Blood and organ banks are human welfare institutes that function to save human life or to improve health of patients. A blood bank is a repository wherein blood is either stored in whole form, or as components (blood cells, plasma, and platelets) to be provided in cases of blood deficiency. An organ bank is a medically-allied institution that recovers, processes, stores, and distributes transplantable human organs, bones, and tissues for transplantation.
In the past few decades, the blood and organ bank industry has been displaying healthy growth, with the rise expected to continue for the next few years. As reported by the Organ Procurement and Transplantation Network (OPTN), the number of patients waiting to receive an organ transplant is more than one million. Thus, the increasing number of patients waiting to receive organ transplants will lead to a high number of transplant procedures, thereby expanding the global market for blood and organ bank.
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Ability of Single Donor to Save Multiple Lives Increasing Demand from Blood and Organ Bank Market
Blood banks collect whole blood from healthy donors, who meet strict criteria pertaining to medical history, physical health, and the resultant possibility of transmission of infectious diseases. For the purpose of organ collection, organ banks collect organs donated either by deceased or living donors. While deceased donors can donate kidneys, liver, heart, pancreas, lungs, and intestinal organs, living donors can provide a single kidney or a portion of the lung, intestine, or liver.
Blood and organ banks are critically important for saving human lives. This is marked by the capability of a single organ and tissue donor to save lives of up to 40-50 patients through donations that are preserved in organ banks for later use. Hence, to improve patient health and save human lives, every year, millions of blood transfusion, blood components transfusion, plasma derivatives transfusion, and organ transplantation processes are carried out.
Increase in Voluntary Unpaid Blood Donations in Low-Income Countries Benefits Market
According to the World Health Organization (WHO), every year, 108 million blood donations are carried out, of which 50% happen in high-income countries. Whilst in low-income countries, more than 65% of blood transfusions are carried out for application of the donated blood in children below five years of age, in high-income countries it is the reverse scenario, with the majority of blood transfusions carried out for elderly patients (65 years and above).
As per another WHO report, voluntary unpaid blood donations have been on the rise in low- and middle-income countries. Between 2004 and 2012, more than 8.6 million blood donations from unpaid voluntary donors took place in 162 countries. Of the 162 countries, 73 nations were either low-income or middle-income countries.
The blood and organ market is segmented on the basis of product type into blood products, consisting of whole blood, platelets, fresh frozen plasma, immunoglobulin, protein C concentrate, red blood cells, granulocytes. albumin, antithrombin III, and others (factor VIIa, dried factor IX fraction, factor VIII fraction, and factor XIII dried); organs, including kidneys, heart, cornea, liver, and pancreas.
By end use, the blood and organ bank market is segmented into public hospitals and private hospitals. By geography, North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America are the segments of the global blood and organ bank market.