Blood Bank Management Software Market Outlook
The Global Blood Bank Management Software Market was valued at USD 602.19 Mn in 2022 and is expected to reach USD 945.56 Mn in 2031, expanding at a CAGR of 5.2% during the forecast period.
Blood bank management software is designed to store, handle, recover, and analyze data concerned with the regulatory, stock administration, and clinical perspectives of administration inside a blood bank. This software empowers proficient tracking, stock monitoring, and tracking of blood units, ensuring administrative compliance and operational effectiveness. It aids in performing tasks such as donor administration, blood screening, stock control, cross-matching, and transfusion administration.
Blood bank management software aims to fulfill the gap between blood donors and doctors. It acts as a suitable platform for blood donors to register and donate blood.
Blood bank management software is required for providing access to blood on time and for ensuring smooth workflow and operational proficiency in blood banks, healing centers, nursing homes, NGOs, and other healthcare organizations. This software replaces all paperwork and makes a difference in superior administration.
Macro-economic Factors
Healthcare Expenditure
The blood bank management software market is significantly impacted by healthcare spending. High healthcare spending leads to increased investments in healthcare infrastructure, including the use of modern technology such as blood bank management software.
For example, in 2021, the US spent 18.3% of its GDP on healthcare. This high spending has led to the adoption of cutting-edge technologies in numerous sectors of the healthcare industry, including blood bank management. Furthermore, Germany spent 12.81% of its GDP (USD 6,503) on the healthcare industry.
In Germany, four types of organizations provide blood services, which are German Red Cross Blood Transfusion Services, commercial blood centers, state & communal blood transfusion services, and plasmapheresis centers of the plasma fractionation industry. These organizations use software solutions to track blood products, automate procedures, and ensure regulatory compliance. The high healthcare expenditure increases the adoption of blood bank management software in the country.
Government Policies and Regulations
Government laws and regulations have a significant impact on the blood bank management software market. These regulations encourage voluntary blood donation, provide an appropriate supply of safe blood, regulate blood banks, and penalize violators.
For instance, the US Food and Drug Administration (FDA) regulates medical products, including blood bank management software. This program requires pre-market clearance or permission before it is promoted or sold in the US.
Furthermore, after the software is on the market, the FDA conducts post-market surveillance to ensure its safety and effectiveness. The FDA requires manufacturers to report adverse events and other device-related issues. It conducts inspections or audits to guarantee compliance.
Research & Development
Increased research & development (R&D) investments from key competitors and a high emphasis on product innovation have a substantial impact on the market through increased demand for blood bank management software. Major manufacturers are investing in R&D to develop blood bank management with advanced features.
Key market players collaborate and launch items in order to develop and expand their market position. For instance, in April 2019, Blood Bank Computer Systems, Inc. announced that two new clients, Kentucky Blood Center and LifeServe Blood Center were working on ABO Suite. Both successfully transitioned to ABO Suite, converting all legacy data. They also used Optimize Technology Group's (OpTech) Cloud Hosting.
Demographics
The increasing population leads to a high demand for blood infusions, and consequently, a need for efficient blood bank management. The number of potential donors and recipients increases, as the population grows. This makes inventory management, tracking contributions, and matching blood types difficult.
Blood bank management software help to streamline these operations, ensuring that donated blood is used efficiently and waste is minimized. Countries with fast-growing populations, such as India and Nigeria, are expected to see a surge in the need for plasma bank management software solutions, as the number of blood donors and recipients increases.
For example, on October 1, 2022, which is National Voluntary Blood Donation Day, India set a world record by persuading over 250 thousand individuals to donate blood as part of the Raktdaan Amrit Mahotsav, a fortnight-long event. In addition, the American Red Cross (ARC) collects over 45% of the total 14 million units of blood annually that are available for use in the US.
Blood Bank Management Software Market Dynamics
Market Driver- Rising Number of Blood Donations
The rising number of blood donations is boosting the blood bank management software market. According to the World Health Organization, in 2023, around 118.5 million blood donations were collected globally. Currently, there are around 13,300 blood facilities in 169 countries, with a total of 106 million donations collected. From 2013 to 2018, there was an increase of 7.8 million blood donations from unpaid volunteers in 156 countries.
