Market Trends of Blood Bank Industry
This section covers the major market trends shaping the Blood Bank Market according to our research experts:
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.
