Blood Bank Market Key Players Analysis 2031
The Blood Bank Market is expected to register a CAGR of 5.6% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Blood Bank Market report offers a comprehensive view of the Blood Bank Market by function, type, end user, and geographies. Countries and regions are given as a pie-and-chips study to get a global market perspective. Estimated market size in US$ is presented which gives an idea of market trends, market drivers and market competition in various segments. This report can be a great resource for stakeholders to understand how the blood bank industry can work for you and for you.
Purpose of the ReportThe report Blood Bank Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Blood Bank Market Segmentation
Type- Whole Blood
- RBC
- Platelets
- Plasma
- WBC
- Collection
- Processing
- Testing
- Storage
- Transportation
- Private
- Public
- Hospitals
- Ambulatory Surgery Centers
- Pharmaceutical Companies
- Clinics and Nursing Homes
- Hospitals
- Ambulatory Surgery Centers
- Pharmaceutical Companies
- Clinics and Nursing Homes
Strategic Insights
Blood Bank Market Growth Drivers- Demand for Blood and Blood Products: An increasing demand for blood and blood products in surgery, trauma treatment, cancer treatment, and birth is a major market factor for blood bank market. Global blood supply is 118.5 million per year, according to the World Health Organization (WHO), and most countries are still in blood-shortage, especially in the developing world. This increasing demand requires better blood storage, management, and delivery facilities, and consequently the market is expanding.
- Increasing Healthcare Expenditure: Healthcare systems worldwide are seeing higher spending, especially in the area of emergency care and surgeries, which in turn increases the demand for blood donations and blood bank services. Governments and private sectors are investing more in healthcare infrastructure. Blood banks help keep blood supply safe, driving tech and infrastructure spending.
- Modernization in Blood Storage and Transport Technology:The blood bank industry has changed because of the advances in storage, refrigeration and testing technology. Automated blood collection, testing and cold chain solutions that ensure blood products are properly stored extend shelf life and increase the overall efficiency of blood banks. As the American Red Cross emphasised, blood-collection and testing must be automated to keep up with demand and maximize efficiency. Such technology is driving market share by delivering service with reliability.
- Integration of AI and Automation in Blood Bank Operations: A major trend in the blood bank market is the growing adoption of Artificial Intelligence (AI) and automation technologies. AI can assist in blood screening, predicting blood supply shortages, and optimizing inventory management. Automated systems in blood collection, processing, and testing are reducing human error, speeding up operations, and improving blood safety. The increased reliance on AI and automation will continue to drive growth in the blood bank market by improving service delivery and reducing operational costs.
- Rise of Blood Plasma Collection: Blood plasma collection is becoming more common, driven by its use in treating a wide range of diseases, including autoimmune disorders, burn injuries, and trauma cases. Plasma-derived products, including immunoglobulin, are essential in medical treatments, increasing the focus on plasma collection centers.
- Shift Toward Blood Substitutes and Plasma-Based Therapies: Another future trend in the blood bank market is the increasing focus on blood substitutes and plasma-based therapies. While blood donations remain critical, alternative solutions such as synthetic blood substitutes and plasma-derived therapies are being developed to address global blood shortages. The U.S. Food and Drug Administration (FDA) has approved several plasma-derived therapies for treating immune deficiencies, contributing to the market's growth. Additionally, the rise in plasma donation centers, which have seen a 30% increase in the last decade, is expanding the use of plasma in therapies, leading to new market opportunities for blood banks.
- Expansion of Blood Donation Initiatives in Emerging Markets: Emerging markets, particularly in Asia-Pacific, Africa, and Latin America, present significant growth opportunities for the blood bank market. Despite increased awareness, these regions face severe blood shortages due to inadequate infrastructure and limited donation drives. According to the International Federation of Red Cross and Red Crescent Societies, over 80% of blood donations are collected in high-income countries, while low-income countries often lack the systems to collect and store sufficient blood. Investment in blood donation campaigns, modern storage solutions, and blood management systems in emerging economies is expected to drive significant market expansion in these regions.