The regions of the Americas have seen an increase in voluntary unpaid blood donations, with 25%, and Africa with 23%. An increase of 10.7 million voluntary unpaid blood donations was reported in 119 countries from 2008 to 2018.
South East Asia has witnessed a rise in voluntary, unpaid blood donations (127%), which was followed by Africa (81%), and the regions of the Americas (81%). Western Pacific, with 4.15 million donations, witnessed the highest growth, followed by South East Asia (3.05 million) and Africa (1.53 million donations).
Market Driver- Increasing Demand For Efficient Blood Management
The blood bank management software market has grown significantly in recent years, as efficient blood management is crucial for ensuring the availability of safe and adequate blood supply, while minimizing waste and optimizing patient outcomes.
The need for accurate tracking, inventory management, and traceability of blood units is growing, due to the rising blood transfusion requirements, the prevalence of blood-related disorders, and advancements in medical procedures. Managing the demand and supply of blood requires close observation of blood supply, blood requests, and quick responses to avoid sudden blood shortages.
Increasing demand for efficient blood management is also driven by the need to optimize healthcare resources, reduce costs, improve patient safety, align with evidence-based practices, deliver patient-centered care, and meet regulatory & authorization requirements. Implementing efficient blood management strategies benefit patients and healthcare organizations by ensuring the availability of safe and appropriate blood products.
Market Driver- Increasing Hematological Diseases
The rise in hematological diseases is a major driver of blood bank management software. Blood cell malignancies, unusual genetic abnormalities, anemia, HIV-related problems, sickle cell disease, and consequences from chemotherapy or transfusions are examples of hematologic diseases. Since 1990, the number of hematologic malignancies has increased globally, reaching 1.3 million in 2019.
For instance, according to the American Red Cross, approximately 29,000 units of Red Blood Cells (RBCs), 6,500 units of plasma, and 5,000 units of platelets are required every day in the US. In addition, 16 million blood components are transfused in the US every year.
Furthermore, in 2020, more than 1.8 million people were diagnosed with cancer. Thus, the rising hematologic diseases have led to a surge in demand for blood transfusions, which has further fueled the demand for blood bank information systems globally.
Market Restraint- Interoperability Challenges
The blood bank management software business is hampered by interoperability challenges. Interoperability refers to the capacity of different software systems to communicate and utilize information effectively. Different supplier blood bank management software adheres to different blood formats, structures, and procedures.
For instance, one software separates blood types based on sugar level and another software does not have this feature. This lack of standardization hinders the seamless integration and data exchange between different software systems. Furthermore, blood bank management software is incompatible with other existing healthcare systems in some circumstances, such as Electronic Health Records (EHRs) or Laboratory Information Systems (LIS).
For instance, if a blood bank software cannot successfully link with the hospital ERH system, it needs manual data entry or redundant processes, resulting in processing and decision-making delays as well as increasing the possibility of errors and inefficiencies.
Market Opportunity- Emerging Economies
The blood bank management software market offers numerous opportunities in emerging economies, due to increased demand for blood & blood products and improved healthcare infrastructure in the emerging economies. For instance, India presents significant prospects for blood bank management software with a huge population and increasing demand for blood donations.
The number of blood banks in the country is growing, and software solutions assist in streamlining their operations, improving inventory management, tracking donor information, and improving the overall efficiency of blood bank management systems.
The median yearly number of donations per blood center is 1,300 in low-income countries, 4,400 in lower-middle-income countries, 9,300 in upper-middle-income countries, and 25,700 in high-income countries.
In 2018, 66% of reporting nations, or 113 out of 171, had specific legislation protecting the safety and quality of blood transfusion, with middle-income countries accounting for 63% and low-income countries accounting for 39%. These legislations provide lucrative opportunities for market growth in the coming years.
