Blood Bank Market - Growth, Trends, and Forecasts (2023-2028)

The blood bank market is expected to register a CAGR of 5.20% during the forecast period.

The COVID-19 outbreak had a significant impact on the growth of the market due to the shutdown of the blood-donating organizations during the initial phase of the pandemic resulting in fewer blood donations. COVID-19 had a significant effect on blood collection nationwide, forcing blood banks, blood centers, and the government across the world to adopt new policies to adapt to a decreased blood supply as well as to protect their donors from COVID-19. However, the market is recovering due to the reopening of the blood collection centers after the relaxation of the lockdown restrictions, which led to a rise in blood donations, thereby expected to contribute to the growth of the market during the forecast period.

The major factors propelling the market's growth include an increasing number of surgeries and accident cases and a high prevalence of hematologic diseases. For instance, according to an article in August 2021, Lancet Journal, globally, there were 178 million new fractures, 455 million prevalent cases of acute or long-term symptoms of a fracture, and 25·8 million years lived with disability (YLDs). Such a high burden of fractures requiring surgical care and blood transfusion is expected to contribute to the growth of the market. Also, in the 2022 data published by the NCRB, the number of traffic accidents in India has increased from 36.9 thousand in 2020 to 42.3 thousand in 2021. Hence, this increasing number of cases of accidents resulted in severe injuries and surgical procedures requiring blood transfusions, thereby contributing to the increasing demand for blood. Also, the prevalence of blood-related disorders is expected to contribute to the need for a blood bank market. For instance, as per the March 2021 JFMPC data, the overall prevalence of anemic was found to be 90% among pregnant women in West Bengal, India. Such a high prevalence of anemia is expected to drive the demand for blood transfusions, thereby contributing to the growth of the blood bank market. In addition, in the past few years, the burden of blood-borne diseases has also increased, coupled with the increasing prevalence of transfusion transmissible infection and surgeries, growing awareness about blood donation, and several government initiatives associated with blood donation, which are promoting the demand for blood banks and driving the overall market.

Thus, this increasing burden of accidents, the high volume of surgical procedures, along with the rising prevalence of hematologic disorders are expected to drive the growth of the market over the forecast period. However, stringent rules and regulations are expected to restrain the growth of the market over the forecast period.

Blood Bank Market Trends

The Red Blood Cells Segment is Estimated to Witness Healthy Growth in this Market Over the Forecast Period

The red blood cells segment is expected to witness healthy growth over the forecast period. The growth of this segment is attributed to the high demand for transfusion, an increasing number of surgeries, a rising number of trauma cases, and an increasing prevalence of chronic disease-induced anemia. For instance, according to the NCBI article published in April 2021, 57.7 million people were living with limb amputation due to traumatic causes worldwide. Leading traumatic causes of limb amputation were falls (36.2%), road injuries (15.7%), other transportation injuries (11.2%), and mechanical forces (10.4%). Amputation surgeries are generally accompanied by transfusion of red blood cells; thus, the increasing trend in amputation surgeries is expected to drive the demand for red blood cell transfusion. Similarly, as per NHS May 2021 study, including 13 medical and surgical wards, in the United Kingdom, among 267 patients in the surgical and medical wards, 52% were anemic on admission, 62.2% were anemic on the study day, and 16% had hospital-acquired anemia. Such a high prevalence of anemia is expected to drive the demand for transfusion of red blood cells, thereby contributing to the growth of the studied segment over the forecast period.

Also, the advantages associated with red blood cells are easy availability, low cost of storage and maintenance, and the increasing demand for surgeries and transfusion, which are the major contributors to segment growth. Therefore, the burden and growing road accident cases are estimated to boost the demand for surgeries which will drive the growth of the studied segment during the forecast period.

North America is Expected to Hold a Significant Share in the Market over the Forecast Period

North America is expected to hold a significant market share in the blood bank market due to the increasing incidences of blood disorders, and the rising number of trauma cases and surgical procedures. For instance, according to CDC's March 2022 data, the number of emergency department visits was 130 million and the number of injury-related visits was 35 million in the United States in 2021. Such a high volume of emergency visits coupled with a high burden of injuries is expected to lead to rising demand for blood supply primarily from the blood banks in the United States, thereby expected to drive the growth of the studied market. Also, as per American Red Cross, an estimated number of 36,000 units of red blood cells is required every day, and nearly 7,000 units of platelets and approximately 10,000 units of plasma are needed each day in the United States. Over 21 million blood components are transfused each year in the United States. Such a high demand for blood supply in the United States is expected to contribute to the market's growth over the forecast period. Lymphoma, myeloma, leukemia, and myelodysplastic disorders are highly prevalent forms of cancer in the region which is expected to have a positive impact on the market. For instance, according to the June 2022 report of the American Cancer Society, about 60.7 thousand new cases of leukemia will be diagnosed in 2022 in the United States. Also, as per the same source, approximately, 526.7 thousand leukemia survivors were living in the country as of 2022. Such prevalence of leukemia in the United States is expected to drive the demand for blood transfusions, thereby contributing to the growth of the market.

The data published by the Government of Canada in July 2021 show that there were 225,208 injury-related hospitalizations (excluding complications of medical and surgical care) in Canada. This results in high demand for blood and boosts the blood bank market in this region. Furthermore, a large number of blood donations, well-established healthcare infrastructure, and government initiatives for blood donation in this region are fueling the market. Thus the factors mentioned above such as increasing emergency visits to healthcare centers regarding injuries and rising road accidents in North American countries and increasing demand for blood supply, are expected to contribute to the growth of the market over the forecast in the North American region.

Blood Bank Market Competitor Analysis

The blood bank market is moderately competitive and consists of several major players. Some of the companies currently dominating the market are Vitalant, the New York Blood Center, the American National Red Cross, the Australian Red Cross, America’s Blood Centers, Canadian Blood Services, the Japanese Red Cross Society, AABB, and Blood Bank of Alaska, Canadian Blood Services, Fresenius Kabi, Haemonetics, Maco Pharma, Ortho-Clinical, Teruma BCT, Vitalant and Others.

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