The global disposable blood bags market is evaluated at US$369.111 million for the year 2019 and is projected to grow at a CAGR of 10.46% to reach the market size of US$740.615 million by the year 2026.
A sterile, transparent plastic device used for the transfer, storage, collection, and transfusion of blood and its components is known as a disposable blood bag. The disposable blood bag is made up of many bags that are connected by tubes, clamps, needles, and needle covers. A blood bag is made of biocompatible PVC materials and additives to keep blood and its components safe until they are transfused or used again.
The market is growing due to an increase in blood transfusion operations and an increase in the frequency of injuries and accidents throughout the world. Furthermore, the rising prevalence of different blood-related disorders is projected to drive market expansion. However, dangers associated with blood transfusions and a lack of blood donors in undeveloped areas stymie the disposable blood bag market's expansion. During the projected period, however, rising healthcare infrastructure and attractive possibilities in emerging nations are likely to create various chances for market development.
GLOBAL DISPOSABLE BLOOD BAGS MARKET, US$ million, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
Expanding number of accidents and road traffic injuries are key drivers of market growth.
During the analysis period, a rise in the number of road traffic accidents is projected to boost demand for blood and blood products. According to the data by World Health Organization, every year, roughly 1.3 million people's lives are cut short as a consequence of a traffic accident. Non-fatal injuries affect an additional 20 to 50 million individuals. The majority of countries lose 3% of their GDP due to road accidents. Despite having around 60% of the world's automobiles, low and middle-income nations account for 93 percent of all road deaths. The injured lose a lot of blood when met with these accidents, hence, an incline in the number of road accidents is expected to significantly contribute to the market size.
The increasing prevalence of blood-related disorders is to contribute to market expansion.
During the projected period, the worldwide disposable blood bags market is predicted to expand due to the growing incidence of blood-related illnesses and the rising need for blood collection and transfer bags. Every year, millions of individuals are affected by blood disorders as per the US National Heart Lung and Blood Institute. Anemias, venous thromboembolism, hemophilia, and other bleeding disorders are hereditary and acquired illnesses that affect red and white blood cells, platelets, bone marrow, vascular endothelium, and plasma proteins. These disorders can induce aberrant blood cell activity, which can lead to illness or have an impact on general health. As reported by US CDC, sickle cell disease (SCD) affects about 100,000 people in the United States. SCD affects around 1 in every 365 Black or African-American babies born. SCD affects around 1 in every 16,300 Hispanic-American babies born. Sickle cell trait affects about 1 in every 13 Black or African-American infants. Hence, the inclining prevalence of blood-related disorders is to contribute to disposable blood bags market expansion.
The surge in transfusion procedures is expected to fuel the market demand.
As per the data by World Health Organization, in 50 percent of hospitals that do transfusions, transfusion committees are present: 65 percent in high-income nations, 35 percent in upper-middle-income countries, 31 in lower-middle-income countries, and 25 percent in low-income countries. From 2013 to 2018, 156 countries reported an increase of 7.8 million blood donations from unpaid volunteers. The highest increase of voluntary unpaid blood donations is in the Region of the Americas (25%) and Africa (23%). The maximum increase in absolute numbers was reported in the Western Pacific Region (2.67 million donations), followed by the Americas (2.66 million donations) and South-East Asia (2.3 million). This increase in blood donations and transfusion procedures is one of the reasons for escalating market demand.
Tender-based purchases by developing-country governments, along with customized blood bags with monitoring systems supplied by blood bag manufacturers and the simple availability of value-added goods for blood collection, are likely to drive the worldwide disposable blood bag market forward. Encouragement from the government to use biocompatible PVC blood bags, as well as cheap pricing for plastic blood bags due to tender-based purchasing, are likely to boost demand for blood bags in the future.
Over the forecast period, rising research and development efforts, as well as rising demand for better blood collection technologies, are projected to provide significant revenue opportunities for participants in the worldwide disposable blood bags market.
Lack of adequate required infrastructure to restrain the market growth.
However, a significant factor projected to limit the growth of the worldwide disposable blood bags market throughout the forecast period is a lack of adequate healthcare infrastructure for blood collection, storage, and distribution across various low-income nations.
Global disposable blood bags Market share, by geography
Source: Knowledge Sourcing Intelligence Analysis
Because of the widespread usage of blood tests and a significant number of research and development activities in the region, North America was identified as the leading market for disposable blood bags globally. In addition, the United States and Canada have successfully used a considerable number of blood bags. As a result, the market for disposable blood bags in North America is expected to grow over the projected period. Furthermore, the existence of well-established healthcare institutions, government measures to promote the usage of disposable blood bags, and continually improving sterility factors would drive the market shortly in the area.
During the projected period, Asia Pacific is expected to be the fastest-growing market for disposable blood bags. The rising number of accidents, as well as the rising number of blood transportation and transfusion operations, are major drivers driving the disposable blood bags market in the Asia Pacific. As growing economies in the area, China and India will progressively contribute to the expansion of the disposable blood bag market in the Asia Pacific.
|Market size value in 2019||US$369.111 million|
|Market size value in 2026||US$740.615 million|
|Growth Rate||CAGR of 10.46% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Product, End-Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Fresenius SE & Co. KGaA, Terumo Corporation, Grifols, S.A, MacoPharma, S.A, HLL Lifecare Limited, Poly Medicure Limited, INNVOL Medical India Limited, Span Healthcare Private Limited, Haemonetics Corporation, Neomedic International|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global disposable blood bags market?
A1. Disposable Blood Bags Market was valued at US$369.111 million in the year 2019.
Q2. What will be the disposable blood bags market size by 2026?
A2. The global disposable blood bags market is projected to reach a market size of US$740.615 million by 2026.
Q3. What are the growth prospects for the disposable blood bags market?
A3. The global disposable blood bags market is projected to grow at a CAGR of 10.46% during the forecast period.
Q4. What factors are anticipated to drive the disposable blood bags market growth?
A4. The disposable blood bags market is growing due to an increase in blood transfusion operations and an increase in the frequency of injuries and accidents throughout the world.
Q5. Which region holds the maximum share of the disposable blood bags market?
A5. The Asia Pacific is expected to be the fastest-growing market for disposable blood bags owing to the rising number of accidents, as well as the rising number of blood transportation and transfusion operations.
Fresenius SE & Co. KGaA
HLL Lifecare Limited
Poly Medicure Limited
INNVOL Medical India Limited
Span Healthcare Private Limited
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