Blood Bank Market

Blood Bank Market by Product Type (Systems {Automated Blood Analyzers, Blood Bank Refrigerators, Plasma Freezers, Platelet Incubators and Agitators, Centrifuges, Blood Collection Monitors, and Others} and Blood Products {Whole Blood, Red Blood Cells (RBCs), Platelets, and Plasma}), End-User (Hospitals, Blood Donation Centers, Diagnostic Laboratories, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2032 owing to the increasing prevalence of blood disorders and chronic diseases, growing incidence of accidents and emergency care requirements, and increasing awareness about blood donation.

The blood bank market is estimated to grow at a CAGR of 6.78% during the forecast period from 2025 to 2032. The increasing prevalence of blood disorders and chronic diseases, along with rising accident rates and emergency care needs, are driving higher demand for blood and blood products. Additionally, growing awareness about blood donation is helping to increase donor participation, ensuring a steady blood supply. Coupled with ongoing product development in blood bank technologies—such as improved blood storage, screening, and pathogen reduction methods—these factors are expected to collectively boost the overall blood bank market by enhancing operational efficiency, safety, and accessibility during the forecast period from 2025 to 2032.

Blood Bank Market Dynamics:

According to data from the World Health Organization (2023), an estimated 40% of all children aged 6–59 months, 37% of pregnant women, and 30% of women aged 15–49 years globally were affected by anemia. Severe cases of anemia often necessitate blood transfusions to restore normal hemoglobin levels. Conditions such as iron deficiency anemia, aplastic anemia, and hemolytic anemia require regular transfusions, particularly for patients with chronic illnesses or those undergoing intensive treatments like chemotherapy. This growing need for transfusion services is driving the expansion of blood bank facilities and fostering innovations in blood storage, screening, and supply chain management, thereby propelling market growth.

In addition, increasing awareness about blood donation is significantly boosting the blood bank market by encouraging more individuals to donate blood regularly, ensuring a steady and reliable supply. Public health campaigns, social media initiatives, and educational programs by governments, non-governmental organizations (NGOs), and healthcare organizations have played pivotal roles in demystifying the donation process and emphasizing its life-saving importance. According to the World Health Organization (2023), of the 118.5 million blood donations collected globally, 40% were from high-income countries, which are home to only 16% of the world’s population. In contrast, in low-income countries, up to 54% of blood transfusions are administered to children under the age of five. With increased donor participation, blood banks are better equipped to meet the rising demand for blood and its components, which are essential for surgeries, trauma care, and the treatment of conditions such as anemia, cancer, and blood disorders. Consequently, growing awareness is driving advancements in blood collection, storage, and distribution technologies, enhancing the overall efficiency and capabilities of blood banks worldwide.

Furthermore, strategic activities among key market players have significantly propelled the growth of the blood bank market. Initiatives such as mergers, acquisitions, partnerships, and the introduction of advanced blood storage and processing technologies have improved the operational efficiency and reach of blood banks. For example, in September 2022, Helmer Scientific, a leading manufacturer of cold storage products, expanded its GX Solutions Cold Storage product line to include pass-thru refrigerators. These refrigerators, available in single- and double-door models, are designed for the storage of vaccines, pharmaceuticals, chemotherapy agents, whole blood, blood components, and other clinical and research applications.

Thus, the aforementioned factors are expected to drive substantial growth in the global blood bank market during the forecast period from 2025 to 2032.

However, challenges such as the limited shelf life of blood components and the risk of contamination or disease transmission due to improper screening or handling of blood may pose slight obstacles to market growth.

Blood Bank Market Segment Analysis:

Blood Bank Market by Product Type (Systems {Automated Blood Analyzers, Blood Bank Refrigerators, Plasma Freezers, Platelet Incubators and Agitators, Centrifuges, Blood Collection Monitors, and Others} and Blood Products {Whole Blood, Red Blood Cells (RBCs), Platelets, and Plasma}), End-User (Hospitals, Blood Donation Centers, Diagnostic Laboratories, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)   

In the product type segment of the blood bank market, the automated blood analyzers category is expected to hold a significant share in 2024. Automated blood analyzers are driving the growth of blood banks by significantly enhancing the efficiency and accuracy of blood testing and processing. These advanced machines streamline diagnostics by enabling rapid, precise analyses of blood samples, including complete blood counts, blood typing, and infectious disease screening. This ensures that collected blood meets stringent quality and safety standards, thereby reducing the risk of transfusion-related complications. Automation minimizes human error, improves reproducibility, and accelerates turnaround times, allowing blood banks to efficiently process large volumes of samples, even during emergencies or periods of high demand.

Moreover, automated analyzers enable detailed analysis of blood components such as red blood cells, white blood cells, and platelets facilitating better management of donor blood and optimal matching for patients. This improves patient outcomes while reducing the wastage of valuable blood supplies. The integration of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), further enhances the predictive capabilities of these analyzers, aiding in the early detection of potential health issues in donated blood.

