Growth Opportunities and Trends in the Blood Bank Market: Key Insights for 2025-2034
Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
How Will the CAGR of the Blood Bank Market Influence Its Overall Growth by 2034?
In the past few years, the blood bank market has experienced strong growth. Projected to rise from $18.1 billion in 2024 to $19.18 billion in 2025, it has a compound annual growth rate (CAGR) of 5.9%. The consistent growth during the historic period can be credited to rising instances of trauma, surgical operations, blood disorders, chronic illnesses, and improvements in maternal health.
The market size of blood banks is projected to undergo significant progression in the nearby years. It is estimated to blossom to $25.18 billion by the year 2029, exhibiting a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this growth in the forecasted phase include advancements in emerging markets, increase in telemedicine and distantly located blood banks, advancements in gene editing to develop effective therapies, global health crises, and the rapidly increasing elderly population. The forecast period is set to witness trends like enhancing the diversity of the donor pool, initiating blood usage review programs, broadening the reach of cord blood banking, incorporation of blockchain technology in tracing blood supply, and employing advanced techniques for processing blood.
Which Drivers Are Expected to Have the Greatest Impact on the blood bank Market’s Growth?
The demand for the blood bank market is projected to propel due to an increasing number of accidents. The phrase ‘increasing number of accidents’ indicates a surge in unexpected events, such as car and workplace accidents, leading to injury, harm, or loss of life. Often, these accidents necessitate immediate blood transfusions to manage injuries, restore lost blood, and uphold suitable circulation. An example of this is in June 2022 where, as per a World Health Organization (WHO) article, road accidents were responsible for around 1.3 million fatalities while non-fatal injuries affected 20 to 50 million individuals. Moreover, it pointed out that over 90 percent of road accident deaths occur in low- to middle-income nations. Hence, the blood bank market will undoubtedly get a boost due to this uptick in accidents.
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Who Are the Leading Companies Pioneering Change in the Blood Bank Market?
Major companies operating in the blood bank market include:
• American Association of Blood Banks_x000D_
• Blood Bank of Alaska_x000D_
• Canadian Blood Services_x000D_
• The Japanese Red Cross Society_x000D_
• New York Blood Center_x000D_
What Are the Most Significant Trends Transforming the Blood Bank Market Today?
Technological advancements are becoming an increasingly prevalent trend within the blood bank industry. This surge is mainly driven by notable companies in the blood collection and storage sectors, who are innovating new technologies to accommodate escalating industry requirements and reinforce their global commercial presence. For example, in January 2023, Abbott Laboratories, a multinational medical equipment and healthcare provider based in the US, collaborated with the US-independent blood center, Blood Centers of America, to reveal a mixed-reality application fortified with Abbott technology. This application, primarily targeting the consumers, aims to streamline the blood donation process. The unique digital experience is designed not only to entice new contributors but also to motivate the younger demographic to engage in the act of blood donation.
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Which Key Market Segments Comprise the Blood Bank Market and Drive Its Revenue Growth?
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
Which Regions Are Leading the Charge in Blood Bank Market Development?
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
What Key Elements Shape the Definition of the Blood Bank Market?
A blood bank refers to a facility or organization that collects, tests, processes, and stores donated blood for use in transfusions or other medical procedures. This provide a safe and dependable source of blood for patients who need transfusions as a result of surgery, injury, or medical conditions.
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