The global blood bank market reached a value of US$ 15.56 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 21.72 Billion by 2027, exhibiting a CAGR of 5.40% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

A blood bank is a facility where blood is collected from donors, typed, separated into components, stored, and prepared for transfusion to patients. The blood is separated into red blood cells (RBCs), plasma, and platelets, which are transfused to different individuals according to their requirements. Blood banks avoid transfusion-related reactions by providing proper identification of the patients and blood products. In addition, they offer distribution services of blood to hospitals, ambulatory surgery centers, pharmaceutical companies, and research centers.

Blood Bank Market Trends:
The growing prevalence of hematological diseases, such as rare genetic conditions, anemia, and sickle cell disease due to disorders of the blood and blood-forming organs, represents one of the key factors driving the market. Moreover, there is an increase in the demand for safe blood due to the rising cases of transfusion transmissible infections (TTI), such as human immunodeficiency viruses (HIV) and hepatitis B. This, along with the increasing geriatric population across the globe, is propelling the growth of the market. In addition, there is a rise in the demand for red blood cells (RBCs) in amputation surgeries. This, coupled with various benefits associated with red blood cells (RBCs), such as easy availability and low cost of storage and maintenance, is positively influencing the market. Besides this, governments of several countries are taking initiatives to promote blood donation around the world. In line with this, the expanding healthcare industry is offering lucrative growth opportunities to end-users and investors. Additionally, the rising number of accidents in sports due to poor training methods, structural abnormalities, and unsafe exercising environments is bolstering the demand for packed red blood cells (RBCs) during blood transfusions.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global blood bank market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product type, bank type, function and end user.

Breakup by Product Type:

Whole Blood
Red Blood Cells
Platelet
Plasma
White Blood Cells

Breakup by Bank Type:

Private
Public

Breakup by Function:

Collection
Processing
Testing
Storage
Transportation

Breakup by End User:

Hospital
Ambulatory Surgery Centers
Pharmaceutical Companies
Clinics and Nursing Homes
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being American Association of Blood Banks, Blood Bank of Alaska, Canadian Blood Services, Haemonetics Corporation, Japanese Red Cross Society, New York Blood Center, NHS Blood and Transplant, Sanquin Bloedvoorziening, Terumo Corporation, The American National Red Cross and Vitalant.

Key questions answered in this report:
How has the global blood bank market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global blood bank market?
What are the key regional markets?
What is the breakup of the market based on the product type?
What is the breakup of the market based on the bank type?
What is the breakup of the market based on the function?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global blood bank market and who are the key players?
What is the degree of competition in the industry?