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How Has the Blood Bank Market Size Changed, over the years?

In the past few years, the blood bank market size has seen significant growth. Rising from $18.1 billion in 2024, it is expected that the figure will reach $19.18 billion in 2025, maintaining a compound annual growth rate (CAGR) of 5.9%. Factors such as a rise in trauma incidents, surgical procedures, blood disorders, chronic illnesses, and maternal health have all contributed to the growth experienced in the historic period.

How Much Will the Blood Bank Market Be Worth in 2029?

Expectations are high for the blood bank market to experience significant growth in the coming years. The market is projected to reach a value of $25.18 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.0%. The growth during this forecast period is primarily driven by factors such as the expansion into new markets, advances in telemedicine and remote blood banking, developments in gene editing and therapies, global health crisis, and an increasing elderly population. The forecast period will also see a growth in trends such as increased diversity of the donor pool, implementation of blood utilization review programs, growth of cord blood banking, application of blockchain in tracking blood supply, and enhanced blood processing technologies.

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Which is the Largest Company 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 Are the Main Market Drivers in the Blood Bank Industry?

The growth of the blood bank market is anticipated to be driven by the escalating number of accidents. The increase in accidents can be attributed to more frequent and unexpected events that lead to injuries, damage, or even loss of life, encompassing a variety of incidents such as automobile and workplace accidents. With the surge in accidents comes a heightened need for prompt blood transfusions to address injuries, compensate for blood loss, and ensure proper circulation resulting from these accidents. For instance, in June 2022, the World Health Organization (WHO), a Switzerland-based global public health agency, affirmed through an article that road traffic crashes resulted in roughly 1.3 million deaths, while non-fatal injuries affected between 20 to 50 million individuals. Moreover, more than 90 percent of these road traffic deaths occurred in low and middle-income countries. Thus, the blood bank market is expected to thrive due to the escalating rate of accidents.

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How Is the Blood Bank Market Segments Structured?

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

What Strategic Trends Are Transforming the Blood Bank Market?

The blood bank market is witnessing a significant trend in the form of technological innovation. To keep pace with the rapidly expanding industry demand and augment their global business outreach, key companies involved in blood collection and storage are introducing revolutionary technologies. Illustrating this trend, Abbott Laboratories, a leading healthcare and medical devices firm in the United States, formed a strategic alliance with the US-based independent blood center, Blood Centers of America, in January 2023. They unveiled a consumer-centric app that harmonizes with Abbott’s technology in a mixed reality format. This futuristic app, primed for blood donors, offers a digital experience aimed at streamlining the blood donation process, appealing to potential donors, and inspiring the younger generation to contribute towards blood donation.

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Which Global Regions Offer the Highest Growth 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

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This Report Delivers Insight On:

1. How big is the blood bank market, and how is it changing globally?

2. Who are the major companies in the blood bank market, and how are they performing?

3. What are the key opportunities and risks in the blood bank market right now?

4. Which products or customer segments are growing the most in the blood bank market?

5. What factors are helping or slowing down the growth of the blood bank market?

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