The Global Blood Bank Market accounted for $13.85 billion in 2019 and is expected to garner $21.86 billion by 2027, registering a CAGR of 5.7% during the forecast period, 2020 to 2027.
The increasing prevalence of blood disorders will play a significant role in the growth of the blood banking market. In addition, the growing demand for blood transfusions in developing countries is expected to boost the market growth in the coming years.
The growth of the global blood bank market is driven by increased occurrence of hematologic diseases, surge in accidents worldwide, and the growing number of geriatric population. However, the rise in donated blood wastage and strict rules & regulations regarding blood donation hampers market growth. Nonetheless, increasing blood transfusion in emerging economies would provide lucrative opportunities to emerging market players in near future.
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The report segments the global blood bank market by product type, function, bank type, end user, and geography. Based on product type, the market is categorized into whole blood, red blood cell, platelet, plasma, and white blood cell. The red blood cell segment is anticipated to remain the major revenue contributor through 2025, due to high demand for transfusion of red blood cells over whole blood in patients suffering from anemia or in cases of excessive bleeding due to trauma as well as during surgery or childbirth. Based on function, the report sub-segments the market into collection, processing, testing, storage, and transportation. The collection segment is projected to exhibit the fastest growth during the forecast period, due to increase in demand for blood transfusion and rise in prevalence of hematological diseases globally.
Based on end user, the market is fragmented into hospital, ambulatory surgery centers, pharmaceutical companies, clinics & nursing homes, and others. The hospital segment occupied more than one-third of the total market share in 2017. Regionally, Europe is expected to continue its dominance through 2025, on account of well-established healthcare infrastructure, large number of diagnosed patients, rise in the number of blood donations, and supportive healthcare policies that are present in the region. However, Asia-Pacific is projected to experience the fastest growth during the forecast period, due to increase in demand for blood transfusion and introduction of supportive reimbursement policies by the healthcare system.
The report also profiles key players involved in the global blood bank market, such as The American Red Cross, Vitalant, New York Blood Centre, Australian Red Cross, Japan Red Cross Society, American Association of Blood Banks, America’s Blood Centers, Canadian Blood Services, Sanquin Blood Supply Foundation, and Blood Bank of Alaska. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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