- Government Initiatives and Public-Private Partnerships: Government initiatives and public-private partnerships present an opportunity to further expand the blood bank market. Governments are increasingly collaborating with organizations such as the Red Cross and private companies to improve blood collection, storage, and distribution systems. Public health campaigns to encourage blood donation and improve infrastructure have been successful in increasing the number of donors and the overall blood supply. For example, in India, government initiatives such as the National Blood Transfusion Council are helping improve blood collection rates and infrastructure. These efforts are expected to boost blood bank market growth, particularly in countries with limited resources.
- Collaboration with Biotech and Pharmaceutical Companies: Partnerships between blood banks and biotech or pharmaceutical companies for the development of advanced blood products, such as blood substitutes or stem-cell-based therapies, offer significant potential.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Blood Bank Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Blood Bank Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The market is expected to register a CAGR of 5.6% during 2023–2031.
Blood bank market is driven by rising blood product demand, technology in blood storage and administration, as well as the availability of blood to ensure effective blood collection, testing and distribution infrastructure.
The future of the blood bank market is to incorporate AI and automation to improve efficiency, and more emphasis on blood substitutes and plasma therapies to treat blood shortage.
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 - are key players in blood bank market
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Blood Bank Market - By Type
1.3.2 Blood Bank Market - By Function
1.3.3 Blood Bank Market - By Bank Type
1.3.4 Blood Bank Market - By End User
1.3.5 Blood Bank Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BLOOD BANK MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. BLOOD BANK MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. BLOOD BANK MARKET - GLOBAL MARKET ANALYSIS
6.1. BLOOD BANK - GLOBAL MARKET OVERVIEW
6.2. BLOOD BANK - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. BLOOD BANK MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. WHOLE BLOOD
7.3.1. Overview
7.3.2. Whole Blood Market Forecast and Analysis
7.4. RBC
7.4.1. Overview
7.4.2. RBC Market Forecast and Analysis
7.5. PLATELETS
7.5.1. Overview
7.5.2. Platelets Market Forecast and Analysis
7.6. PLASMA
7.6.1. Overview
7.6.2. Plasma Market Forecast and Analysis
7.7. WBC
7.7.1. Overview
7.7.2. WBC Market Forecast and Analysis
8. BLOOD BANK MARKET - REVENUE AND FORECASTS TO 2028 - FUNCTION
8.1. OVERVIEW
8.2. FUNCTION MARKET FORECASTS AND ANALYSIS
8.3. COLLECTION
8.3.1. Overview
8.3.2. Collection Market Forecast and Analysis
8.4. PROCESSING
8.4.1. Overview
8.4.2. Processing Market Forecast and Analysis
8.5. TESTING
8.5.1. Overview
8.5.2. Testing Market Forecast and Analysis
8.6. STORAGE
8.6.1. Overview
8.6.2. Storage Market Forecast and Analysis
8.7. TRANSPORTATION
8.7.1. Overview
8.7.2. Transportation Market Forecast and Analysis
9. BLOOD BANK MARKET - REVENUE AND FORECASTS TO 2028 - BANK TYPE
9.1. OVERVIEW
9.2. BANK TYPE MARKET FORECASTS AND ANALYSIS
9.3. PRIVATE
9.3.1. Overview
9.3.2. Private Market Forecast and Analysis
9.4. PUBLIC
9.4.1. Overview
9.4.2. Public Market Forecast and Analysis
10. BLOOD BANK MARKET - REVENUE AND FORECASTS TO 2028 - END USER
10.1. OVERVIEW
10.2. END USER MARKET FORECASTS AND ANALYSIS
10.3. HOSPITALS
10.3.1. Overview
