According to a new report published by Allied Market Research, titled, Blood Bank Market by Product Type, Function, Bank Type, and End User: Global Opportunity Analysis and Industry Forecast, 20182025, the global blood bank market was valued at $11,527 million in 2017, and is projected to reach $18,649 million by 2025, growing at a CAGR of 6.1% from 2018 to 2025. The hospital segment accounted for more than one-third of the total market share in 2017.
Blood bank is a place where whole blood and its components are stored for the need of blood transfusion in future. Blood banks major function includes donor recruitment, collection of blood, donor processing, diagnostic testing, preparation of blood components, recordkeeping, typing & cross matching, medical or legal evaluation of blood, storage, and transportation.
The blood bank market is expected to exhibit significant growth during the forecast period, due to growth in geriatric population, rise in number of accidents, and high prevalence of hematological diseases across the globe. However, wastage of donated blood and stringent rules & regulations are projected to impede the market growth. On the contrary, blood transfusion in emerging nations is expected to offer significant profitable opportunities for the market players.
Based on product type, the global blood bank market is categorized into whole blood, red blood cell, platelet, plasma, and white blood cell. The red blood cell segment was the major revenue contributor in 2017 and is anticipated to continue this trend during the forecast period, due to high demand for transfusion of red blood cells over whole blood in patients suffering from anemia or in cases of excessive bleeding due to trauma as well as during surgery or childbirth.
By function, the market is classified into collection, processing, testing, storage, and transportation. The collection segment is projected to exhibit fastest growth during the forecast period, due to increase in demand for blood transfusion and rise in prevalence of hematological diseases globally.
Key Findings of Blood Bank Market :
Based on product type, the platelet segment is expected to experience rapid growth, registering a CAGR of 8.0% from 2018 to 2025.
Based on function, the testing segment dominated the global blood bank market in 2017 and is expected to maintain this trend during the forecast period.
Depending on bank type, the private segment was the major revenue contributor in 2017 and is anticipated to continue this trend during the forecast period.
U.S. generated the highest revenue in the global blood bank market in 2017 in North America region.
China is a lucrative segment that is estimated to grow at a highest CAGR during the forecast period in the Asia-Pacific region.
Europe accounted for more than one-third of the global market share in 2017 and is expected to remain dominant throughout the forecast period. This is attributed to the well-established healthcare infrastructure, large number of diagnosed patients, rise in number of blood donations, and supportive healthcare policies. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, majorly due to increase in demand for blood transfusion and introduction of supportive reimbursement policies by the healthcare system.
The report provides a comprehensive analysis of the key players operating in the global blood bank market, namely The American Red Cross, Vitalant, New York Blood Centre, Australian Red Cross, Japan Red Cross Society, American Association of Blood Banks, America's Blood Centers, Canadian Blood Services, Sanquin Blood Supply Foundation, and Blood Bank of Alaska. The other players in the value chain include Indian Red Cross Society, NHS Blood and Transplant, New Zealand Blood Service, National Blood Centre, German Red Cross, Rotary Blood Bank, and others.