Blood Banking Devices Market Size, Share, Growth, Global Trends, & Forecast 2034

Blood Banking Devices Industry Prospective:

The global blood banking devices market size was worth around USD 3.26 billion in 2024 and is predicted to grow to around USD 9.08 billion by 2034, with a compound annual growth rate (CAGR) of roughly 10.80% between 2025 and 2034.

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Blood Banking Devices Market: Overview

Blood banking devices are specially designed medical tools used for collecting, storing, analyzing, and distributing blood and blood components. Some of the most common blood banking devices include thawing equipment, freezers, and refrigerators, as these devices prevent blood components from deteriorating. Each blood banking facility has specific space requirements and processes. Thus, devices used across such facilities may vary depending on the requirements of the blood bank or hospital.

During the forecast period, demand for blood banking devices is expected to continue growing steadily. The blood banking devices industry is expected to witness an increased use of devices such as platelet storage equipment, blood collection equipment, and plasma thawing equipment. Blood banking device manufacturers are actively developing new models and equipment to meet the evolving needs of blood banks. In addition, the surge in the number of hospitals and blood bank facilities will further help fuel the market growth rate, according to research. However, strict and changing regulatory requirements governing the industry may impact the final revenue in the market as per the latest trends.

Key Insights:

• As per the analysis shared by our research analyst, the global blood banking devices market is estimated to grow annually at a CAGR of around 10.80% over the forecast period (2025-2034)
• In terms of revenue, the global blood banking devices market size was valued at around USD 3.26 billion in 2024 and is projected to reach USD 9.08 billion by 2034.
• The blood banking devices market is projected to grow at a significant rate due to the rising number of blood banks worldwide.
• Based on the product, the blood processing equipment segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the functionality, the blood banks segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Blood Banking Devices Market: Growth Drivers

Rising number of blood banks worldwide to fuel the market demand rate

The global blood banking devices market is expected to be driven by the surge in the number of blood banks across the globe. These facilities collect, store, process, and further distribute donor blood or its components. Apart from storing blood in ideal conditions, blood banks are also responsible for conducting critical processes, such as blood testing for infectious diseases, blood typing, and preparing blood for use during transfusion. The surge in the number of blood banks directly impacts the use of associated devices.

In October 2024, Terumo Blood and Cell Technologies, a leading provider of blood management solutions, announced the launch of the Reveos™ Automated Blood Processing System in the US market. The technology is designed to help blood banks meet platelet and blood supply needs while providing assistance to the workforce to deliver performance more efficiently.

In April 2023, the San Diego Blood Bank launched the expansion of its Precision Blood™ initiative, a groundbreaking project as the organization aims to improve care standards for patients requiring blood transfusions.

Growing number of patients requiring blood components or whole blood may further promote industry growth

Applications of blood banking devices are soaring as more people worldwide require blood transfusions due to health-related concerns. Some patients require frequent transfusions, especially when suffering from conditions such as aplastic anemia, thalassemia, sickle cell disease, leukemia & some other forms of cancer, and chronic kidney disease. In addition to this, trauma patients may also need a blood transfusion as early as possible to prevent further health deterioration.

According to the World Health Organization (WHO), more than 120 million units of blood are donated per year. The increasing number of accidents, along with casualties due to political or social turmoil & ongoing wars, has further amplified the need for blood transfusions. These factors will drive revenue growth in the global blood banking devices market.

Blood Banking Devices Market: Restraints

Higher expenses associated with the devices and operational costs to limit market expansion

The global blood banking devices industry is projected to be restricted due to the high expenses associated with these devices. The average cost of a blood bank refrigerator offering 85–100 Liters in capacity costs over USD 1,500. The price may increase in terms of the addition of more features or the overall capacity of the refrigerator. Operational expenses associated with blood banking devices continue to grow due to surging production costs and difficulties encountered during the supply chain.

Blood Banking Devices Market: Opportunities

Ongoing advancements in device technology will generate growth opportunities for the market players

The global blood banking devices market is expected to generate growth opportunities due to the recent technological advancements reported in the market. In March 2024, Becton Dickinson (BD) India Private Limited, a subsidiary of the global medical technology company, announced the launch of BD Vacutainer® UltraTouch™ Push Button Blood Collection Set in the Indian market.

