Blood Bank Market to Reach $21.86 Bn, Globally, by 2027 at 5.7% CAGR: Allied Market Research
High prevalence of hematologic diseases, rise in accidents, and growth in geriatric population drive the global blood bank market
PORTLAND, Oregon, June 8, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Blood Bank Market by Type (Whole Blood, Red Blood Cells, Platelets, Plasma, and White Blood Cells), Function (Collection, Processing, Testing, Storage, and Transportation), Bank Type (Private and Public), and End User (Hospital, Ambulatory Surgery Centers, Pharmaceutical Companies, Clinics & Nursing Homes, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global Blood Bank Market garnered $13.85 billion in 2019, and is estimated to reach $21.86 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027.
Drivers, restraints, and opportunities
High prevalence of hematologic diseases, rise in accidents, and growth in geriatric population drive the growth of the global blood bank market. However, wastage of donated blood and stringent rules and regulations hinder the market growth. On the other hand, growth in blood transfusion in emerging nations creates new opportunities in the coming years.
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COVID-19 Scenario
- The coronavirus outbreak has not much affected the global blood bank market. In addition, the blood banks are gaining traction for the collection of blood from corona patients for plasma therapy.
- Moreover, all the nations are focusing towards expansion of blood storage capacity in the blood banks during coronavirus pandemic, which may aid the market in terms of revenue.
The red blood cell segment to maintain its lead status in terms of revenue throughout the forecast period
Based on product type, the red blood cell segment accounted for nearly two-fifths of the global blood bank market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to high demand for transfusion of red blood cells over whole blood in patients suffering from anemia. In addition, rise in demand of red blood cell for cases of excessive bleeding due to trauma, surgery or childbirth further augments the growth of the segment. However, the platelet segment is estimated to portray the highest CAGR of 7.5% from 2020 to 2027, owing to high prevalence of dengue in tropical countries and increase in the adoption of modern treatment of hypo proliferative thrombocytopenia.
The testing segment to maintain its leadership position during the forecast period
Based on function, the testing segment contributed to the highest market share with nearly one-third of the global blood bank market in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to high cost of screening tests of blood and its components as well as large number of diagnostic tests that are conducted during processing of blood. However, the collection segment is estimated to generate the fastest CAGR of 6.7% from 2020 to 2027. This is attributed to increase in demand for blood transfusion and rise in prevalence of hematological diseases globally.
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Europe dominated the market in 2019, North America to grow at a significant pace by 2027
Based on region, Europe accounted for the highest share based on revenue, holding for more than one-third of the global blood bank market in 2019, and is projected to maintain its dominant position 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 estimated to portray the fastest CAGR of 6.4% from 2020 to 2027, owing to increase in demand for blood transfusion and introduction of supportive reimbursement policies by the healthcare system. In addition, North America is anticipated to register a CAGR of 5.0% during the forecast period.
Leading market players
- 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
- Blood Bank of Alaska.
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