Blood Bank Information Systems Market Growth Report 2021 to 2031
The blood bank information systems market size is projected to reach US$ 1.37 billion by 2031 from US$ 0.76 billion in 2023. The market is expected to register a CAGR of 7.60% during 2023–2031. Technological advancement is likely to remain a key trend in the market.
Blood Bank Information Systems Market Analysis
Businesses strive to introduce new goods, and increasing their operations through various methods should stimulate the market. Companies like Cerner Corporation, Allscripts Healthcare, LLC, Haemonetics Corporation, WellSky, Hemosoft, Integrated Medical Systems, Soft Computer Consultants, Inc., IT Synergistics, Psyche Systems Corporation, and Sunquest Information Systems, Inc. have implemented a variety of strategies, including product launches, product approvals, mergers and acquisitions, and market initiatives. For example, CliniSys announced in January 2022 that it had recently acquired HORIZON Lab Systems and combined with Sunquest Information Systems to become CliniSys.
Blood Bank Information Systems Market Overview
The increased global prevalence of hematological diseases drives up demand for blood donations. Every three minutes, in the US, a person is diagnosed with leukemia, lymphoma, or myeloma, according to the Leukemia and Lymphoma Society (LLS). Furthermore, in 2021, there were about 186,400 cases of leukemia, lymphoma, and myeloma reported in the US. Moreover, in 2021, blood cancer cases accounted for roughly 9.8% of the estimated 1,898,160 new cancer cases in the nation. Bone marrow cell transplants and blood transfusions are becoming increasingly common due to the rising incidence of blood cancers like leukemia. The American Red Cross estimates that every day, about 5,000 platelets, 6,500 units of plasma, and about 29,000 units of red blood are needed in the US for various hematologic disorders.
Furthermore, 16 million blood components are transfused annually in the United States to treat various blood-related diseases like blood cancer and others. Moreover, it has been reported that in 2020, over 1.8 million individuals received a cancer diagnosis. As a result, the need for blood transfusions is increasing due to the rise in hematologic diseases, driving the growth of the global blood bank information system market.
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Blood Bank Information Systems Market: Strategic Insights
Market Size Value in US$ 659.87 Million in 2021 Market Size Value by US$ 1,103.95 Million by 2028 Growth rate CAGR of 7.6% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Blood Bank Information Systems Market: Strategic Insights
| Market Size Value in | US$ 659.87 Million in 2021 |
| Market Size Value by | US$ 1,103.95 Million by 2028 |
| Growth rate | CAGR of 7.6% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Blood Bank Information Systems Market Drivers and Opportunities
Increasing Number of Blood Donors Favors, the Market Growth
Due to the increased frequency of accidents and the growing prevalence of hematological diseases, there is a growing global demand for blood. The World Health Organization (WHO) estimates that approximately 118.4 million units of blood are donated worldwide. Out of which, high-income nations collect 40% of the blood. Moreover, 106 million donations are reported annually by about 13,300 blood banks spread across 169 countries. Furthermore, according to the WHO, 33% of blood donors worldwide are female.
Additionally, the WHO reported that between 2013 and 2018, 156 countries reported an increase of 7.8 million voluntary unpaid blood donations. The regions with the most significant increases in voluntary, outstanding blood donations are Africa (23%) and the Americas (25%). Western Pacific reported the most significant increase in absolute donation numbers (2.67 million), followed by the Americas (2.66 million) and South-East Asia (2.37 million). Furthermore, voluntary unpaid blood donations account for over 90% of the blood supply in approximately 79 countries, comprising 38 high-income countries, 33 middle-income countries, and eight low-income countries. Furthermore, 62 nations obtain their blood supply from willing, unpaid donors.
Furthermore, more than half of the world's blood supply—56 nations, nine high-income nations, 37 middle-income nations, and 10 low-income nations—depend on paid and family donors. This increases the global need for blood bank information systems. As blood donors rise worldwide, blood banks manage and store blood in new and innovative ways. Blood bank information systems are mainly used to collect blood donations. For example, a report on developing a blood retrieval system to help manage blood donor records and regulate the distribution of blood in government hospitals was published in 2020 by Samson Oloruntoba and other publishers. The system offers donor records quick access to medical reports in a timely, efficient, and confidential manner. Its foundation is an Android- and web-based blood donation inventory system emphasizing lowering transfusion errors. These elements support the market expansion for blood bank information systems.