10.3.2. Hospitals Market Forecast and Analysis
10.4. AMBULATORY SURGERY CENTERS
10.4.1. Overview
10.4.2. Ambulatory Surgery Centers Market Forecast and Analysis
10.5. PHARMACEUTICAL COMPANIES
10.5.1. Overview
10.5.2. Pharmaceutical Companies Market Forecast and Analysis
10.6. CLINICS AND NURSING HOMES
10.6.1. Overview
10.6.2. Clinics and Nursing Homes Market Forecast and Analysis
10.7. OTHERS
10.7.1. Overview
10.7.2. Others Market Forecast and Analysis
11. BLOOD BANK MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Blood Bank Market Overview
11.1.2 North America Blood Bank Market Forecasts and Analysis
11.1.3 North America Blood Bank Market Forecasts and Analysis - By Type
11.1.4 North America Blood Bank Market Forecasts and Analysis - By Function
11.1.5 North America Blood Bank Market Forecasts and Analysis - By Bank Type
11.1.6 North America Blood Bank Market Forecasts and Analysis - By End User
11.1.7 North America Blood Bank Market Forecasts and Analysis - By Countries
11.1.7.1 United States Blood Bank Market
11.1.7.1.1 United States Blood Bank Market by Type
11.1.7.1.2 United States Blood Bank Market by Function
11.1.7.1.3 United States Blood Bank Market by Bank Type
11.1.7.1.4 United States Blood Bank Market by End User
11.1.7.2 Canada Blood Bank Market
11.1.7.2.1 Canada Blood Bank Market by Type
11.1.7.2.2 Canada Blood Bank Market by Function
11.1.7.2.3 Canada Blood Bank Market by Bank Type
11.1.7.2.4 Canada Blood Bank Market by End User
11.1.7.3 Mexico Blood Bank Market
11.1.7.3.1 Mexico Blood Bank Market by Type
11.1.7.3.2 Mexico Blood Bank Market by Function
11.1.7.3.3 Mexico Blood Bank Market by Bank Type
11.1.7.3.4 Mexico Blood Bank Market by End User
11.2. EUROPE
11.2.1 Europe Blood Bank Market Overview
11.2.2 Europe Blood Bank Market Forecasts and Analysis
11.2.3 Europe Blood Bank Market Forecasts and Analysis - By Type
11.2.4 Europe Blood Bank Market Forecasts and Analysis - By Function
11.2.5 Europe Blood Bank Market Forecasts and Analysis - By Bank Type
11.2.6 Europe Blood Bank Market Forecasts and Analysis - By End User
11.2.7 Europe Blood Bank Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Blood Bank Market
11.2.7.1.1 Germany Blood Bank Market by Type
11.2.7.1.2 Germany Blood Bank Market by Function
11.2.7.1.3 Germany Blood Bank Market by Bank Type
11.2.7.1.4 Germany Blood Bank Market by End User
11.2.7.2 France Blood Bank Market
11.2.7.2.1 France Blood Bank Market by Type
11.2.7.2.2 France Blood Bank Market by Function
11.2.7.2.3 France Blood Bank Market by Bank Type
11.2.7.2.4 France Blood Bank Market by End User
11.2.7.3 Italy Blood Bank Market
11.2.7.3.1 Italy Blood Bank Market by Type
11.2.7.3.2 Italy Blood Bank Market by Function
11.2.7.3.3 Italy Blood Bank Market by Bank Type
11.2.7.3.4 Italy Blood Bank Market by End User
11.2.7.4 Spain Blood Bank Market
11.2.7.4.1 Spain Blood Bank Market by Type
11.2.7.4.2 Spain Blood Bank Market by Function
11.2.7.4.3 Spain Blood Bank Market by Bank Type
11.2.7.4.4 Spain Blood Bank Market by End User
11.2.7.5 United Kingdom Blood Bank Market
11.2.7.5.1 United Kingdom Blood Bank Market by Type
11.2.7.5.2 United Kingdom Blood Bank Market by Function
11.2.7.5.3 United Kingdom Blood Bank Market by Bank Type
11.2.7.5.4 United Kingdom Blood Bank Market by End User
11.2.7.6 Rest of Europe Blood Bank Market
11.2.7.6.1 Rest of Europe Blood Bank Market by Type
11.2.7.6.2 Rest of Europe Blood Bank Market by Function
11.2.7.6.3 Rest of Europe Blood Bank Market by Bank Type
11.2.7.6.4 Rest of Europe Blood Bank Market by End User
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Blood Bank Market Overview
11.3.2 Asia-Pacific Blood Bank Market Forecasts and Analysis
