Blood Bank Market Forecast and Insights: Exploring Growth Trends, Market Size, and Emerging Opportunities
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of theBlood Bank Market?
The expected increase in accidents is set to drive the growth of the blood bank market. What is understood by the term ‘rising number of accidents’ is a surge in the frequency or untoward incidents that result in harm, damage or loss of life, spanning a broad spectrum of accidents such as car crashes and workplace mishaps. These unforeseen events necessitate immediate blood transfusions to address injuries, recover lost blood and maintain sufficient circulation caused by accidents. For instance, an article published by the World Health Organization (WHO), a Switzerland-based global agency devoted to public health, reported in June 2022 that road traffic accidents resulted in approximately 1.3 million deaths, with non-fatal injuries affecting 20 to 50 million individuals. Moreover, over 90% of road traffic deaths take place in countries that are considered low- to middle-income. As such, the surge in accident rates will be a major driver for the blood bank market.
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#What Growth Opportunities Will Drive the Blood Bank Market’s CAGR Through 2034?
The market size of the blood bank has seen substantial growth in the past few years. It is projected to surge from $18.1 billion in 2024 to $19.18 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.9%. This growth during the historic phase can be credited to the rise in trauma cases, surgical operations, blood-related disorders, chronic illnesses, and improvements in maternal healthcare.
The market size of blood banks is anticipated to experience substantial growth in the upcoming years. With a compound annual growth rate (CAGR) of 7.0%, it is projected to reach $25.18 billion by 2029. The expected growth during this period is due to factors like the expansion in emerging markets, telemedicine and remote blood banking, advancements in gene editing and therapies, global health crises, and the rising elder population. Key trends to watch for within this period include growing diversity in the donor pool, expansion of cord blood banking, blood utilization review programs, use of blockchain for tracking blood supply and improving blood processing technologies.
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What Are the Current Market Growth and Trends in theBlood Bank Market That Industry Players Should Watch?
The surge in technological progression is a notable trend gaining traction in the blood bank market. Principal companies involved in blood collection and preservation operations are inventing novel technologies to satisfy the rapidly expanding industry demand and bolster their business footprint globally. For instance, Abbott Laboratories, a multinational medical devices and healthcare firm from the US, collaborated with Blood Centers of America, an independent US-based blood center, to launch a mixed reality application in January 2023. This application, incorporating Abbott technology, is consumer-oriented and utilized during blood donation. It delivers a digital experience aimed at enhancing the blood donation procedure, attracting new donors, and motivating the younger generation to participate in blood donation.
What Are the Major Market Players Making an Impact on theBlood Bank Market Growth?
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
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How Are the Key Segments of the Blood Bank Market Driving Opportunities and Innovations?
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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https://www.thebusinessresearchcompany.com/customise?id=9837&type=smpGlobal Blood Bank Market, Global Blood Bank Market Report, Global Blood Bank Market Trends, Global Blood Bank Market Size
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