Blood Bank Market Size, Share, Growth and Trends, Forecast 2022 – 2031

Kenneth Research has recently added a report titled  Blood Bank Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Blood Bank Market products.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Global Blood Bank Market is valued approximately at USD 13.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.7% over the forecast period 2020-2027. A blood bank is a center where the blood is accumulated, stored, and processed for transfusion. More often, it sometimes refers to as a collection center, and a few hospitals also operate collection of blood. Blood bank stores products which include red blood cells, platelets, and plasma for shorter time duration that usually rely on the outcome of testing procedure. Thus, this healthcare facility may ensure the availability of blood and related products through the period of time, which may accelerate the demand for blood bank market around the world. Rise in the geriatric populations, growing prevalence of hematological diseases among people, and rising investment and government funding in the development of blood banks are the few factors responsible for the impressive CAGR of the market during the forecast period. According to the World Health Organization (WHO), the number of people aged 65 or above is likely to grow to nearly 1.6 billion till 2050 from 524 million in 2010.

This increase in geriatric population is mainly improved by the improving healthcare infrastructure and Solutions, that has increased the life expectancy of old age population. This, in turn, is likely to strengthen the demand for Blood Bank, thereby augmenting the market growth throughout the world. Further, the requirement for blood and its components is increasing with shortage of blood cells among people, thereby driving the utility for blood banks. According to the American Red Cross, roughly 36000 units of red blood cells is needed each day. Every year, around 21 million blood components are transfused in the United States, that may foster the demand for blood banks. However, the stringent norms & regulatory policies on the development of blood banks are the few factors impeding the market growth over the forecast period of 2020-2027.

The regional analysis of the global Blood Bank market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the favorable government support for the approval of blood bank, along with the significant presence of market players in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in prevalence of blood-related disorders and improving healthcare infrastructure in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the cancer vaccine market in the Asia-Pacific region.

Major market player included in this report are:
American Association of Blood Banks (AABB)
America’s Blood Centers
Australian Red Cross
Blood Bank of Alaska
Canadian Blood Services
Japanese Red Cross Society
New York Blood Center
Sanquin Blood Supply Foundation
American Red Cross

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

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The detailed segments and sub-segment of the market are explained below:

By Product Type:
Whole Blood
Red Blood Cells
White Blood Cells

By Function:

By Bank Type:

By End-User:
Ambulatory Surgery Centers
Pharmaceutical Companies
Clinics & Nursing homes

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Blood Bank Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

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