The "Blood Bank Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global blood bank market was valued at USD14,550 million in 2020 and it is expected to reach USD 19,750 million in 2026, registering a CAGR of 5.2%.
American Association of Blood Banks
Australian Red Cross
Blood Bank of Alaska
Canadian Blood Services
Key Market Trends
Red Blood Cells in Blood Bank Market is Estimated to Witness a Healthy Growth in this Market
The red blood cells segment is expected to witness healthy growth over the forecast period. The growth of this segment is attributed to the high demand for transfusion, an increasing number of surgeries, a rising number of trauma cases, and an increasing prevalence of chronic diseases induced anemia. For instance, according to an article published by Michigan State University College of Human Medicine, on National Centers for Biotechnology Research in 2018, 50,000 to 100,000 new amputation surgeries are performed per year in the United States.
Amputation surgeries are generally accompanied by transfusion of red blood cells, thus the increasing trend in amputation surgeries is expected to drive the demand for red blood cell transfusion. In Addition, as per the article published on the National Center of Biotechnology Information in July 2019, by the College of Medicine and Health Science, Ethiopia, the overall prevalence of anemia was found to be 41.1%. in less than 5 years of children. Also, the advantages associated with red blood cells are easy availability, low cost of storage and maintenance along increasing demand in surgeries and transfusion are the major contributor to segment growth.
However, the current COVID-19 scenario has had ramifications for ways of working, of various surgical procedures. According to a study published by World Health Organization in July 2020, it was found that there is Substantial financial and personnel changes in orthopedic and trauma surgery departments of hospitals, resulting in an average reduction of 49.4% in operating room capacity and an expected 29.3% loss of revenue in these departments. This decline in surgical procedures is expected to affect the overall growth of the market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global Blood Bank Market due to the rising geriatric population, increasing incidences of blood disorders, rising number of trauma cases, and surgical procedures. According to the statistics published by United States Census Bureau, Population Projections, the number of Americans aged 65 and older is projected to double from 52 million in 2018 to 95 million by 2060, and it is estimated that this age group's share of the total population will rise from 16 % to 23 %. Also, as per American Red Cross, an estimated number of 36000 units of red blood cells is required every day and nearly 7,000 units of platelets and approximately 10,000 units of plasma are needed each day in the United States. Over 21 million blood components are transfused each year in the United States.
In addition, as per the Centers for Disease Control and Prevention, hemophilia nearly affects 1 in 5000 male births and 400 newborn babies every year in the United States. Lymphoma, myeloma, Leukemia, and myelodysplastic disorders are highly prevalent cancers. In the United States, on average approximately every 3 minutes, at least one person diagnosed with a type of blood cancer. This results in high demand for blood and boosts the blood bank market in this region. Furthermore, a large number of blood donation, well-established healthcare infrastructure, and government initiatives blood donation in this region is also fuelling the market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Accidental cases
4.2.2 High Prevalence of Hematologic Diseases
4.2.3 Technological Advancements in Blood Banks
4.3 Market Restraints
4.3.1 Stringent Rules and Regulations
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product
5.2 By Bank Type
5.3 By End User
5.4.1 North America
5.4.4 Middle East and Africa
5.4.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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