Market Opportunity- Cloud-based Solutions
The current blood bank system of today is majorly manual, despite technological advances. Therefore, there is a widespread shortage of required blood types in hospitals. However, cloud-based technologies are effective in emergency blood supply, as they enable central and quick access to donor data and location by making the data available to anybody globally.
For instance, an urgent need for blood may arise at any time, such as in accident cases. However, a cell phone, which almost everyone has, enables real-time location tracking and communication. This connects a patient to online blood banks. These benefits offered by cloud-based software are expected to create lucrative opportunities for market expansion during the forecast period.
Scope of Blood Bank Management Software Market Report
The report on the Global Blood Bank Management Software Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Blood Bank Management Software Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023–2031
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Segmentation
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by Type (Blood Donor Management Module, Blood Bank Transfusion Service Module, and Others), Deployment Mode (On-premise and Cloud-based), End-User (Standalone Blood Bank and Hospital-based Blood Bank)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Haemonetics Corporation, Orchard Software Corporation, Soft Computer Consultants, Inc., CompuGroup Medical, Oracle (Cerner Corporation), TECHNIDATA, WellSky, Mak-System, Strides Software Solutions, and Integrated Medical Systems
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Blood Bank Management Software Market Segmental Outlook
The global Blood Bank Management Software Market is segmented on the basis of type, deployment mode, end-user and regions.
In terms of Type, Blood Bank Management Software Market is segmented into Blood Donor Management Module, Blood Bank Transfusion Service Module, and Others. Blood Bank Transfusion Service Module is expected to dominate the market in 2022, owing to rapid technological advancements such as the increasing incorporation of sophisticated laboratory systems (LIS) and electronic health record (EHR) integration.
On the basis of Deployment Mode, the Blood Bank Management Software Market is segmented into on-premise and cloud-based. The cloud-based segment is expected to hold a substantial share of the market during the forecast due to the growing deployment of cloud computing infrastructure and migration of on-premises solutions to the cloud by hospitals and blood banks.
Based on End-User, the Blood Bank Management Software Market is segmented into Standalone Blood Banks and Hospital-based Blood Banks.
The Hospital-based Blood Banks segment is expected to dominate the market in 2022 owing to a rise in demand for blood and blood products for various factors such as surgical procedures, trauma cases, and the increasing prevalence of chronic diseases. Furthermore, the rise in advanced technologies in hospital-based banks to enhance operations is driving market growth.
Regional Outlook
Based on regions, the Blood Bank Management Software Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America is growing at a rapid pace during the forecast due to the increasing demand for safe blood transfusion and the rising number of hospitals and blood banks in the region. Furthermore, rising awareness among people about donating blood has also contributed to the growth of the blood bank management software market in North America.
Key Benefits for Industry Participants & Stakeholders
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In-depth Analysis of the Global Blood Bank Management Software Market
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Historical, Current, and Projected Market Size in terms of Value and Volume
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Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
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Industry Drivers, Restraints, and Opportunities Covered in the Study
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Recent Industry Trends and Developments
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Competitive Landscape & Strategies of Key Players
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Neutral Perspective on Global Blood Bank Management Software Market
Segments
By Type
- Blood Donor Management Module
- Blood Bank Transfusion Service Module
- Others
By Deployment Mode
By End-User
- Standalone Blood Bank
- Hospital-based Blood Bank
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Haemonetics Corporation
- Orchard Software Corporation
- Soft Computer Consultants, Inc.
- CompuGroup Medical
- Oracle (Cerner Corporation)
- TECHNIDATA
- WellSky
- Mak-System
- Strides Software Solutions
- Integrated Medical Systems
Competitive Landscape
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Top players in the market include Haemonetics Corporation, Orchard Software Corporation, Soft Computer Consultants, Inc., CompuGroup Medical, Oracle (Cerner Corporation), TECHNIDATA, WellSky, Mak-System, Strides Software Solutions, and Integrated Medical Systems
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These companies are considered key players in the Blood Bank Management Software Market based on their revenue, product offerings, and regional presence.
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The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunities for the Blood Bank Management Software Market.
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