Blood Bank Market Insights: Size, Share, Growth Analysis & Forecast (2024-2029)
The report covers a comprehensive analysis segmented by Product (Blood Collection Tube Sealer, Reagents, Blood Collection Sets, Blood Collection Mixer, Blood Bags, Lancets, Other), By Storage (Blood Bank Refrigerators, Blood Bank Freezers, Test-tube Racks), By Application (e- Blood Bank, Blood Doner, Others), By End User (Ambulatory Surgical Centers, Blood Banks, Hospitals, Others), By Geography (North America, South America, Asia Pacific, Europe, the Middle East, Africa).
Blood Bank Market Snapshot
Blood Bank Market Overview
The market for blood banks worldwide is projected to grow from $15.83 billion in 2024 to $20.83 billion in 2029. For the projection period of 2024–2029, the worldwide blood bank market is growing at a compound annual growth rate (CAGR) of 5.6%.
Advancements in biotechnology and medical research have the potential to introduce novel blood products or technologies for the collection, processing, and storage of blood, which could have a major influence on the path of the blood bank market in the coming years. The demand for blood and blood products and the availability of blood banking services vary by region. Eloped countries have well-established blood banking systems with high rates of voluntary blood donation. Strict regulations govern the operation of blood banks to ensure the safety and quality of blood and blood products. Compliance with regulatory requirements is essential for blood banks to maintain their operations and meet the needs of patients. Strict regulations oversee the functioning of blood banks, aiming to uphold the safety and quality standards of blood and its derivatives. Blood banks must follow these regulations to keep operating successfully and fulfill the requirements of patients. Governments, healthcare organizations, and non-profit organizations continue to emphasize the importance of voluntary blood donation to ensure an adequate and safe blood supply.
Efforts to raise awareness about the need for blood donation and to dispel myths surrounding blood donation have contributed to an increase in voluntary donations in many regions. Advances in blood screening technologies have improved the safety and efficiency of blood transfusions. These technologies include nucleic acid testing (NAT), which enhances the detection of infectious diseases in donated blood, reducing the risk of transfusion-transmitted infections. The need for blood and its products is increasing worldwide because the population is getting older, chronic diseases like cancer and heart disease are becoming more common, and there are more surgeries that need blood transfusions.
Blood Bank Market Coverage
| Historical & Forecast Period | 2018-2029 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Units | Billion US$ |
| Segments | Product, Storage, Application, End User |
| Geographies | North America, South America, Asia Pacific, Europe, The Middle East, Africa |
| Key Vendors | Haemonetics Corp., McKesson Corp., Grifols, S.A., Abbott Laboratories,
Fresenius SE & Co. |
Key Geographies of Blood Bank Market, 2023
Porter’s 5 Forces Analysis of Blood Bank Market
Blood Bank Market Trends
Worldwide, the need for blood and its products is going up because people are getting older, chronic illnesses are more common, and there are more surgeries requiring blood transfusions. Blood banks are integrating modern technologies to enhance the screening, storage, and processing of blood, aiming to boost efficiency, safety, and product quality. Examples include nucleic acid testing (NAT) to screen for infectious diseases with high accuracy and the automation of processes within blood banks to streamline operations and reduce human error. Blood banks are integrating modern technologies to enhance the screening, storage, and processing of blood, aiming to boost efficiency, safety, and product quality. Examples include nucleic acid testing (NAT) to screen for infectious diseases with high accuracy and the automation of processes within blood banks to streamline operations and reduce human error.
More campaigns are urging people to donate blood voluntarily to ensure safety. Governments and organizations are spreading awareness to boost voluntary donations and lessen dependence on replacement or paid donors. Blood banks are increasingly forming partnerships with healthcare providers, research institutions, and technology companies to enhance their capabilities, expand their reach, and improve patient outcomes. Growing healthcare infrastructure, higher healthcare spending, and rising awareness about blood donation are fueling the expansion of the blood bank sector in emerging markets. These regions are experiencing increased demand for blood-related services, driving investment and development in their blood banking systems.
Blood Bank Market Driving Factors
Several key drivers underpin the growth of the blood bank market, spanning demographic shifts, healthcare advancements, and societal awareness. Primarily, the aging global population contributes significantly to the increasing demand for blood and its derivatives. As populations age, there is a higher incidence of chronic diseases and age-related conditions that necessitate medical interventions, including surgeries requiring blood transfusions. Moreover, advancements in medical technology, particularly in blood screening, storage, and processing, are enhancing the efficiency and safety of blood products.
