A blood bank is a place where the supply of blood or plasma is stored for transfusion. Blood banks perform various functions. They collect blood and process it. Sometimes blood components are separated for particular health care treatments or applications. They test blood samples to ensure that the blood is non-infectious and fit for blood transfusion. They store the blood for future application and transport blood samples to end-users.
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Blood testing involves ABO typing, antibody screening, and cross matching test. Testing is an important step for players operating in global blood bank market. This is because of stringent government rules for screening of the blood of the donor before storage as infectious blood samples can cross contaminate other blood samples stored in a blood bank. Testing is also important to determine the ABO blood group as blood transfusion takes place according to the ABO and Rh factors system.
Factors such as prevalence of blood-borne diseases and transfusion transmissible infections, rise in the number of surgeries, improving health care infrastructure across the globe, increase in demand for advanced instruments, advancements in automation technology, positively changing reimbursement scenarios, rise in awareness about blood donation and safe blood transfusion, and government initiatives to promote blood donation are expected to propel the global blood bank market during the forecast period.
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However, high maintenance and high cost of blood processing equipment, and stringent regulatory scenario are anticipated to hamper the global blood bank market. Nevertheless, a rise in the use of cell therapy and blood transfusion in emerging markets is likely to provide attractive opportunities to the global blood bank market.
The global blood bank market can be segmented based on product, banking type, end- user, and region. Based on product, the global blood bank market can be classified into whole blood, red blood cell, white blood cell, platelets, and plasma. Blood Banking is a rapidly expanding industry due to an increase in the number of blood donors as awareness among people regarding the importance and benefits of blood donation is increasing.
Moreover, people are aware about the concept behind blood cell formation in the bone marrow and multiplication after blood donations. Thus, whole blood segment is propelling the growth of global blood market. The red blood cell segment is expected to expand at a significant CAGR due to an increase in the prevalence of chronic disease induced anemia. Platelets have low storage time and thus have greater demand. Therefore, the platelets segment is expected to expand at a rapid pace due to a rise in platelets transfusions driven by an increase in the prevalence of diseases such as dengue.
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In terms of end-user, the global blood bank market can be segmented into hospitals & clinics, diagnostic & pathology labs, academic & research institutes, and blood banks. Blood banks is likely to be a rapidly expanding segment as blood banks have appropriate and well-defined infrastructure for the storage of whole blood or blood products.
Moreover, all types of blood groups can be easily found in these units. Based on banking type, the global blood bank market can be classified into public and private. The private segment is expected to expand at a robust pace during the forecast period as private companies have appropriate and well-built infrastructure for the blood banking process and therapeutic products extracted from blood for treatment.
In terms of region, the global blood bank market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to be a leading region of the global blood bank market during the forecast period because of well-developed health care infrastructure.
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Europe is another leading region of the market because of adequate funding for blood bank units. The market in Asia Pacific is projected to expand at a significant CAGR, due to a rise in the number of blood banking units in developing countries. Moreover, government initiatives to support blood donation are propelling the market in the region.
Key players operating in global blood bank market are The American National Red Cross, Vitalant, New York Blood Center, Terumo Corporation, NHS Blood and Transplant, National Blood Transfusion Council, Sanquin, CSL, America’s Blood Centers, Canadian Blood Services, and Shire.
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