Blood Bank Information Systems Market

Blood Bank Information Systems Market Research, 2031

The global blood bank information systems market was valued at $557.2 million in 2021, and is projected to reach $1,184.2 million by 2031, growing at a CAGR of 7.8% from 2022 to 2031. A blood bank is a department in a hospital or individually, which collects the blood and blood components by donation and stores them for transfusion. There are numerous online systems available which communicate among blood bank and hospital to satisfy the blood demands. There are several manual systems also available which are time-consuming and laborious, as compared to the blood bank information system because it is compact, least time-consuming, and helps a lot of functions at once. This system also gives information on stock, sales, and also keeps the data about blood donors for the future.

The COVID-19 has had a distinctly negative effect on blood bank information systems market forcing blood banks, blood centers, and the government to adopt new policies to adapt to a decreased blood supply as well as to protect the donors from COVID-19. These policies can be seen distinctly in patient blood management and blood bank operations. Blood banks also faced issues with developing policies and procedures for a nontraditional therapy.

Blood data storage and efficient communication are factors that drive the growth of the blood bank information systems market size. In addition, increase in healthcare expenditure; technological advancements, and different upgrades in the system boost the blood bank information systems market growth.

For instance, in April 2019, Blood Bank Computer Systems, Inc. has declared that two new clients are working on ABO Suite. Kentucky Blood Center and LifeServe Blood Center developed a successful transition to ABO Suite, including conversion of all legacy data. They also took the support of Optimize Technology Group’s (OpTech) Cloud Hosting However, data safety concerns and cyber-attacks may hinder the market growth. Contrarily, favorable reimbursement policies and increase in the support from the government for regulatory approval offers the blood bank information systems market opportunity.

Impact of COVID-19 Pandemic on Blood Bank Information Systems Market Size

COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome corona virus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.

The global outbreak of COVID-19 leads to an ongoing downturn of the blood bank information systems industry. Apart from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategies to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.

Technological progress, cost containment, and increased access are projected to be an integral part of healthcare reforms in the near future. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, the segment is anticipated to experience growth over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduced the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis situation. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which boosts the growth of the blood bank information systems market.

Overall, the COVID-19 has had a distinctly negative effect on blood bank information systems industry worldwide forcing blood banks, blood centers, and the government to adopt new policies to adapt to a decreased blood supply as well as to protect the donors from COVID-19. These policies can be seen distinctly in patient blood management and blood bank operations. Blood banks also faced issues with developing policies and procedures for a nontraditional therapy.

Blood Bank Information Systems Market Segmentation

The blood bank information systems market is segmented into Type, Application Type and End User. Depending on type, the market is classified into blood donor management module, blood bank transfusion service module, and others. By end user, the market is classified into hospitals and blood banks. Blood banks are further divided into private blood banks and public blood banks. According to application type, the market is segmented into web-based, and mobile based. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

Market By Type Review

By type, the blood donor management module segment currently dominated the market in 2021 and is expected to continue during the blood bank information systems market forecast period, owing to blood data storage and efficient communication.

Market By Application Type Review

By application type, the web-based segment dominated the blood bank information systems market share in 2021, and this trend is expected to continue during the blood bank information systems market analysis period owing to increase in healthcare expenditure and technological advancements.

Market By End User Review

By end user, the hospital segment dominated the market in 2021, and this trend is expected to continue during the forecast period owing to increase in number of hospitals and increase in the rising number of blood donors and blood donations.

Market By Region review

By region, Europe accounted for the largest blood bank information systems market share in 2021 and is expected to retain its dominance throughout the forecast period. This is primarily attributed to increase in the number of market players in the region. However, Asia-Pacific region witnessed the fastest blood bank information systems market growth owing to rise in the awareness related to the blood bank information systems.

The major companies profiled in this report include Allscripts Healthcare, LLC, Cerner Corporation, CompuGroup Medical SE & Co. KGaA, Haemonetics Corporation, Hemosoft, Integrated Medical Systems, IT Synergistics, Roper Technologies, Inc., SCC Soft Computer, and WellSky.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the blood bank information systems market analysis from 2021 to 2031 to identify the prevailing blood bank information systems market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the blood bank information systems market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global blood bank information systems market trends, key players, market segments, application areas, and market growth strategies.

 Blood Bank Information Systems Market Report Highlights