Strategies by Major Market Players to Expand Presence in Emerging Markets Creates Significant Opportunities in the Market
Due to the increasing number of blood donors in Asia-Pacific and South and Central America, the blood bank information system market players plan their growth across multiple areas. Deep learning has demonstrated promising performance in blood management by employing traditional blood donor management systems and blood bank transfusion service modules. Lately, the blood bank information system has drawn much research attention. In the upcoming years, it is anticipated that numerous businesses—including WellSky, Sunset Information Systems, SCC Soft Computer's Blood Bank, and Allscripts Healthcare Solutions—will keep expanding in these developing markets through mergers, acquisitions, and strategic alliances. In June 2018, one of the best pediatric hospitals in Colorado used WellSky's Mediware Software for blood management services. The software offers tools to support the procedures that guarantee kids get the variety of blood products they require. The hospitals implemented three blood management solutions from Mediware—HCLL, LifeTrak, and Trastem—to handle the blood supply chain. Psyche Systems Corporation, Cerner Corporation, Haemonetics Corporation, Hemosoft, and other companies have established service offerings over the years, indicating their strategic positioning in the region. Throughout the projection period, these market opportunities will support the expansion of the blood bank information system.
Blood Bank Information Systems Market Report Segmentation Analysis
Key segments that contributed to the derivation of the blood bank information systems market analysis are type and end user.
- Based on type, the blood bank information systems market is segmented into blood donor management modules, blood bank transfusion service modules, and others. The blood donor management module segment held the most significant market share in 2023.
- By end user, the market is segmented into hospitals and blood banks. The hospitals segment held a significant share of the market in 2023.
Blood Bank Information Systems Market Share Analysis by Geography
The geographic scope of the blood bank information systems market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The North America blood bank information systems market is segmented into the US, Canada, and Mexico. North America dominates the worldwide blood bank information system market, which is expected to continue over the projected period. North America is expected to have the biggest market share during the projection period. This is due to the rising need for safe blood transfusions and the region's expanding number of hospitals and blood banks. This expansion has also been aided by increased public awareness of the importance of blood donation. Because the United States has a pluralistic blood collection system, there is no central data repository about the number of units of blood collected or the components produced or transfused. The American Red Cross (ARC) collects about 45 percent of the 14 Million units of whole blood available annually in the United States. Other community blood banks collect about 42 percent, hospitals collect about 11 percent, and the remaining 2 percent is imported. Hospital blood banks must have a computer-based information system to comply with requirements. This system simplifies blood bank management and ensures the safety of blood and blood component storage, distribution, and traceability. It allows the creation of a medical file for each transfused patient that contains the characteristics of the blood components transfused as well as the patient's immunopharmacological status, which is received from the blood institution via electronic data interchange.
Blood Bank Information Systems Market Report Scope
Blood Bank Information Systems Market News and Recent Developments
The blood bank information systems market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the blood bank information systems market are listed below:
- MAK-System, a worldwide leader in Blood Management systems, is proud to announce an extended and strategic partnership with New York Blood Center Enterprises (NYBCe). Under the agreement, MAK-System will operate the MAK.care platform as a managed service, running the entire digital ecosystem on behalf of NYBCe. The 10-year arrangement will transform how blood is managed and delivered to patients by leveraging the benefits of managed services. (Source: MAK-System, Press Release, June 2023)
- CliniSys has announced the recent acquisition of HORIZON Lab Systems and the combination with Sunquest Information Systems as CliniSys. This acquisition and Sunquest combination create one of the world’s largest organizations dedicated to diagnostic and laboratory informatics. (Source: Sunquest Information Systems, Inc., Press Release, January 2022)
Blood Bank Information Systems Market Report Coverage and Deliverables
The “Blood Bank Information Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Blood bank information systems market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Blood bank information systems market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Blood bank information systems market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the blood bank information systems market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is expected to register a CAGR of 7.60% during 2023–2031.
Hemosoft, Cerner Corporation, Allscripts Healthcare, LLC, Haemonetics Corporation, Integrated Medical Systems, Soft Computer Consultants, Inc.IT Synergistics, Psyche Systems Corporation, Wellsky
Technological advancements will likely remain a key trend in the market.
Key factors driving the market are the increasing number of blood donors and the rising prevalence of hematologic diseases.
North America dominated the blood bank information systems market in 2023
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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