11.3.3 Asia-Pacific Blood Bank Market Forecasts and Analysis - By Type
11.3.4 Asia-Pacific Blood Bank Market Forecasts and Analysis - By Function
11.3.5 Asia-Pacific Blood Bank Market Forecasts and Analysis - By Bank Type
11.3.6 Asia-Pacific Blood Bank Market Forecasts and Analysis - By End User
11.3.7 Asia-Pacific Blood Bank Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Blood Bank Market
11.3.7.1.1 Australia Blood Bank Market by Type
11.3.7.1.2 Australia Blood Bank Market by Function
11.3.7.1.3 Australia Blood Bank Market by Bank Type
11.3.7.1.4 Australia Blood Bank Market by End User
11.3.7.2 China Blood Bank Market
11.3.7.2.1 China Blood Bank Market by Type
11.3.7.2.2 China Blood Bank Market by Function
11.3.7.2.3 China Blood Bank Market by Bank Type
11.3.7.2.4 China Blood Bank Market by End User
11.3.7.3 India Blood Bank Market
11.3.7.3.1 India Blood Bank Market by Type
11.3.7.3.2 India Blood Bank Market by Function
11.3.7.3.3 India Blood Bank Market by Bank Type
11.3.7.3.4 India Blood Bank Market by End User
11.3.7.4 Japan Blood Bank Market
11.3.7.4.1 Japan Blood Bank Market by Type
11.3.7.4.2 Japan Blood Bank Market by Function
11.3.7.4.3 Japan Blood Bank Market by Bank Type
11.3.7.4.4 Japan Blood Bank Market by End User
11.3.7.5 South Korea Blood Bank Market
11.3.7.5.1 South Korea Blood Bank Market by Type
11.3.7.5.2 South Korea Blood Bank Market by Function
11.3.7.5.3 South Korea Blood Bank Market by Bank Type
11.3.7.5.4 South Korea Blood Bank Market by End User
11.3.7.6 Rest of Asia-Pacific Blood Bank Market
11.3.7.6.1 Rest of Asia-Pacific Blood Bank Market by Type
11.3.7.6.2 Rest of Asia-Pacific Blood Bank Market by Function
11.3.7.6.3 Rest of Asia-Pacific Blood Bank Market by Bank Type
11.3.7.6.4 Rest of Asia-Pacific Blood Bank Market by End User
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Blood Bank Market Overview
11.4.2 Middle East and Africa Blood Bank Market Forecasts and Analysis
11.4.3 Middle East and Africa Blood Bank Market Forecasts and Analysis - By Type
11.4.4 Middle East and Africa Blood Bank Market Forecasts and Analysis - By Function
11.4.5 Middle East and Africa Blood Bank Market Forecasts and Analysis - By Bank Type
11.4.6 Middle East and Africa Blood Bank Market Forecasts and Analysis - By End User
11.4.7 Middle East and Africa Blood Bank Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Blood Bank Market
11.4.7.1.1 South Africa Blood Bank Market by Type
11.4.7.1.2 South Africa Blood Bank Market by Function
11.4.7.1.3 South Africa Blood Bank Market by Bank Type
11.4.7.1.4 South Africa Blood Bank Market by End User
11.4.7.2 Saudi Arabia Blood Bank Market
11.4.7.2.1 Saudi Arabia Blood Bank Market by Type
11.4.7.2.2 Saudi Arabia Blood Bank Market by Function
11.4.7.2.3 Saudi Arabia Blood Bank Market by Bank Type
11.4.7.2.4 Saudi Arabia Blood Bank Market by End User
11.4.7.3 U.A.E Blood Bank Market
11.4.7.3.1 U.A.E Blood Bank Market by Type
11.4.7.3.2 U.A.E Blood Bank Market by Function
11.4.7.3.3 U.A.E Blood Bank Market by Bank Type
11.4.7.3.4 U.A.E Blood Bank Market by End User
11.4.7.4 Rest of Middle East and Africa Blood Bank Market
11.4.7.4.1 Rest of Middle East and Africa Blood Bank Market by Type
11.4.7.4.2 Rest of Middle East and Africa Blood Bank Market by Function
11.4.7.4.3 Rest of Middle East and Africa Blood Bank Market by Bank Type
11.4.7.4.4 Rest of Middle East and Africa Blood Bank Market by End User
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Blood Bank Market Overview
11.5.2 South and Central America Blood Bank Market Forecasts and Analysis
11.5.3 South and Central America Blood Bank Market Forecasts and Analysis - By Type