The company aims to reduce patient discomfort during the blood collection process. Using the BD Vacutainer® UltraTouch™ set, medical professionals can ensure single-prick success by collecting blood. Ultratouch is equipped with BD Push Button Technology, which is expected to reduce injury caused by needles by nearly 88%.

In May 2024, the Department of Health - Abu Dhabi (DoH) and M42 announced the launch of a new collaboration. The strategic partnership is aimed at the launch of the Abu Dhabi Biobank. The first offering through the initiative is in the form of Abu Dhabi’s largest hybrid cord blood bank.

Through this novel approach, the agency plans to reduce wait times while receiving treatment and enhance overall medical care. The industry players are expected to make advancements in blood testing solutions using Artificial Intelligence (AI) and other cutting-edge technologies to further improve the efficiency of devices used in blood banking.

Blood Banking Devices Market: Challenges

Regulatory concerns and challenges related to the lack of infrastructure will create growth complexities

The global blood banking devices industry is expected to be challenged by the growing concerns over dynamic regulatory requirements. Blood banking device manufacturers must ensure 100% compliance with regional mandates requiring the use of technology. Furthermore, a lack of supporting infrastructure, such as limited electricity supply or skilled labor, can also impact the smooth growth of the industry in the long run.

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Blood Banking Devices Market: Report Scope

Blood Banking Devices Market: Segmentation

The global blood banking devices market is segmented based on product, functionality, and region.

Based on the product, the global market segments are blood processing equipment, blood collection equipment, and blood storage equipment. In 2024, the highest revenue was listed in the blood processing equipment segment. The set of equipment used in the segment is essential for generating useful blood components such as plasma and platelets. The surge in demand for blood components to treat patients will promote segmental revenue. According to research, around 0.55 liters of blood plasma can be produced from 1 liter of blood.

Based on the functionality, the blood banking devices industry is divided into hospitals and blood banks. In 2025, the highest growth rate was listed in the blood banks segment. The growing investments in the development of state-of-the-art blood banks equipped with next-generation technologies will propel segmental expansion. The US has more than 1450 hospital blood banks along with other types of blood management centers.

Blood Banking Devices Market: Regional Analysis

North America to register the highest revenue, leveraging growth rate in the US

The global blood banking devices market is expected to be led by North America during the projection period. The US will emerge as the highest regional market revenue generator. According to recent findings, the US-based Red Cross is among the world’s largest suppliers of blood and blood components, serving countries and remote regions.

In the US, around 31 American Red Cross centers are available across the country. Additionally, the presence of a robust healthcare infrastructure serving patients with a range of medical conditions, from common to rare, is helping to fuel the regional market revenue.

In December 2024, BD and Babson Diagnostics announced the start of a strategic partnership. The latter is a science-first healthcare technology company. The announcement dealt with the expansion of fingertip blood collection and testing solutions to be used in the US healthcare system. The novel testing process leverages the MiniDraw™ Capillary Blood Collection System by BD with BetterWay technologies by Babson. The test results can be obtained from 6 drops of blood collected from the fingertip of patient.

Blood Banking Devices Market: Competitive Analysis

The global blood banking devices market is led by players like:

• Beckman Coulter Inc. (a subsidiary of Danaher Corporation)
• Haemonetics Corporation
• Abbott Laboratories
• Macopharma SA
• Immucor Inc.
• Cerus Corporation
• Thermo Fisher Scientific Inc.
• Mitra Industries (notable in the Indian market)
• Fresenius Kabi AG
• Grifols S.A.
• Ortho Clinical Diagnostics
• Terumo Corporation
• Siemens Healthineers AG
• Becton
• Dickinson and Company (BD)
• Bio-Rad Laboratories Inc.

The global blood banking devices market is segmented as follows:

By Product

• Blood Processing Equipment
• Blood Collection Equipment
• Blood Storage Equipment

By Functionality

• Hospitals
• Blood Banks

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa