Blood Bank Market Insights 2025-2034: Growth Dynamics, Trends, and Strategic Opportunities
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How has the blood bank market size evolved in recent years?
In recent years, there has been significant growth in the blood bank market size. The projections indicate a growth from $18.1 billion in 2024 to $19.18 billion in 2025 with a compound annual growth rate (CAGR) of 5.9%. The historical growth has been due to a rise in trauma cases, surgical procedures, blood disorders, chronic illnesses, and maternal health concerns.
What are the predictions for the blood bank market size in the coming years?
In the ensuing years, the size of the blood bank market is anticipated to witness solid growth. It is projected to escalate to $25.18 billion in 2029, with a compound annual growth rate (CAGR) of 7.0%. The projected growth in the coming period can be credited to factors such as the expansion in emerging markets, advancements in telemedicine and remote blood banking, gene editing and therapies, global health emergencies, and the increasing elderly population. Other significant trends projected for the forecast duration include an increased diversity in the donor pool, the inception of blood utilization review programs, growth of cord blood banking, blockchain application in blood supply tracking, and revolutionizing blood processing technologies.
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What key factors are fueling the growth of the blood bank market?
The blood bank market is anticipated to expand due to an increasing number of accidents. This surge in accidents pertains to a growth in unanticipated incidents that result in harm, destruction, or loss of life, inclusive of a variety of accidents such as traffic mishaps and workplace incidents. The escalating frequency of accidents often necessitates urgent blood transfusions to address injuries, replenish blood lost, and sustain adequate circulation impacted by accidents. As an example, in June 2022, an article by the World Health Organization (WHO), a Switzerland-based global public health organization charged with overseeing public health initiatives, reported that about 1.3 million deaths were caused by road traffic crashes, while non-fatal injuries accounted for 20 to 50 million individuals. Also, over 90 percent of road traffic fatalities are witnessed in low- and middle-income nations. As a consequence, the blood bank market is set to be fuelled by an escalation in the number of accidents.
How is the global blood bank market divided into key segments?
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
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Who are the key firms paving the way for growth 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
Which trends are expected to transform the blood bank market?
The burgeoning influence of technology is a key driver in the increasing popularity of the blood bank market. Large corporations involved in blood collection and preservation are introducing innovative technologies to cater to the rapidly growing sector demands and to fortify their global presence. For example, in January 2023, a notable event took place where Abbott Laboratories, a multinational healthcare and medical devices company based in the US, teamed up with Blood Centers of America, an independent blood center also in the US. The partnership led to the launch of a mixed reality application enhanced with Abbott’s technology. This new application, designed with a focus on consumers, is utilized during the process of blood donation. The intent behind this digital experience is to enhance the procedures of blood donation, bring in new donors, and motivate the younger generation to donate blood.
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What regions are contributing significantly to the growth of 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
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