The global blood bags market size was significantly robust in 2022 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are increasing demand for sterile biomedical devices for the transportation and transfusion of blood and its components due to high prevalence of blood-related medical ailments. Increased prevalence of road accident-related injuries may drive the market for blood bags.
Blood bags are disposable biomedical transparent versatile polyvinyl chloride containers, order to collect, process, and store the whole blood and blood components. These are used for storing, collecting, transfusing, and transporting blood, as well as blood components such as RBCs, WBCs, and platelets. These help keep the blood from coagulating and becoming contaminated. Citrate Phosphate Dextrose Adenine (CPDA) blood bags, Saline Adenine Glucose Mannitol (SAGM) blood bags, and transfer bags are the most common types of blood bags. Surgical centers, trauma centers, emergency rooms, ambulatory clinics, and intensive care units all use these blood bags.
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Major Factors Driving Growth Of The Global Blood Bags Market:
Revenue growth of the global blood bags market is significantly driven by rising incidence of fatal accidents and presence of various trauma centers across the globe. Furthermore, rising frequency of various blood-related medical conditions such as anemia, hemophilia, myeloma, and leukemia, is pushing demand for blood transfusion. Numerous invasive surgical procedures in the fields of cardiology, neurology, orthopedics, oncology, and others are also fueling growth of the blood bags market. The need for blood bags is mainly being driven by an increase in the number of hospitals, blood banks, and other healthcare facilities. Blood banks, medical research laboratories, and diagnostic facilities are being established in emerging economies as a result of increased investments in healthcare infrastructure development. Expansion of the blood bags market is also being fueled by the establishment of multiple blood donation programs by various government bodies and non-profit organizations.
Moreover, the market is being driven by higher public awareness of blood donation. The government’s increased support for the establishment of reimbursement schemes that benefit common people is leveraging market growth potential. Increasing number of blood donation camps around the globe would provide new opportunities for blood bag businesses to expand. Rising demand for blood collection, increasing prevalence of blood-related disorders, growing number of transfusion procedures, higher trauma injury cases, and government purchases based on tenders in developing countries, are all contributing to growth of the global blood bags market.
Factors Restraining Growth Of The Global Blood Bags Market:
The global blood bags market growth is substantially hampered by many unfavorable factors. Strict laws and regulations by governments of various countries for medical operations involving the use of plastics are slowing the expansion of the blood bags market. The global blood bags market is further constrained by lack of advanced infrastructure in developing countries for collecting and storing blood, as well as lack of awareness about voluntary blood donation activities. However, the hazardous waste created by excessive usage of blood bags might be a restraining factor in the growth of the market. The absence of unique facilities and infrastructure for collecting and storing blood further hinders market growth.
Opportunities For Players Operating In The Global Blood Bags Market:
Increasing initiatives by governments and private healthcare governing bodies are enhancing voluntary blood donation, storage, and blood collection activities which are expected to continue to open up lucrative business opportunities for major players and new entrants in the market. Government initiatives and growing awareness about blood donation among citizens are also expected to continue to support blood bags market growth over the forecast period.
Global Blood Bags Market Revenue Led By Product Type Segment:
Based on product type, the single blood bag segment is expected to show the largest revenue share over the forecast period. The extensive usage of single blood bags to treat pediatric disorders and extra benefits provided by these are key factors driving growth of this segment. Rising number of medical campaigns around the world is the primary driver of the blood bags market. Moreover, single collection bags offer additional storage benefits that will generate a hike in the market.
Global Blood Bags Market Leading End-use Segment:
Based on end-use, the hospitals segment is expected to lead all other segments in terms of revenue growth over the forecast period. Major factors contributing to this segment’s growth are increasing number of surgical procedures that require blood supply in large amounts and rising number of road accidents, as well as increase in blood-related diagnoses. Rising cases of blood disorders, expansion of the healthcare sector, and increasing construction of hospitals and health clinics are also expected to drive market revenue growth.
North America Accounts For Largest Revenue Share in Blood Bags Market:
Among regional markets, North America emerged as the dominant market for blood bags in 2020, with the largest revenue share. This is due to a rise in the number of blood transfusions, increasing prevalence of various diseases, higher public awareness, and growing private and government-sponsored blood donation initiatives. A rise in the number of road accidents and increasing prevalence of chronic diseases are major factors driving growth of the market in this region. Furthermore, higher government initiatives aimed at improving hospital blood management, as well as increased public awareness about blood donation are anticipated to drive growth of the market going ahead. The blood bags market in Europe, on the other hand, is projected to register robust growth over the forecast period, due to increasing awareness among people regarding blood donation. Expansion of the pharmaceutical industry and presence of strict government policies are also driving the market in this region.
Asia Pacific Continues To Lead In Terms Of Revenue CAGR:
The Asia Pacific blood bags market is expected to register the fastest revenue CAGR over the forecast period due to increasing adoption of latest technologies and rising incidence of chronic diseases. The presence of numerous pharmaceutical companies in developing countries such as India and China is also propelling the Asia Pacific market. Moreover, increasing number of blood banks and higher government initiatives to eliminate scarcity of blood are other major factors driving the Asia Pacific market growth. Also, rising number of accidents, blood transportation, and transfusion processes would further drive the Asia Pacific market revenue growth.
Major Companies Profiled In The Report:
- TERUMO
- Wego
- Fresenius
- Grifols
- Haemonetics
- Macopharma
- JMS
- Neomedic
- STT
- AdvaCare
Strategies And Objectives Of Major Companies:
In June 2020, the Maharashtra State Government in India used social media initiatives to increase the number of blood donations. This decision was made in response to a blood scarcity in the area, and it has helped to drive growth for blood bags.
What Our Report Provides And Why Our Offering Is Better:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, global blood bags market is segmented on the basis of product type, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2023-2032)
- Single Blood Bag
- Double Blood Bag
- Triple Blood Bag
- Others
End-use Outlook (Revenue, USD Billion; 2023-2032)
- Hospitals
- Clinics
- Ambulatory Surgical Center
- Blood Banks
- Others
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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