New York, May 15, 2023 (GLOBE NEWSWIRE) -- The global blood and organ bank market is expected to witness significant growth at a remarkable CAGR of 5.4% during the forecast period of 2023-2030. This growth is attributed to the increasing prevalence of transfusion transmissible infection and rising cases of fractures requiring surgical care and blood transfusion.
According to a recent report by Consegic Business Intelligence, the blood and organ bank market is poised for strong expansion and is expected to reach USD 25,059.98 million by 2030. The market, which was valued at USD 16,679.58 million in 2022, is predicted to grow at a compound annual growth rate of 5.4% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the blood and organ bank market.
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Global Blood and Organ Bank Market Size, Share & Trends Analysis, By Services Type (Red Blood Cell Collection, Blood Plasma Collection, Organ Bank, Tissue Bank, Health Screening, All Other Human Blood, Reproductive and Stem Cell Bank, and Others), End User (Hospitals, Diagnostics Centers, Ambulatory Surgery Centers, Blood Bank, and Others), By Region, Forecast Period 2023 – 2030.
Consegic Business Intelligence Pvt. Ltd. provided an inclusive research report on the blood and organ bank market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as product type, end-user, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.
Blood banks are the centers where the blood is collected, handled, and deposited for transfusion. Blood banks conduct tests such as ABO typing, antibody screening, and cross-matching tests to prevent the contamination of stored blood samples.
Organ banks are engaged in order to manage the organs for transplant. These organizations and centers have various functions such as donor registration, maintaining the waiting list of terminally ill patients requiring transplants matching recipients with donors, and coordination from procurement of organs to transplantation.
In addition, the rising prevalence of lifestyle disorders and surgeries is increasing the demand for blood transfusion and organ transplantation. For instance, as per American Red Cross, approximately 29,000 units of red blood cells, 5,000 units of platelets, and 6,500 units of plasma are needed daily in U.S. Further, around 16 million blood components are transfused each year in the U.S. Hence, increasing need for blood transfusion is driving the growth of the blood and organ donor market.
Global Blood and Organ Bank Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 25,059.98 Million |
| CAGR (2023-2030) | 5.4% |
| By Services Type |
|
| By End-User |
|
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | The American National Red Cross, New England Donor Services, New York Blood Center, The Living Bank, Musculoskeletal Transplant Foundation, CBR Systems, Inc., Vitalant, Bio Products Laboratory Ltd., America's Blood Centers, Canadian Blood Services, and Terumo BCT, Inc. |
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Key Market Takeaways
- The global blood and organ bank market size is estimated to exceed USD 25,059.98 million by 2030 with a CAGR of 5.4% during the forecast period (2023-2030).
- Based on services type, the red blood cell collection segment accounted for the highest market share of 31.77% in the blood and organ bank market statistics in 2022.
- By end-user, the blood bank segment is anticipated to contribute the largest shares to the market growth in 2022.
- Asia Pacific is expected to grow at the fastest CAGR of 6.1% during the forecast period due to the increasing awareness regarding the importance of blood donation in the region.
- In 2022, North America accounted for the highest market share at 37.09% and was valued at USD 6,186.46 million, and is expected to reach USD 9,026.61 million in 2030.
Global Blood and Organ Bank Market Segmentation Details:
Based on Services Type, in 2022, the red blood cell collection segment contributed the largest market shares in the vitamin k2 market. This is due to the following advantages associated with red blood cells such as easy availability, low cost of storage and maintenance, and the increasing demand for blood transfusion. Further, the rising cases of organ failure is driving the demand for organ transplantation.
For instance, according to the data published in Statista, in 2021, over 1,500 people of age 55 to 74 years commenced treatment for kidney failure in Australia. Thus, the rising incidence of organ failure is proliferating market growth.
Based on End-User, in 2022, the hospital segment contributed the largest market share in the vitamin k2 market owing to the increasing number of surgeries and accident cases that results in blood loss and organ failure. Blood and organ banks are used to transport blood and organs to hospitals. Further, the high prevalence of hematologic diseases such as anemia, HIV, sickle cell disease, and others is resulting in increased demand for blood, thereby driving market growth.
Based on Region, in 2022, North America accounted for the largest share contribution to the market growth driven by a large number of blood donations, well-established healthcare infrastructure, and government initiatives for blood donation in this region. For instance, as per American Red Cross, each year, approximately 6.8 million people in the U.S. donate blood. Further, 13.6 million units of whole blood and red blood cells are collected in the U.S. in a year. Hence, the increasing number of blood donors is supporting the growth of the blood and organ bank market in the region.
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Competitive Landscape
The American National Red Cross, New England Donor Services, and New York Blood Center are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the blood and organ bank market is expected to grow steadily due to increasing investment in technology for development of bituminous materials that are sustainable, environmentally friendly and cost-efficient. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
Recent Developments
- In August 2021, The American National Red Cross announced its partnership with CBS to generate donations through blood, time, or money in support of the organization’s widespread life-saving endeavors and disaster relief efforts.
List of Major Global Blood and Organ Bank Market:
- The American National Red Cross
- New England Donor Services
- New York Blood Center
- The Living Bank
- Musculoskeletal Transplant Foundation
- CBR Systems, Inc.
- Vitalant
- Bio Products Laboratory Ltd.
- America's Blood Centers
- Canadian Blood Services
- Terumo BCT, Inc.
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Global Blood and Organ Bank Market Segmentation:
- By Services Type
- Red Blood Cell Collection
- Blood Plasma Collection
- Organ Bank
- Tissue Bank
- Health Screening
- All Other Human Blood
- Reproductive and Stem Cell Bank
- Others
- By End-User
- Hospitals
- Diagnostics Centers
- Ambulatory Surgery Centers
- Blood Bank
- Others
Frequently Asked Questions in the Blood and Organ Bank Market Report
- What was the market size of the blood and organ bank in 2022?
- In 2022, the market size of blood and organ bank was USD 16,679.58 million.
- What will be the potential market valuation for the blood and organ bank by 2030?
- In 2030, the market size of blood and organ bank will be expected to reach 25,059.98 million.
- What is the key restraint hampering the growth of the blood and organ bank market?
- High cost of blood processing devices along with equipment and bacterial contamination are likely to hinder the market growth.
- What is the dominating segment in the blood and organ bank market, by end-user?
- In 2022, the hospital segment accounted for the highest market share in the overall blood and organ bank market.
- Based on current market trends, which geographical region contributed the largest share in the market?
- North America contributed the largest market share in the blood and organ bank market.
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