The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Blood Bank Global Market Report 2024, the blood bank market is expected to show promising growth in the forecast period.

Understanding Market Growth

• The blood bank market has witnessed significant growth in recent years.
• It is poised to rise from $16.91 billion in 2023 to $17.98 billion in 2024, with a CAGR of 6.3%.

Factors Driving Historic Growth

• Increase in trauma cases and surgical procedures contribute to market expansion.
• Blood disorders, chronic diseases, and maternal health issues drive demand for blood products.

Anticipating Future Growth

• The market is projected to reach $23.17 billion by 2028, with a CAGR of 6.5%.
• Emerging markets expansion and telemedicine drive future growth prospects.
• Gene editing, global health emergencies, and an aging population shape market dynamics.

Emerging Trends in the Blood Bank Market

• Expansion of donor pool diversity enhances blood supply sustainability.
• Blood utilization review programs optimize resource allocation and utilization.
• Cord blood banking expands avenues for stem cell research and treatment.
• Blockchain technology enhances transparency and efficiency in blood supply tracking.
• Advanced blood processing technologies improve storage and transfusion processes.

Accelerating Demand With Increasing Accidents Fuel Growth

• Rising accidents increase the need for immediate blood transfusions.
• Road traffic crashes alone account for a significant number of fatalities and injuries globally.
• Low- and middle-income countries face a higher burden of road traffic accidents.

Technological Advancements Transforming the Industry

• Technology plays a pivotal role in shaping the blood bank industry.
• Companies focus on developing innovative solutions to meet growing demand.
• Mixed reality applications enhance the blood donation experience and attract new donors.

BioIVT’s Acquisition Fortifies Blood Product Supply Chain

• BioIVT’s acquisition of Tennessee Blood Services strengthens its blood product supply chain.
• The acquisition allows BioIVT to expand control over its supply chain and manage donor centers.

Market Segmentation

• By Bank Type: Private Blood Bank, Public Blood Bank
• By Function: Collection, Processing, Testing, Storage, Transportation
• By Product Type: Whole Blood, Red Blood Cells, Platelet, Plasma, White Blood Cells
• By End User: Hospitals, Ambulatory Surgical Centers, Clinics, Pharmaceutical Companies

Regional Dynamics

• North America dominated the blood bank market in 2023.
• Asia-Pacific emerges as the fastest-growing region during the forecast period.

As the blood bank market continues to evolve, driven by technological innovation and increasing demand, stakeholders must adapt to emerging trends and market dynamics. Collaboration, investment in advanced technologies, and strategic partnerships will be key to addressing the growing demand for blood products and ensuring efficient supply chain management. By embracing innovation and leveraging technological advancements, the blood bank industry can enhance patient care and contribute to improved healthcare outcomes globally.

View More On The Blood Bank Market Report 2024 – https://www.thebusinessresearchcompany.com/report/blood-bank-global-market-report

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