children is 47.4% and 12.7% in men, which is expected to rise in the coming years over the world. Thus, this increasing burden of blood disorder may drive the demand for early diagnosis and treatment wherein the blood has been widely used, resulting in the growth of the market.

Scope of the Report

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 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 market is segmented by product (red blood cells, whole blood, platelet, white blood cells, and plasma), bank type (private and public), end user (hospitals, diagnostic centers, 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
Diagnostic Centers
Ambulatory Surgical Centers
Other End Users
Geography
North America
United States (By Product, Bank Type, and End User)
Canada (By Product, Bank Type, and End User)
Mexico (By Product, Bank Type, and End User)
Europe
Germany (By Product, Bank Type, and End User)
United Kingdom (By Product, Bank Type, and End User)
France (By Product, Bank Type, and End User)
Italy (By Product, Bank Type, and End User)
Spain (By Product, Bank Type, and End User)
Rest of Europe (By Product, Bank Type, and End User)
Asia-Pacific
China (By Product, Bank Type, and End User)
Japan (By Product, Bank Type, and End User)
India (By Product, Bank Type, and End User)
Australia (By Product, Bank Type, and End User)
South Korea (By Product, Bank Type, and End User)
Rest of Asia-Pacific (By Product, Bank Type, and End User)
Middle-East and Africa
GCC (By Product, Bank Type, and End User)
South Africa (By Product, Bank Type, and End User)
Rest of Middle-East and Africa (By Product, Bank Type, and End User)
South America
Brazil (By Product, Bank Type, and End User)
Argentina (By Product, Bank Type, and End User)
Rest of South America (By Product, Bank Type, and End User)

Report scope can be customized per your requirements. Click here.

Key Market Trends

The Red Blood Cells Segment is Estimated to Witness Healthy Growth in this Market

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 an article published by Michigan State University College of Human Medicine, on National Centers for Biotechnology Research in 2018, 50,000 to 100,000 new amputation surgeries are performed per year in the United States. 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. In addition, as per the article published on the National Center of Biotechnology Information in July 2019, by the College of Medicine and Health Science, Ethiopia, the overall prevalence of anemia was found to be 41.1% in children of less than 5 years. Also, the advantages associated with red blood cells are easy availability, low cost of storage and maintenance, and the increasing demand in surgeries and transfusion, which are the major contributors to the segment growth.

However, the current COVID-19 scenario has had ramifications for ways of working of various surgical procedures. According to a study published by the World Health Organization in July 2020, it was found that that there is substantial financial and personnel changes in orthopedic and trauma surgery departments of hospitals, resulting in an average reduction of 49.4% in operating room capacity and an expected 29.3% loss of revenue in these departments. This decline in surgical procedures is expected to affect the overall growth of the market.

Blood Bank Maarket Latest Trends

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 rising geriatric population, increasing incidences of blood disorders, and the rising number of trauma cases and surgical procedures. According to the statistics published by the United States Census Bureau, Population Projections, the number of Americans aged 65 and older is projected to double from 52 million in 2018 to 95 million by 2060, and it is estimated that this age group’s share of the total population will rise from 16% to 23%. Also, as per American Red Cross, an estimated number of 36000 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.

In addition, as per the Centers for Disease Control and Prevention, hemophilia nearly affects 1 in 5000 male births and 400 newborn babies every year in the United States. Lymphoma, myeloma, leukemia, and myelodysplastic disorders are highly prevalent cancers. In the United States, on average, approximately every 3 minutes, at least one person is diagnosed with a type of blood cancer. 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.

Blood Bank Market Growth Rate By Region

Competitive Landscape

The blood bank market is moderately competitive and consists of several major players. Some of the companies currently dominating the market are Vitalant, New York Blood Center, The American National Red Cross, Australian Red Cross, America’s Blood Centers, Canadian Blood Services, Japanese Red Cross Society, AABB, and Blood Bank of Alaska.

Recent Developments

In September 2020, Boekel Scientific launched the FS100, a new high-capacity floor standing platelet incubator and agitator for storing platelets in hospitals and blood centers.

In May 2020, Genalyte, in partnership with San Diego Blood Bank, launched the SARS-CoV-2 Multi-Antigen Serology Panel, which tests for antibodies the body produces in response to SARS-CoV-2.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rise in Accidental Cases

      2. 4.2.2 High Prevalence of Hematologic Diseases

      3. 4.2.3 Technological Advancements in Blood Banks

    3. 4.3 Market Restraints

      1. 4.3.1 Stringent Rules and Regulations

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Stringent Rules and Regulations

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product

      1. 5.1.1 Red Blood Cells

      2. 5.1.2 Whole Blood

      3. 5.1.3 Platelet

      4. 5.1.4 White Blood Cells

      5. 5.1.5 Plasma

    2. 5.2 By Bank Type

      1. 5.2.1 Private

      2. 5.2.2 Public

    3. 5.3 By End User

      1. 5.3.1 Hospitals

      2. 5.3.2 Diagnostic Centers

      3. 5.3.3 Ambulatory Surgical Centers

      4. 5.3.4 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States (By Product, Bank Type, and End User)

        2. 5.4.1.2 Canada (By Product, Bank Type, and End User)

        3. 5.4.1.3 Mexico (By Product, Bank Type, and End User)

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany (By Product, Bank Type, and End User)

        2. 5.4.2.2 United Kingdom (By Product, Bank Type, and End User)

        3. 5.4.2.3 France (By Product, Bank Type, and End User)

        4. 5.4.2.4 Italy (By Product, Bank Type, and End User)

        5. 5.4.2.5 Spain (By Product, Bank Type, and End User)

        6. 5.4.2.6 Rest of Europe (By Product, Bank Type, and End User)

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China (By Product, Bank Type, and End User)

        2. 5.4.3.2 Japan (By Product, Bank Type, and End User)

        3. 5.4.3.3 India (By Product, Bank Type, and End User)

        4. 5.4.3.4 Australia (By Product, Bank Type, and End User)

        5. 5.4.3.5 South Korea (By Product, Bank Type, and End User)

        6. 5.4.3.6 Rest of Asia-Pacific (By Product, Bank Type, and End User)

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC (By Product, Bank Type, and End User)

        2. 5.4.4.2 South Africa (By Product, Bank Type, and End User)

        3. 5.4.4.3 Rest of Middle-East and Africa (By Product, Bank Type, and End User)

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil (By Product, Bank Type, and End User)

        2. 5.4.5.2 Argentina (By Product, Bank Type, and End User)

        3. 5.4.5.3 Rest of South America (By Product, Bank Type, and End User)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 American Association of Blood Banks

      2. 6.1.2 Australian Red Cross

      3. 6.1.3 Bio-Rad Laboratories

      4. 6.1.4 Blood Bank of Alaska

      5. 6.1.5 Canadian Blood Services

      6. 6.1.6 Fresenius Kabi

      7. 6.1.7 Haemonetics

      8. 6.1.8 Maco Pharma

      9. 6.1.9 Ortho-Clinical

      10. 6.1.10 Teruma BCT

      11. 6.1.11 Vitalant

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments.

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Global Blood Bank Market market is studied from 2018 - 2026.

The Global Blood Bank Market is growing at a CAGR of 5.2% over the next 5 years.

The Global Blood Bank Market is valued at 14550 Million USD in 2018.

The Global Blood Bank Market is valued at 19750 Million USD in 2026.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Vitalant, New York Blood Center, The American National Red Cross, Australian Red Cross, America’s Blood Centers are the major companies operating in Global Blood Bank Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!