Blood Bank Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted by Statzy Market Research on April 29th, 2021

As per an article published on Annals of Blood in July 2020, the ongoing pandemic situation has seriously affected one significant area of healthcare delivery i.e., the availability of an adequate quantity of safe and quality blood in the Blood Centres. The majority of the blood comes from voluntary non-remunerated blood donors. All the educational institutions, industries, social organizations, The IT sectors are working remotely in the COVID-19 period. Outdoor blood donation camps are mainly organized by these sectors, the shutdown of these organizations has resulted in fewer blood donations. Thus, this limited availability of blood in the current situation is expected to affect the market growth.

The major factor propelling the growth of the market includes a steep rise in accidental cases, high prevalence of hematologic diseases, and an increasing geriatric population. According to a study published by World Health Organization in February 2020, nearly 1.5 million people each year in the world die each year because of road traffic injuries. Road traffic injuries cost over 3% of the country's gross domestic product every year. Apart from the road injuries, accidental cases are also surging in sports.

According to the article published by Sarah Megginson in February 2020, 89% of Australian adults participate in sports every year with 62% participate at least three times a week. Furthermore, according to the Australian Institute of Health and Welfare 2017, it has reported that almost 60,000 Australians have been admitted to hospital for injuries while playing a sport. Hence, these cases of accidents will contribute to the increasing demand for blood. In addition, in the past few years, the burden of blood-borne diseases has also increased coupled with the increasing prevalence of transfusion transmissible infection and surgeries, growing awareness about blood donation, and several government initiatives associated with blood donation are promoting the demand for blood banks and driving the overall market.

As per the World Health Organization, the prevalence rate of anemia in children is 47.4% and 12.7% in men which is expected to rise in the coming years over the world. Thus, this increasing burden of blood disorder will surge the demand for early diagnosis and treatment wherein the blood has been widely used. Hence result in propelling the blood bank market.

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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 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.

Competitive Landscape

The Blood Bank Market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Vitalant, New York Blood Center, The American National Red Cross, Australian Red Cross, America’s Blood Centers, Canadian Blood Services, Japanese Red Cross Society, AABB, and Blood Bank of Alaska.

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