What Has Driven the Growth of the Blood Bank Market in Recent Years?
The blood bank market has seen considerable growth due to a variety of factors.
• The size of the blood bank market has undergone substantial growth in the past years. The market, which was worth $18.1 billion in 2024, is projected to reach $19.18 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.9%. Several factors contributed to this growth during the historical period, such as a rise in trauma incidents, surgical procedures, blood disorders, chronic illnesses, and issues related to maternal health.
How Will the Blood Bank Market Size?
The Blood Bank market is expected to maintain its strong growth trajectory in upcoming years.
• The expected surge in the blood bank market size in the forthcoming years is anticipated to be robust, reaching a substantial $25.18 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.0%.
Factors contributing to this anticipated growth during the predicted period include the expansion in emerging markets, the rise of remote blood banking and telemedicine, advancements in gene therapy and editing, global health crises, and the increase in the aging population. The period is also expected to witness various trends such as an enlarged diversity of donors, the spread of blood utilization review plans, the growth of cord blood banking, the application of blockchain in tracing blood supply, and the development of innovative blood processing technologies.
Which Factors Are Boosting Growth In The Blood Bank Market?
The growth of the blood bank market is predicted to be fuelled by an increasing number of accidents. This boost in accidents signifies an escalation in unexpected occurrences leading to injury, damage, or loss of life, including various scenarios such as vehicular mishaps and incidents at workplaces. This ascending accident frequency amplifies the immediate necessity for blood transfusions to address injuries, compensate for blood loss, and uphold adequate blood circulation stemming from these incidents. For context, a World Health Organization (WHO) article published in June 2022, shared that road traffic incidents led to roughly 1.3 million fatalities and non-lethal injuries affected 20 to 50 million individuals. Additionally, low and middle-income countries bore over 90% of road traffic-related death toll. Hence, the surge in accident figures will bolster the blood bank market.
What Key Areas Define The Segmentation Of The Global Blood Bank Market?
The blood bank market covered in this report is segmented –
1) By Bank Type: Private Blood Bank, Public Blood Bank
2) By Function: Collection, Processing, Testing, Storage, Transportation
3) By Product Type: Whole Blood, Red Blood Cells, Platelet, Plasma, White Blood Cells
4) By End User: Hospitals, Ambulatory Surgical Centers, Clinics, Pharmaceutical Companies
Subsegments:
1) By Private Blood Bank: Commercial Blood Banks, Specialty Blood Banks
2) By Public Blood Bank: Government-Funded Blood Banks, Non-Profit Blood Banks
Pre-Book The Blood Bank Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are Emerging Trends Reshaping The Dynamics Of The Blood Bank Market?
The emergence of new technologies is a significant trend in the blood bank sector that is gaining momentum. Major players engaged in blood collection and storage are introducing innovative technologies to cater to the rapidly rising industry needs and strengthen their global business footprint. For instance, in January 2023, a multinational medical device and healthcare firm based in the US, Abbott Laboratories, forged a partnership with Blood Centers of America, an independent blood center also based in the US. Together, they unveiled a mixed-reality application that is complemented by Abbott technology. This consumer-centric application is employed during blood donation and aims to enhance the donation process. By leveraging the digital experience, they aim to attract new contributors and motivate younger generations to donate blood.
Who Are the Key Players In The Blood Bank Market?
Major companies operating in the blood bank market include:
• American Association of Blood Banks
• Blood Bank of Alaska
• Canadian Blood Services
• The Japanese Red Cross Society
• New York Blood Center
• NHS Blood And Transplant
• Sanquin Blood Supply Foundation
• The American Red Cross
• Vitalant
• America's Blood Centers
• Australian Red Cross
• Terumo Corporation
• Haemonetics Corporation
• National Blood Transfusion Council
• Shire Plc
• Abbott
• Beckman Coulter Inc.
• Polymedicure
• Thermo Fisher Scientific Inc.
• Becton Dickinson and Company
• Bio-Rad Laboratories Inc.
• F. Hoffman La Roche
• Siemens Healthcare Private Limited
• BioMérieux
• CSL Behring
• Takeda
• Octapharma
• Kedrion
• Macopharma
• Fresenius Kabi AG
• B. Braun Melsungen AG
• Grifols SA
• Hologic Inc.
• Ortho Clinical Diagnostics
• Merck KGaA
• Roche Diagnostics
• Quotient Limited
What Is The Most Dominant Region In The Blood Bank Market?
North America was the largest region in the blood bank market in 2024. Asia-Pacific is expected to be the fastest-growing region in the blood bank market report during the forecast period. The regions covered in the blood bank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