Techniques such as nucleic acid testing (NAT) for infectious disease screening and automation in blood processing streamline operations and improve the quality of blood products, bolstering the market’s growth. Moreover, increasing healthcare spending and better healthcare facilities in developing nations drive growth. With economic progress, these regions invest in healthcare, including blood banks, to meet rising demand. This investment, along with growing awareness about blood donation, ensures a reliable blood supply, reducing dependence on paid donors and strengthening blood bank systems.
Additionally, strict regulatory frameworks governing blood banking operations are pivotal in propelling market growth. Adhering to these standards guarantees the safety and quality of blood products, fostering trust among patients and healthcare providers. As regulations evolve to tackle emerging challenges and technological advancements, blood banks must consistently invest in upgrading infrastructure and processes, thereby driving market expansion. Together, these factors are advancing the blood bank market, shaping its landscape to meet the evolving demands of global healthcare systems and patients.
Blood Bank Market Challenges
The blood bank market faces several challenges that impact its operations and growth trajectory. One significant challenge is the constant pressure to maintain an adequate and safe blood supply amidst increasing demand. Meeting this demand requires extensive efforts to recruit voluntary donors, ensure donation safety, and manage blood inventory effectively. Another challenge is regulatory compliance, as blood banks must adhere to strict standards and regulations to ensure the safety and quality of blood and its derivatives. Compliance requires significant investments in personnel, technology, and infrastructure, which can strain financial resources, especially for smaller blood banks or those operating in resource-constrained settings.
Furthermore, regulatory requirements are subject to frequent updates to address emerging risks and advancements in technology, adding complexity to compliance efforts. The blood bank sector encounters difficulties in maintaining a proficient workforce. The recruitment and retention of competent staff, such as phlebotomists, laboratory technicians, and healthcare professionals, are vital to ensure seamless blood collection, processing, and transfusion procedures. Nevertheless, scarcities of trained personnel, especially in specialized positions, may impede blood bank operations and undermine service standards.
Finally, the emergence of infectious diseases and transfusion-transmitted infections continues to pose persistent challenges for blood safety. Blood banks must consistently improve screening technologies and surveillance systems to promptly detect emerging threats and reduce transmission risks. This underscores the ongoing necessity for innovation and investment in blood banking practices to ensure the availability, safety, and quality of blood products for patients worldwide.
Blood Bank Market – Key Industry News
- In August 2023, the significant expansion of private cord blood preservation raises concerns, prompting talks about broadening blood preservation efforts to encompass the public sector as well. As this sector experiences a surge in demand, there is a growing recognition of the need to ensure equitable access to cord blood preservation services and address potential disparities in healthcare access and outcomes.
- In January 2024, The Government has implemented a new regulation mandating that hospitals and blood banks are permitted to solely levy processing fees for blood, with all other charges being prohibited. This directive aims to ensure fairness and transparency in the pricing of blood-related services, eliminating additional fees beyond processing costs.
Blood Bank Market Competitive Landscape
In the competitive landscape of the blood bank market, numerous players vie for market share and strive to differentiate themselves through various strategies. These strategies may include technological advancements in blood screening, storage, and processing, and initiatives to enhance donor recruitment and retention. Additionally, collaborations with healthcare institutions and government bodies to improve blood supply chain logistics and regulatory compliance are common approaches. Some players may focus on niche segments or geographic regions to establish a competitive edge, while others may prioritize customer service and quality assurance to maintain market leadership.
Overall, the competitive landscape of the blood bank market is dynamic and driven by factors such as innovation, regulatory compliance, and customer satisfaction. Companies primarily use acquisitions, R&D, partnerships, and technological launches. Several important entities in the blood bank market include Haemonetics Corp., McKesson Corp., Grifols, S.A., Abbott Laboratories, Fresenius SE & Co., and others.
