A blood bank is a place where the supply of blood or plasma is stored for transfusion. Blood banks perform various functions. They collect blood and process it. Sometimes blood components are separated for particular health care treatments or applications. They test blood samples to ensure that the blood is non-infectious and fit for blood transfusion. They store the blood for future application and transport blood samples to end-users. Blood testing involves ABO typing, antibody screening, and cross matching test. Testing is an important step for players operating in global blood bank market. This is because of stringent government rules for screening of the blood of the donor before storage as infectious blood samples can cross contaminate other blood samples stored in a blood bank. Testing is also important to determine the ABO blood group as blood transfusion takes place according to the ABO and Rh factors system.
Factors such as prevalence of blood-borne diseases and transfusion transmissible infections, rise in the number of surgeries, improving health care infrastructure across the globe, increase in demand for advanced instruments, advancements in automation technology, positively changing reimbursement scenarios, rise in awareness about blood donation and safe blood transfusion, and government initiatives to promote blood donation are expected to propel the global blood bank market during the forecast period. However, high maintenance and high cost of blood processing equipment, and stringent regulatory scenario are anticipated to hamper the global blood bank market. Nevertheless, a rise in the use of cell therapy and blood transfusion in emerging markets is likely to provide attractive opportunities to the global blood bank market.
The global blood bank market can be segmented based on product, banking type, end- user, and region. Based on product, the global blood bank market can be classified into whole blood, red blood cell, white blood cell, platelets, and plasma. Blood Banking is a rapidly expanding industry due to an increase in the number of blood donors as awareness among people regarding the importance and benefits of blood donation is increasing. Moreover, people are aware about the concept behind blood cell formation in the bone marrow and multiplication after blood donations. Thus, whole blood segment is propelling the growth of global blood market. The red blood cell segment is expected to expand at a significant CAGR due to an increase in the prevalence of chronic disease induced anemia. Platelets have low storage time and thus have greater demand. Therefore, the platelets segment is expected to expand at a rapid pace due to a rise in platelets transfusions driven by an increase in the prevalence of diseases such as dengue.
In terms of end-user, the global blood bank market can be segmented into hospitals & clinics, diagnostic & pathology labs, academic & research institutes, and blood banks. Blood banks is likely to be a rapidly expanding segment as blood banks have appropriate and well-defined infrastructure for the storage of whole blood or blood products. Moreover, all types of blood groups can be easily found in these units. Based on banking type, the global blood bank market can be classified into public and private. The private segment is expected to expand at a robust pace during the forecast period as private companies have appropriate and well-built infrastructure for the blood banking process and therapeutic products extracted from blood for treatment.
In terms of region, the global blood bank market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to be a leading region of the global blood bank market during the forecast period because of well-developed health care infrastructure. Europe is another leading region of the market because of adequate funding for blood bank units. The market in Asia Pacific is projected to expand at a significant CAGR, due to a rise in the number of blood banking units in developing countries. Moreover, government initiatives to support blood donation are propelling the market in the region.
Key players operating in global blood bank market are The American National Red Cross, Vitalant, New York Blood Center, Terumo Corporation, NHS Blood and Transplant, National Blood Transfusion Council, Sanquin, CSL, America’s Blood Centers, Canadian Blood Services, and Shire.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.