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Global Blood Bank Market to Grow at a CAGR of 4.5% During 2021-2026, Aided by the Surge of Blood-Related Disorders

According to a new report by EMR titled, ‘Global Blood Bank Market Report and Forecast 2021-2026’, the market attained a value of about USD 7525.05 million in 2020. The industry is further expected to grow at a CAGR of 4.5% in the forecast period of 2021-2026 to reach a value of nearly USD 9791.62 million by 2026.

North America holds a significant share of the market growth owing to the rising cases of blood disorders and the surge of chronic diseases such as cancer. According to the Leukaemia and Lymphoma Society, approximately one person is diagnosed with blood cancer every three minutes in the United States. Moreover, the rising prevalence of anaemia in the region is increasing the demand for blood transfusion, hence aiding the market growth. In addition, the robust healthcare industry in the region is contributing significantly to the industry growth. Apart from this, the Asia Pacific region is expected to witness rapid growth owing to the rising accident cases. The exponential population growth is increasing the use of transfused blood in infants. Furthermore, various governments in the region are increasingly collaborating with several organisations such as Red Cross Society to promote blood donation among the young population, hence fuelling the market growth in the region, and contributing significantly to the overall blood bank industry.

America's Blood Centers, with a distribution channel in the healthcare industry, along with its partners, entered into an interesting partnership with Riot Games’ League Championship Series in March 2021. The partners would launch the ‘First Blood Saves Lives’ campaign to call upon League of Legend players and fans who have recovered from the COVID-19 infection to donate their plasma (CCP) to support the fight against the COVID-19 pandemic. The league would encourage viewers and players to donate their blood plasma and they would be rewarded with an in-game Kai’Sa skin from the League of Legends game. The collaboration would aid the organisation to reach hundreds of thousands of gamers and millions of Americans to raise awareness regarding the need for blood plasma and blood donations in general. Such partnerships are expected to aid the market growth. The market is further anticipated to be propelled by the expansion of pharmaceutical companies in the industry, such as Johnson & Johnson (NYSE: JNJ) and Pfizer (NYSE: PFE).

Market Analysis by Product Type, Function, Bank Type, End User, and Region:

  • The market, on the basis of product type, can be divided into whole blood, red blood cell, platelet, plasma, and white blood cell.
  • Based on function, the industry can be divided into collection, processing, testing, storage, and transportation.
  • On the basis of bank type, the market is bifurcated into private and public.
  • The end users of blood bank include hospital, ambulatory surgery centres, pharmaceutical companies, and clinics and nursing homes, among others.
  • The regional markets for blood bank include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The robust growth of the healthcare and pharmaceuticals industry is increasing the use of blood and blood products, hence aiding the market growth.
  • The market is being driven by the increasing efforts by governments and organisations to promote blood donations through various blood donation drives and camps.
  • The rising demand for plasma from recovered COVID-19 patients to treat critical cases of the novel disease is propelling the market growth.
  • The integration of the latest technologies such as robotics and blockchains to aid the blood supply chain is augmenting the blood bank industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global blood bank market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the product types, functions, bank types, end users, and regions of blood bank.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for blood bank are America's Blood Centers, Australian Red Cross Society, Blood Bank of Alaska, and Canadian Blood Services, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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