Blood Bank Market Company Share Analysis, 2023 (%)
Blood Bank Market – Key Companies
Reason to Buy from us
Table of Contents
| 1. Introduction |
|---|
| 1.1. Research Methodology |
| 1.2. Scope of the Study |
| 2. Market Overview / Executive Summary |
| 2.1. Global Blood bank Market (2018 – 2022) |
| 2.2. Global Blood bank Market (2023 – 2029) |
| 3. Market Segmentation |
| 3.1. Global Blood bank Market by Product |
| 3.1.1. Blood collection tube sealer |
| 3.1.2. Reagents |
| 3.1.3. Blood collection sets |
| 3.1.4. Blood collection mixer |
| 3.1.5. Blood bags |
| 3.1.6. Lancets |
| 3.1.7. Other |
| 3.2. Global Blood bank Market by Storage |
| 3.2.1. Blood bank refrigerators |
| 3.2.2. Blood bank freezers |
| 3.2.3. Test tube racks |
| 3.3. Global Blood bank Market by Application |
| 3.3.1. e- blood bank |
| 3.3.2. Blood donor |
| 3.3.3. Others |
| 3.4. Global Blood bank Market by End User |
| 3.4.1. Ambulatory surgical center’s |
| 3.4.2. Blood banks |
| 3.4.3. Hospitals |
| 3.4.4. Others |
| 4. Regional Segmentation |
| 4.1. North America |
| 4.1.1. The U.S. |
| 4.1.2. Canada |
| 4.1.3. Mexico |
| 4.2. South America |
| 4.2.1. Brazil |
| 4.2.2. Argentina |
| 4.2.3. Colombia |
| 4.2.4. Chile |
| 4.2.5. Rest of South America |
| 4.3. Asia Pacific |
| 4.3.1. China |
| 4.3.2. India |
| 4.3.3. Japan |
| 4.3.4. South Korea |
| 4.3.5. Rest of Asia Pacific |
| 4.4. Europe |
| 4.4.1. UK |
| 4.4.2. Germany |
| 4.4.3. Italy |
| 4.4.4. France |
| 4.4.5. Spain |
| 4.4.6. Rest of Europe |
| 4.5. The Middle East |
| 4.5.1. Turkey |
| 4.5.2. UAE |
| 4.5.3. Saudi Arabia |
| 4.5.4. Rest of the Middle East |
| 4.6. Africa |
| 4.6.1. Egypt |
| 4.6.2. South Africa |
| 4.6.3. Rest of Africa |
| 5. Value Chain Analysis of the Global Blood bank Market |
| 6. Porter Five Forces Analysis |
| 6.1. Threats of New Entrants |
| 6.2. Threats of Substitutes |
| 6.3. Bargaining Power of Buyers |
| 6.4. Bargaining Power of Suppliers |
| 6.5. Competition in the Industry |
| 7. Trends, Drivers and Challenges Analysis |
| 7.1. Market Trends |
| 7.1.1. Market Trend 1 |
| 7.1.2. Market Trend 2 |
| 7.1.3. Market Trend 3 |
| 7.1.4. Market Trend 4 |
| 7.1.5. Market Trend 5 |
| 7.2. Market Drivers |
| 7.2.1. Market Driver 1 |
| 7.2.2. Market Driver 2 |
| 7.2.3. Market Driver 3 |
| 7.2.4. Market Driver 4 |
| 7.2.5. Market Driver 5 |
| 7.3. Market Challenges |
| 7.3.1. Market Challenge 1 |
| 7.3.2. Market Challenge 2 |
| 7.3.3. Market Challenge 3 |
| 7.3.4. Market Challenge 4 |
| 7.3.5. Market Challenge 5 |
| 8. Regulatory Landscape |
| 9. Competitive Landscape |
| 9.1. Haemonetics Corp. |
| 9.2. McKesson Corp. |
| 9.3. Grifols S.A. |
| 9.4. Abbott Laboratories |
| 9.5. Fresenius SE & Co. |
| 9.6. Company 6 |
| 9.7. Company 7 |
| 9.8. Company 8 |
| 9.9. Company 9 |
| 9.10. Company 10 |
Blood Bank Market – Frequently Asked Questions (FAQs)
What is the current size of the global blood bank market?
The market size for the global blood bank market in 2024 is $15.83 Bn.
Who are the major vendors in the global blood bank market?
The major vendors in the global blood bank market are Haemonetics Corp., McKesson Corp., Grifols, S.A., Abbott Laboratories, Fresenius SE & Co., and others.
Which segments are covered under the global blood bank market segments analysis?
This report offers in-depth insights into each product, storage, application, end user.