Market Size of Blood Bank Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Blood Bank Market Analysis
The blood bank market is expected to register a CAGR of 5.20% during the forecast period.
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.
