Market Trends of Blood Bank Management Software Industry
The Blood Banks Segment is Expected to Register Significant Growth in the Market During the Forecast Period
A blood bank is a center where blood collected through blood donations is stored for later use in transfusions. It plays a vital role in collecting blood and managing blood stocks. Hence, the demand for blood management software is expected to be high in the blood bank segment.
Increasing blood donations in the blood banks and technological advancements in blood banking management are expected to drive the segment's growth during the forecast period. For instance, in September 2022, the Union Minister for Health & Family Welfare India inaugurated blood donation as a part of Raktdaan Amrit Mahotsav. This nationwide drive was supported by the centralized blood bank management information system called the E-Rakt Kosh portal, which acted as a national repository of blood donors. This type of new management solution helps maintain blood donations, which is expected to boost the segment's growth.
Furthermore, establishing new blood banks increases the need for blood management software. For instance, in August 2023, the Prime Minister of Somalia officially opened the Somali National Blood Bank in Mogadishu with backing from the United Nations and the Somali government. This initiative was a joint endeavor involving the Government of Somalia, the United Nations Office for Project Services (UNOPS), the United Nations Population Fund (UNFPA), and the World Health Organization (WHO). Hence, establishing these new blood banks requires proper blood management solutions, which are expected to boost the segment's growth over the study period.
North America is Expected to Hold a Significant Share in the Market During the Forecast Period
North America is expected to register a significant share in the market studied owing to the increasing burden of blood disorders and the adoption of advanced blood management solutions in the region. In addition, establishing new blood centers in the area is expected to boost market growth.
The new agreements among the market players for blood management in various end users like hospitals and blood banks are expected to drive market growth in the region. For instance, in August 2022, Haemonetics Corporation entered an agreement with Epic to offer Haemonetics' SafeTrace Tx blood bank information system to Epic's network of hospitals. These agreements may aid in properly handling blood donations in hospital settings, which may boost the market growth in the region.
In addition, new campaigns to increase blood donations among the public may increase the demand for blood management software. For instance, in August 2022, the Health and Human Services (HHS) launched a campaign to increase awareness about the importance of donating blood, which is expected to increase blood donations in the United States. Therefore, the new agreements among the market players and blood donation campaigns are expected to significantly impact the North American market.
