Global Blood Bank Market Scope Report

Global Blood Bank Market Highlights Over 2023 - 2035

The global blood bank market is estimated to garner a revenue of USD 30.0 Billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 17.o Billion in the year 2022. The growth of the market can be attributed to the rising demand for storage of bloods and its components followed by the increasing shortage of blood cells among people.  According to the World Health Organization, nearly 118.5 Million blood donations collected across the globe.

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A blood bank is a facility that collects and stores blood before it is used for transfusions. The lab is where blood banking takes place, and it is done to ensure the safety of donated blood and blood products before they are used. Moreover, blood banks play an important role for the patients care through reducing the risk of cancer, hemochromatosis, and others.  therefore, high prevalence of hematological diseases among people is anticipated to surge the growth of the global blood bank market. In the year 2019, there were more than 195,000 people who has been diagnosed with hemophilia worldwide.

Global Blood Bank Market: Growth Drivers and Challenges

Growth Drivers

• Increase in the Number of Accidents – An increase in the number of accidents rise the need for blood transfusion and it is expected to boost the growth of the global blood bank market. Road accidents leading to nearly 1.3 Million people deaths each year as per the World Health Organization

• Growing Geriatric Population– According to the data reported by United Nations, approximately 703 Million person aged 65 or above years in the year 2019 around the world

• Surging Demand for Safe Blood – Nearly 250 donations are needed every day in order to treat sickle cells in the United Kingdom.

• Rising Emergency Cases – According to the Centers for Disease Control and Prevention, the overall emergency department visit rate accounted for 40 visits per 100 person in the year 2018 in the United States.

Challenges

• Issues Related to Waste of Donated Blood

• Stringent Rules and Regulation to be Followed

• Scarcity of Professional for Blood Transfusion

The global blood bank market is segmented and analyzed for demand and supply by function into storage, transportation, testing, processing, collection. Out of these, the testing segment is anticipated to hold the largest share over the forecast period owing to the surge in the number of diagnostic tests for the transmission of blood from one person to another. Moreover, the testing is done in order to check whether the blood is free from any kind of diseases such as HIV, and others. According to the American Clinical Laboratory Association, there are more than 7 Billion clinical tests are conducted every year in the United States.

Global Blood Bank Market Regional Synopsis

Regionally, the global blood bank market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2035 on the back of rising incidence of blood disorders, an increasing presence of large number of blood donations. Moreover, there has been an advancement in the healthcare infrastructure giving rise to the proper storage, transportation, collection, transfusion system. In the United States, nearly 900,000 people suffer from deep vein thrombosis every year.

Market Segmentation

Our in-depth analysis of the global blood bank market includes the following segments:

Key Companies Dominating the Global Blood Bank Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global blood bank market that are included in our report are NHS Blood and Transplant, America’s Blood Centers, Terumo Corporation, Japanese Red Cross Society, The American National Red Cross, Stichting Sanquin Bloedvoorziening, Vitalant Health, Blood Bank of Alaska, Australian Red Cross, Association for the Advancement of Blood & Biotherapies, and others.

Global Blood Bank Market: Latest Developments

• March, 2022: Terumo Corporation announced the United States FDA clearance of Terumo blood and cell technologies new plasma collection technology

• January, 2022: The American National Red Cross, announced the declaration of first-ever blood crisis amid Omicron surge

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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