Additionally, manufacturers are focusing on developing compact, cost-effective, and user-friendly analyzers suitable for both large and small-scale blood banks, further driving market growth. For instance, in May 2023, Siemens Healthineers launched the next-generation hematology analyzers Atellica HEMA 570 and 580. These analyzers feature intuitive interfaces and multi-analyzer automation connectivity, addressing workflow bottlenecks while providing the high throughput that large-volume laboratories require.

Thus, the aforementioned factors are expected to drive significant growth in this segment, thereby boosting the overall global blood bank market.

North America is expected to dominate the overall blood bank market:

North America is expected to account for the largest share of the blood bank market in 2024. This dominance is driven by several key factors, including a well-established healthcare infrastructure, advanced technologies for blood storage and transfusion, and a high volume of blood donations supported by robust awareness campaigns. The increasing prevalence of chronic diseases and blood disorders, coupled with a rising number of surgical procedures requiring blood transfusions, further fuels market demand. Additionally, strong government support, significant investments in research and development, and the presence of major industry players enhance North America's growth potential in the blood bank market.

According to recent data from the Centers for Disease Control and Prevention (CDC, 2024), approximately 33,000 males in the United States are living with hemophilia, with just over 40% of them affected by the severe form of the disorder. Hemophilia, a genetic condition characterized by impaired blood clotting, often necessitates frequent blood transfusions, particularly during severe bleeding episodes or surgical interventions. Patients with hemophilia A or hemophilia B typically rely on plasma-derived clotting factors or cryoprecipitate, both of which are sourced from donated blood. This growing demand for specific blood components has intensified the need for efficient blood collection, processing, and storage facilities, thereby driving the overall blood bank market in the region.

Furthermore, data from the American National Red Cross (2024) highlights the high demand for blood in the U.S.:  

• Every 2 seconds, someone in the U.S. needs blood or platelets.  
• Approximately 29,000 units of red blood cells are required daily, along with nearly 5,000 units of platelets and 6,500 units of plasma.  
• Nearly 16 million blood components are transfused annually.  
• Sickle cell disease affects between 90,000 and 100,000 individuals in the U.S., with approximately 1,000 babies born with the disease each year. These patients often require lifelong blood transfusions.  
• An estimated 6.8 million people in the U.S. donate blood each year, contributing to the collection of about 13.6 million units of whole blood and red blood cells.  

Strategic activities by key market players are also propelling the blood bank market across North America. Companies are expanding product portfolios, investing in technology and infrastructure, and forming partnerships to improve operational efficiency. For instance, in August 2023, Terumo Blood and Cell Technologies received U.S. Food and Drug Administration (FDA) clearance for the Reveos automated whole blood processing system. This groundbreaking device is the first in the U.S. to process whole blood into platelets and other components in a single centrifugation cycle, significantly enhancing the blood and platelet supply for patients nationwide.

Thus, the aforementioned factors are expected to drive significant growth in the North American blood bank market during the forecast period.

Key Blood Bank Market Companies in the Market Landscape:

Some of the key blood bank companies in the market include Abbott, BD, HORIBA Medical, Thermo Fisher Scientific, RedC Biotech Ltd., TERUMO BCT, INC, Beckman Coulter, Sysmex Corporation, Fresenius Kabi, Mindray Bio-Medical Electronics Co., Ltd., Bio-Rad Laboratories, Inc., Immucor, Inc., Cardinal Health, Vitalant, Cerus Corporation, Haemonetics Corporation, Kawasumi Laboratories, Inc., Getein Biotech Inc., Trivitron Healthcare Pvt. Ltd., Landwind Medical, and others.

Recent Developmental Activities in the Blood Bank Market:

• In April 2024, BD India launched UltraTouch™; a new-age blood collection device targeted to minimize patient pain.
• In January 2024, HORIBA Medical launched the new HELO 2.0 high throughput automated hematology platform which is CE-IVDR approved. HELO 2.0 offers a highly flexible and efficient modular hematology solution that is fully scalable with many possible configurations for mid to large-scale laboratories.

Key Takeaways From the Blood Bank Market Report Study

• Market size analysis for current blood bank size (2024), and market forecast for 8 years (2025 to 2032)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years.
• Key companies dominating the blood bank market.
• Various opportunities available for the other competitors in the blood bank market space.
• What are the top-performing segments in 2024? How these segments will perform in 2032?
• Which are the top-performing regions and countries in the current blood bank market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for blood bank market growth in the coming future?

Target Audience Who Can be Benefited From This Blood Bank Market Report Study

• Blood bank product providers
• Research organizations and consulting companies 
• Blood bank-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in blood bank 
• Various end-users who want to know more about the blood bank market and the latest technological developments in the blood bank market.