Blood Bags Market

Blood Bags Market Size (2023 to 2028)

The global blood bags market is expected to be worth USD 643.7 million by 2028 from USD 382 million in 2023, growing at a CAGR of 11% from 2023 to 2028.

Blood bags are generally used to store blood and also prevent contamination. Blood bags are commonly made up of plastic containing sodium citrate, phosphate, dextrose, and adenine. Blood banks have a complete application of these bags as they collect the blood in various ways to store them at an appropriate temperature.

MARKET DRIVERS:

The growing number of road accidents every year is majorly accelerating the growth rate of the global blood-bags market.

According to WHO, more than 1.4 million people die globally every year. The increase in the predominance of anemia, myeloma, leukemia, and hemophilia medical illnesses propels the market. The rise in awareness of blood donations among people is fueling the market. Moreover, the increase in healthcare infrastructure investments, medical research laboratories, and diagnostic centers by governments and non-profitable associations boosts the market. The rise in the government's support in launching reimbursement schemes, which favor ordinary people, is leveraging growth opportunities for the market. The increased number of blood donation camps everywhere creates chances for the blood-bags market to grow.

The rise in demand for a collection of blood, growth in prevalence rates of blood-related disorders, a surge of procedures for transfusion, development of trauma injury cases, and the government purchases based on tenders in developing countries are acting as principal factors for the growth of the global blood bags market. Additionally, the availability in an easy way of value-added products, encouragement by the government to increase the usage of blood bags, and affordable expenditure are propelling the growth of the blood bags market. An increasing number of accidental cases and the growing need for blood in emergencies are majorly driving the market demand. Rising incidences of chronic diseases and other surgical procedures fuel the blood bag market demand.

MARKET RESTRAINTS:

However, the government's stringent rules and regulations in the utilization of plastics are slightly degrading the blood bag market's growth. Lack of infrastructure facilities to collect blood and store it, having low awareness levels about voluntary blood donation initiatives are significant limitations to the global blood bags market. The excessive use of plastic blood bags will create hazardous waste to the environment, which will be a considerable challenge to the blood bag market growth. The lack of facilities and infrastructure to collect blood and store limits the market growth.

Impact of COVID-19 on the global blood bags market:

COVID-19 has affected all sectors in various ways. COVID-19 was announced as a pandemic by WHO in March 2020. The lockdown has affected the global economy seriously. The Blood Bags Market is not an exception. The hospitals mostly focused on essential medical services like COVID patience, and all the non-essential medical services were delayed. Likewise, all the diagnoses and treatment of blood-related health conditions were delayed are rescheduled, which impacted the market negatively. The pandemic has paused all the blood campaigns, and the investments by the governments and non-profit organizations got postponed, which hampered the market. However, the blood bags market shares started growing in the last months of 2020, and it is expected that the market shares to fall into the previous state in 2021.

REPORT COVERAGE:

This research report on the global blood bags market has been segmented and sub-segmented based on the product type, end-user, and region.

Blood Bags Market - By Product Type:

• Collection Bag
  • Single Collection Bags
  • Double Collection Bags
  • Triple Collection Bags
  • Quadruple Collection Bags
• Transfer Bag

Based on product type, the Collection bag type leads with the highest shares of the market with the rise in medical campaigns globally. The single-collection bags account for the largest and fastest growth rate due to the extensive usage of single blood bags to treat pediatric disorders and extra benefits. The rise in medical campaigns around the world is the primary driver of the blood-bag market. In collection bags, the single collection bag segments account for the largest and fastest growth rate. The extended usage of single blood bags to treat pediatric disorders and extra benefits fueled the blood bags market. Moreover, the single-collection bags offer additional storage benefits that will generate a hike in the market. The Transfer Bags market is going to increase dramatically during the forecast period.

Blood Bags Market - By End-user:

• Hospitals
• Stand Alone
• Others

Based on end-user, the hospital segment had the major share of the global market in 2022 and is expected to grow promisingly during the forecast period. Increasing investments in the construction of healthcare centers are fueling the demand of the market. The surge in blood donations is pushing the hospital segment. The rise in road accidents and an increase in blood-related diagnoses are boosting the market. Moreover, Only in the US, more than 48 million surgeries were done in hospitals, in which most of the surgeries needed a humongous amount of blood. These are the factors that boosted the hospital's segment in the blood bags market.

Blood Bags Market - By Region:

• North America
  • The U.S.
  • Canada
  • Rest of North America
• Europe
  • UK
  • France
  • Spain
  • Germany
  • Italy
  • Rest of EU
• Asia Pacific
  • India
  • China
  • Japan
  • South Korea
  • Australia & New Zealand
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Rest of LATAM
• Middle East
• Africa

North America accounted for holding the largest shares of the market with the rise in most countries' capital income. This regional market is expected to account for a market share of 49.1% in the global market during the forecast period. The unlimited usage of blood tests is the main reason for the market growth. The rise in Research and Development in North America is propelling the market. The United States and Canada are the major contributors to the North America Blood Bag Market; it is mostly because of the increase in capital income. The government initiatives supporting the application of blood bags in all hospitals are boosting the market. Moreover, well-established healthcare organizations and numerous market players fuel North America's Blood Bag Market.

The European blood bag market is predominantly rising during the forecast period. The rise in pharmaceutical industries and government policies are boosting the market. Moreover, Germany and the UK are the major contributors to the Blood Bag market in Europe.

The Asia Pacific and Europe are next to North America and dominate the market's largest shares by adopting the latest technologies and rising incidences of chronic diseases. The Asia Pacific is the second biggest market in terms of market share globally. The quick adoption of the latest technologies and rising incidences of chronic diseases. The presence of numerous pharmaceutical companies in countries like India and China is propelling the Asia-Pacific market. The vast market contributors in the Asia Pacific are China, Japan, and India. An increase in awareness of blood donation in India is boosting the market. Moreover, the rise in blood banks and government initiatives is boosting the market. According to UNAIDS, in India, more than 80,000 people were affected by AIDS in 2016, which helped India's blood-bags market. These are the major factors that drive the Asia Pacific Blood Bags Market.

The Middle East and Africa are projected to have a slight inclination in the growth graph shortly.

NOTEWORTHY COMPANIES IN THIS MARKET:

Key market participants playing a crucial role in the global blood bags market profiled in the report are 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, and Neomedic International.