Blood Bank Market to be dominated by Red Blood Cells (RBCs) through 2027
Increasing awareness of blood donation is expected to drive
global blood bank market in the forecast period, 2023-2027.
According to TechSci Research report, “Blood
Bank Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027”, the global blood bank market is anticipated
to grow at a steady rate in the forecast period, 2023-2027. This can be
ascribed to the increasing surgical volume along with growing number of road
accidents that require blood supply is expected to spur the growth of global
blood banks market. Additionally, growing prevalence of different blood cancer
is further expected to increase the demand for blood banks. According to the
global cancer observatory, around 474,519 new cases of leukemia were reported
globally in 2020 with 311,594 reported deaths in the same year. Similarly,
initiatives taken by several governmental and non-governmental organizations
related to blood donation among the population is expected to fuel the market
growth.
However,
the high initial cost of setting up blood banks, especially in the emerging
countries may restrain the global blood bank market growth in the forecast
period. Additionally, wastage and improper handling of donated blood can
further hamper the growth of global blood banks market.
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The
global blood bank market is segmented into by product type, by function, by
ownership, by end user and by region.
Based on ownership, the global blood
banks market can be bifurcated into private and public. The public segment
dominates the market since most of the blood banks operating across the globe
are owned by government or government agencies or non-profit organizations.
However, increasing privatization across the healthcare sector is expected to
increase the count of privately owned blood banks globally. Based on end user,
the market can be categorized into hospitals & clinics, ambulatory surgery
centers, pharmaceutical companies, and others. The hospitals & clinics
segment dominated the market in 2021 and is expected to continue maintaining
its dominance during the forecast period. This can be ascribed to the
increasing number of inpatients in the hospitals requiring blood in the
treatment of different surgeries, injuries, and different blood related
disorders.
Major operating companies operating in
global blood bank market are:
- American Association of Blood Banks
- America's Blood Centers
- Australian Red Cross Society
- Blood Bank of Alaska
- Canadian Blood Services
- Japanese Red Cross Society
- New York Blood Centre
- Sanquin Blood Supply Foundation
- The American Red Cross
- Vitalant
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“Asia Pacific is expected to register the highest
growth in the global blood banks market on account of growing incidence of road
accidents especially in the countries like China and India. Similarly,
initiatives taken by different government and non-government organizations in
the region for creating awareness related to blood related disorders and blood
donation in the region is further expected to support the market growth.
Similarly, increasing establishment of private and public owned blood banks in
the region is expected to spur the market growth through 2027” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Blood
Bank Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027 Segmented By Product Type (Whole Blood,
Red Blood Cells, Platelets, Plasma, Others), By Function (Collection, Processing, Testing,
Storage, and Transportation), By Ownership (Private v/s Public),
By End User (Hospitals & Clinics, Ambulatory Surgery Centers,
Pharmaceutical Companies, Others) and By Region”, has evaluated the future growth potential of global blood banks market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global blood banks market.
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