“Growth in number of patients suffering from hematologic diseases drives the growth of the global blood bank market. There have been cancellation of blood donation camps amid lockdown and low donor turnout owing to fears surrounding coronavirus infection.”
The global blood bank market generated $13.85 billion in 2019, and is projected to reach $21.86 billion by 2027, witnessing a CAGR of 5.7% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growth in number of patients suffering from hematologic diseases and surge in geriatric population drive the growth of the global blood bank market. However, stringent government regulations regarding storage and preservation of blood restrain the growth of the market. Furthermore, growing demand for blood transfusion process across the globe is expected to create new opportunities for market players during the forecast period.
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- There have been cancellation of blood donation camps amid lockdown and low donor turnout owing to fears surrounding coronavirus infection.
- According to National Center for Biotechnology Information (NCBI), due to the COVID-19 pandemic, the number of blood donors across the globe has been dropped by 67%. In addition, the volume of red blood cells (RBCs) has been dropped by 8% during the pandemic.
- Due to less availability of blood at blood banks, the patients suffering from thalassemia is likely to be affected badly as they requires regular blood transfusion.
The report offers a detailed segmentation of the global blood bank market based on product type, function, and region.
Based on product type, the red blood cell segment contributed to the largest share in 2019, accounting for nearly two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the platelet segment is estimated to portray the highest CAGR of 7.5% during the forecast period.
Based on function, the testing segment accounted for the largest share in 2019, holding nearly one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, the collection segment is expected to register the highest CAGR of 6.7% from 2020 to 2027.
Based on region, Europe contributed the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 6.4% from 2020 to 2027.
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Frontrunners in the industry-
Vitalant, The American Red Cross, Australian Red Cross, New York Blood Centre, American Association of Blood Banks, Japan Red Cross Society, Canadian Blood Services, America’s Blood Centers, Blood Bank of Alaska, and Blood Supply Foundation.
Scope of The Report:
|Market size available for years||2019-2027|
|Base year considered||2020|
|Forecast units||Value (USD)|
|Segments covered||Product Type, Function, Bank Type, and End User|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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