11.5.4 South and Central America Blood Bank Market Forecasts and Analysis - By Function
11.5.5 South and Central America Blood Bank Market Forecasts and Analysis - By Bank Type
11.5.6 South and Central America Blood Bank Market Forecasts and Analysis - By End User
11.5.7 South and Central America Blood Bank Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Blood Bank Market
11.5.7.1.1 Brazil Blood Bank Market by Type
11.5.7.1.2 Brazil Blood Bank Market by Function
11.5.7.1.3 Brazil Blood Bank Market by Bank Type
11.5.7.1.4 Brazil Blood Bank Market by End User
11.5.7.2 Argentina Blood Bank Market
11.5.7.2.1 Argentina Blood Bank Market by Type
11.5.7.2.2 Argentina Blood Bank Market by Function
11.5.7.2.3 Argentina Blood Bank Market by Bank Type
11.5.7.2.4 Argentina Blood Bank Market by End User
11.5.7.3 Rest of South and Central America Blood Bank Market
11.5.7.3.1 Rest of South and Central America Blood Bank Market by Type
11.5.7.3.2 Rest of South and Central America Blood Bank Market by Function
11.5.7.3.3 Rest of South and Central America Blood Bank Market by Bank Type
11.5.7.3.4 Rest of South and Central America Blood Bank Market by End User
12. IMPACT OF COVID-19 PANDEMIC ON GLOBAL BLOOD BANK MARKET
12.1 North America
12.2 Europe
12.3 Asia-Pacific
12.4 Middle East and Africa
12.5 South and Central America
13. INDUSTRY LANDSCAPE
13.1. MERGERS AND ACQUISITIONS
13.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
13.3. NEW PRODUCT LAUNCHES
13.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
14. BLOOD BANK MARKET, KEY COMPANY PROFILES
14.1. INTERSTATE BLOOD BANK, INC
14.1.1. Key Facts
14.1.2. Business Description
14.1.3. Products and Services
14.1.4. Financial Overview
14.1.5. SWOT Analysis
14.1.6. Key Developments
14.2. VITALANT
14.2.1. Key Facts
14.2.2. Business Description
14.2.3. Products and Services
14.2.4. Financial Overview
14.2.5. SWOT Analysis
14.2.6. Key Developments
14.3. NEW YORK BLOOD CENTER
14.3.1. Key Facts
14.3.2. Business Description
14.3.3. Products and Services
14.3.4. Financial Overview
14.3.5. SWOT Analysis
14.3.6. Key Developments
14.4. THE AMERICAN NATIONAL RED CROSS
14.4.1. Key Facts
14.4.2. Business Description
14.4.3. Products and Services
14.4.4. Financial Overview
14.4.5. SWOT Analysis
14.4.6. Key Developments
14.5. CORDVIDA
14.5.1. Key Facts
14.5.2. Business Description
14.5.3. Products and Services
14.5.4. Financial Overview
14.5.5. SWOT Analysis
14.5.6. Key Developments
14.6. NATIONAL BLOOD TRANSFUSION COUNCIL
14.6.1. Key Facts
14.6.2. Business Description
14.6.3. Products and Services
14.6.4. Financial Overview
14.6.5. SWOT Analysis
14.6.6. Key Developments
14.7. SANQUIN
14.7.1. Key Facts
14.7.2. Business Description
14.7.3. Products and Services
14.7.4. Financial Overview
14.7.5. SWOT Analysis
14.7.6. Key Developments
14.8. CSL
14.8.1. Key Facts
14.8.2. Business Description
14.8.3. Products and Services
14.8.4. Financial Overview
14.8.5. SWOT Analysis
14.8.6. Key Developments
14.9. AMERICA
14.9.1. Key Facts
14.9.2. Business Description
14.9.3. Products and Services
14.9.4. Financial Overview
14.9.5. SWOT Analysis
14.9.6. Key Developments
14.10. CANADIAN BLOOD SERVICES
14.10.1. Key Facts
14.10.2. Business Description
14.10.3. Products and Services
14.10.4. Financial Overview
14.10.5. SWOT Analysis
14.10.6. Key Developments
15. APPENDIX
15.1. ABOUT THE INSIGHT PARTNERS
15.2. GLOSSARY OF TERMS
1. The American National Red Cross
2. Vitalant
3. New York Blood Center
4. Terumo Corporation
5. NHS Blood and Transplant
6. National Blood Transfusion Council
7. Sanquin
8. CSL
9. America's Blood Centers
10. Canadian Blood Services
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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