Blood Bank Global Market Report 2024

The blood bank market size has grown strongly in recent years. It will grow from $16.91 billion in 2023 to $17.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period can be attributed to an escalation in trauma cases, surgical interventions, blood-related disorders, chronic illnesses, and advancements in maternal health care.

The blood bank market size is expected to see strong growth in the next few years. It will grow to $23.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Anticipated growth in the upcoming period can be linked to the expansion into emerging markets, the integration of telemedicine and remote blood banking services, advancements in gene editing and therapies, global health crises response, and the increasing population of elderly individuals. Key trends expected in the forecast period encompass broadening diversity within the donor pool, the implementation of blood utilization review programs, the extended scope of cord blood banking, the application of blockchain technology in tracking the blood supply chain.

The blood bank market is poised for growth due to an increasing frequency of accidents, creating a higher demand for immediate blood transfusions to address injuries and blood loss resulting from accidents such as car crashes and workplace incidents. A June 2022 report from the World Health Organization (WHO) highlighted the global impact, with road traffic crashes alone causing approximately 1.3 million deaths, while non-fatal injuries affected 20 to 50 million individuals. The majority of these incidents occurred in low- and middle-income countries, emphasizing the critical role blood banks play in responding to accident-related medical needs. This trend is anticipated to significantly drive the blood bank market.

The blood bank market is also expected to experience growth propelled by the increasing geriatric population. With a rising number of elderly individuals globally facing chronic illnesses requiring periodic transfusions, blood banks play a vital role in supporting their healthcare needs. According to October 2022 data from the World Health Organization, projections indicate that by 2030, 1 in 6 people globally will be 60 or older, reaching 2.1 billion by 2050. A separate report from June 2021, sourced from the UK Parliament's House of Commons Library, highlighted a growing senior population in the UK, expected to constitute 24% of the total population (17.4 million people) by 2043. This demographic shift is a significant driver for the blood bank market.

In the blood bank market, technological advancements have emerged as a prominent trend, with major companies in blood collection and storage continually innovating to meet the industry's growing demands and expand their global presence. In January 2023, Abbott Laboratories, a US-based multinational medical devices and healthcare company, partnered with Blood Centers of America, an independent US-based blood center, to introduce a mixed reality application integrated with Abbott technology. This consumer-focused application aims to enhance the blood donation experience, attract new donors, and inspire younger generations to participate in blood donation. Technological innovation is becoming a key differentiator in the competitive landscape of the blood bank market.

Major players in the blood bank market are actively engaging in strategic partnerships as part of their business strategy to boost revenues. These partnerships involve collaborative efforts where companies leverage each other's strengths and resources for mutual benefits. An example of this is the collaboration between Blood Bank Computer Systems, Inc. (BBCS), a US-based software company, and Bloodbuy, a US-based biotechnology company. In August 2023, BBCS and Bloodbuy partnered to integrate BBCS' newly launched ForLife Biologics Platform with Bloodbuy. This integration aims to streamline engagement between blood center customers and their national resource-sharing counterparts. By eliminating manual data transfer processes, the collaboration enhances user productivity, data quality, and user satisfaction by automating repetitive tasks.

In April 2022, BioIVT, a US-based biospecimens, research models, and services provider, acquired Tennessee Blood Services (TBS), a US-based commercial blood bank specializing in whole blood and blood products for diagnostic purposes. This acquisition allows BioIVT to enhance control over its supply chain for normal blood products and gain management of its ninth blood donor center. These strategic partnerships and acquisitions demonstrate the proactive approach of major companies in the blood bank market to strengthen their market position and drive business growth.

Major companies operating in the blood bank market report are American Association of Blood Banks, Blood Bank of Alaska, Canadian Blood Services, The Japanese Red Cross Society, New York Blood Center, NHS Blood And Transplant, Sanquin Blood Supply Foundation, The American Red Cross, Vitalant, America's Blood Centers, Australian Red Cross, Terumo Corporation, Haemonetics Corporation, National Blood Transfusion Council, Shire Plc, Abbott, Beckman Coulter Inc., Polymedicure, Thermo Fisher Scientific Inc., Becton Dickinson and Company, Bio-Rad Laboratories Inc., F. Hoffman La Roche, Siemens Healthcare Private Limited, BioMérieux, CSL Behring, Takeda, Octapharma, Kedrion, Macopharma, Fresenius Kabi AG, B. Braun Melsungen AG, Grifols SA, Hologic Inc., Ortho Clinical Diagnostics, Merck KGaA, Roche Diagnostics, Quotient Limited.

North America was the largest region in the blood bank market in 2023. Asia-Pacific is expected to be the fastest-growing region in the blood bank market report during the forecast period. The regions covered in the blood bank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the blood bank market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product categories offered by a blood bank encompass whole blood, red blood cells, platelets, plasma, and white blood cells. Whole blood comprises red blood cells, white blood cells, and platelets suspended in plasma, serving purposes such as treating substantial blood loss, exchange transfusions, and autologous donations (where individuals donate blood for their own use). These products are organized based on various functions including collection, processing, testing, storage, and transportation. Blood banks come in different types, such as private and public, and serve diverse end-users such as hospitals, ambulatory surgical centers, clinics, and pharmaceutical companies.

The blood bank market research report is one of a series of new reports that provides blood bank market statistics, including blood bank industry global market size, regional shares, competitors with a blood bank market share, detailed blood bank market segments, market trends and opportunities, and any further data you may need to thrive in the blood bank industry. This blood bank market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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