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The Blood Banking Market grew from USD 15.01 billion in 2023 to USD 16.89 billion in 2024. It is expected to continue growing at a CAGR of 12.99%, reaching USD 35.31 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
The scope and definition of blood banking encompass the collection, testing, processing, storage, and distribution of blood and blood components for transfusion. This plays a vital role in healthcare by ensuring the availability of safe and adequate blood supplies for patients in need, which is essential for surgeries, trauma care, cancer treatment, and managing chronic illnesses. The necessity of blood banking is underscored by its critical application in both emergency and routine medical care, serving hospitals, clinics, and research institutions. With the increasing prevalence of chronic diseases, rising surgical procedures, and advancements in regenerative medicine, the end-use scope of blood banking is expanding rapidly.
Key influencing growth factors in the blood banking market include technological advancements in blood preservation and storage, increasing awareness about blood donation, and stringent government regulations emphasizing blood safety. Additionally, the emerging demand for plasma-derived medicines and the rising incidences of transfusion-transmissible infections demanding more rigorous testing regimes present potential opportunities. Companies can capitalize on these trends by innovating in automation and data management systems to enhance efficiency and traceability, investing in advanced testing technologies, and exploring partnerships for expanding donor reach. However, the market faces limitations from high operational costs, logistical challenges, and a shortage of blood donors in several regions, which constrain growth.
For business growth, areas of innovation and research include developing synthetic blood substitutes, enhancing donor recruitment and retention through technology-enabled platforms, and improving cold chain logistics. Investments in machine learning and AI for donor data analytics to proactive manage supply and demand can offer significant insights and operational benefits. The evolving regulatory landscape necessitates a focus on compliance and adopting technology to meet new standards. The nature of the market is dynamic, characterized by continual advancements in medical science and technology, presenting both challenges and exciting potential for growth and improvement in blood banking systems.
Understanding Market Dynamics in the Blood Banking Market
The Blood Banking Market is rapidly evolving, shaped by dynamic supply and demand trends. These insights provide companies with actionable intelligence to drive investments, develop strategies, and seize emerging opportunities. A comprehensive understanding of market dynamics also helps organizations mitigate political, geographical, technical, social, and economic risks while offering a clearer view of consumer behavior and its effects on manufacturing costs and purchasing decisions.- Market Drivers
- High prevalence of hematologic diseases and rising incidences of accidental cases
- Growing burden of blood-borne diseases coupled with the increasing prevalence of transfusion transmissible infection and surgeries
- Government and non-government initiatives such as conduction of blood donation camps
- High prevalence of transfusion transmissible infections such as HIV and hepatitis B
- Market Restraints
- High cost of maintenance and blood processing equipment
- Market Opportunities
- Increasing demand for advanced instruments
- Positively changing reimbursement scenarios
- Growing awareness about blood donation and safe blood transfusion
- Market Challenges
- Stringent rules and regulations scenario
Exploring Porter’s Five Forces for the Blood Banking Market
Porter’s Five Forces framework further strengthens the insights of the Blood Banking Market, delivering a clear and effective methodology for understanding the competitive landscape. This tool enables companies to evaluate their current competitive standing and explore strategic repositioning by assessing businesses’ power dynamics and market positioning. It is also instrumental in determining the profitability of new ventures, helping companies leverage their strengths, address weaknesses, and avoid potential pitfalls.Applying PESTLE Analysis to the Blood Banking Market
External macro-environmental factors deeply influence the performance of the Blood Banking Market, and the PESTLE analysis provides a comprehensive framework for understanding these influences. By examining Political, Economic, Social, Technological, Legal, and Environmental elements, this analysis offers organizations critical insights into potential opportunities and risks. It also helps businesses anticipate changes in regulations, consumer behavior, and economic trends, enabling them to make informed, forward-looking decisions.Analyzing Market Share in the Blood Banking Market
The Blood Banking Market share analysis evaluates vendor performance. This analysis provides a clear view of each vendor’s standing in the competitive landscape by comparing key metrics such as revenue, customer base, and other critical factors. Additionally, it highlights market concentration, fragmentation, and trends in consolidation, empowering vendors to make strategic decisions that enhance their market position.Evaluating Vendor Success with the FPNV Positioning Matrix in the Blood Banking Market
The Blood Banking Market FPNV Positioning Matrix is crucial in evaluating vendors based on business strategy and product satisfaction levels. By segmenting vendors into four quadrants - Forefront (F), Pathfinder (P), Niche (N), and Vital (V) - this matrix helps users make well-informed decisions that best align with their unique needs and objectives in the market.Strategic Recommendations for Success in the Blood Banking Market
The Blood Banking Market strategic analysis is essential for organizations aiming to strengthen their position in the global market. A comprehensive review of resources, capabilities, and performance helps businesses identify opportunities for improvement and growth. This approach empowers companies to navigate challenges in the increasingly competitive landscape, ensuring they capitalize on new opportunities and align with long-term success.Key Company Profiles
The report delves into recent significant developments in the Blood Banking Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, AMAG Pharmaceuticals, Inc., Americord Registry LLC, Beckman Coulter, Inc., Becton, Dickinson and Company, Bio-Rad Laboratories Inc, bioMérieux SA, Cardinal Health, Inc, China Biologic Products, Inc., Cordlife Group Limited, F. Hoffmann-La Roche Ltd, Fresenius Kabi AG, Immucor, Inc., Johnson & Johnson, Krew Instruments Pvt Ltd, Macopharma SA, Narang Medical Limited, Remi Elektrotechnik Limited, Terumo BCT, Inc., Thermo Fisher Scientific Inc., and ViaCord LLC.Market Segmentation & Coverage
This research report categorizes the Blood Banking Market to forecast the revenues and analyze trends in each of the following sub-markets:- Type
- Private
- Public
- Product
- Plasma
- Platelets
- Red Blood Cells
- White Blood Cells
- Whole Blood
- End-User
- Ambulatory Surgical Centers
- Diagnostic Centers
- Hospitals
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report provides a detailed overview of the market, exploring several key areas:
- Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market.
- Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development.
- Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape.
- Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players.
- Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current size of the market, and how is it expected to grow?
- Which products, segments, and regions present the most attractive investment opportunities?
- What are the prevailing technology trends and regulatory factors influencing the market?
- How do top vendors rank regarding market share and competitive positioning?
- What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?
Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Blood Banking Market, by Type
7. Blood Banking Market, by Product
8. Blood Banking Market, by End-User
9. Americas Blood Banking Market
10. Asia-Pacific Blood Banking Market
11. Europe, Middle East & Africa Blood Banking Market
12. Competitive Landscape
LIST OF FIGURES
LIST OF TABLES
Companies Mentioned
The leading players in the Blood Banking market, which are profiled in this report, include:- Abbott Laboratories
- AMAG Pharmaceuticals, Inc.
- Americord Registry LLC
- Beckman Coulter, Inc.
- Becton, Dickinson and Company
- Bio-Rad Laboratories Inc
- bioMérieux SA
- Cardinal Health, Inc
- China Biologic Products, Inc.
- Cordlife Group Limited
- F. Hoffmann-La Roche Ltd
- Fresenius Kabi AG
- Immucor, Inc.
- Johnson & Johnson
- Krew Instruments Pvt Ltd
- Macopharma SA
- Narang Medical Limited
- Remi Elektrotechnik Limited
- Terumo BCT, Inc.
- Thermo Fisher Scientific Inc.
- ViaCord LLC
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 190 |
| Published | October 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 16.89 Billion |
| Forecasted Market Value ( USD | $ 35.31 Billion |
| Compound Annual Growth Rate | 12.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 22 |
