Blood and Organ Bank Market: Increase in Transplant Procedures to Drive the Market
Blood transfusion and Organ transplant is done to save the life of an individual or to improve patient’s health. Blood bank is an institute from where blood is, stored entirely or as its components (plasma, blood cells and platelets) which is then transfused to the needy patients suffering with deficiency of blood or blood components.
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Organ Banks are banks which recover, process, storage and distributing an organ as well as body tissue and bone for transplantation. A single organ and tissue donor can save up to 40-50 patients’ lives which marks the importance of blood and organ banks.
Every year million cases either undergo transfusion of blood, blood components, plasma derivatives, and transplantation of organs. According to the World Health Organization (WHO), out of 108 million blood donations done globally, 50% of the blood donations happen in high income countries.
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More than 65% of blood transfusions in low income countries are given to children below five years of age while the scenario is reverse in high income countries where transfusion is done for elderly patients (age 65 years and above). According to another report by the WHO, voluntary unpaid blood donations have increased tremendously in low- and middle-income nations. From 2004 to 2012, more than 8.6 million blood donations that came from voluntary unpaid donors has increased in 162 countries. Among these countries, there were 73 nations which.
The blood and organ market is segmented on the basis of the following: Products (Blood products which include whole blood, Red blood cells, Platelets, Granulocytes, Fresh frozen plasma, Albumin, Immunoglobulin, Antithrombin III and Protein C concentrate and others (Factor VIIa, Factor VIII Fraction, Dried factor IX fraction, Factor XIII dried) and under Organs include (Kidney, liver, heart, pancreas and cornea).The end users include either the Public Hospitals or the Private Hospitals.
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On the basis of geography, the global the blood and organ market can be segmented into North America , Europe, Asia Pacific, Latin America, and Middle East and Africa. North America has been a leading region in the market owing to high demand for organ transplant. Annually, more than 120,000 Americans need a new organ.
The blood and organ bank industry has grown healthily in past decades and is expected to continue its growth trajectory during the forecast period from 2015 to 2023. According to the Organ Procurement and Transplantation Network (OPTN), more than 1 million patients are on waiting list for organ transplant. As the number of organ donors is increasing, an increase in transplant procedures is bound to happen this will expand the global market for blood and organ bank market.
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Moreover, the government efforts for creating awareness for blood donation and restoring donors’ and the patient’s confidence in blood transfusion services has also up stretched the demand for these systems. Rising incidences of accidents are propelling the market for blood and organ banks because in such cases there is high probability of demand for blood or organ. Increasing healthcare insurance coverage, greater improvement in post-transplant outcomes are among other factors that help drive the market growth.
Some of the market players in this industry segment are The American Red Cross, Blood Systems, Musculoskeletal Transplant Foundation, Inc., New York Blood Center, New England Organ Bank, The Living Bank, NOTTO and 21st Century Medicine.
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