Disposable Blood Bags Market Overview 2030:
The disposable blood bag market size was valued at $221.1 million in 2020, and is estimated to reach $357.2 million by 2030, growing at a CAGR of 4.9% from 2021 to 2030. Disposable blood bag is a bio-medical device used for collection, storage, transportation, and transfusion of human blood components and human blood. The system consists of single or multiple tubes, and needle cover. The blood bags are made up of plastic. These are manufactured from bio-compatible PVC, compounded with suitable additives. The bags are fabricated by high frequency welding method and are sterilized. Growth of the global disposable blood bag market is majorly driven by increase in blood transfusion procedures, surge in incidences of trauma and accidents, and development of new disposable blood bag products by large number of key players.
Increase in number of blood donation camps across the world, and rise in plasma collection lead to surge in use of disposable blood bag. This is a major factor that fuels the growth of the disposable blood bags market. According to World Health Organization, approximately 235 million major surgical procedures are performed worldwide in 2019. According to the National Cancer Statistics in 2020, there were 1,806,590 new cases of cancer in the U.S. Therefore, the growing number of cancer surgeries can lead to use of disposable blood bags. This is anticipated to boost the growth of the market. In addition, as per the article published by BuisnessLine, India focused toward reaching the World Health Organization’s goal of 100% voluntary blood donation by 2020. However, 11 million blood donations are collected in India every year. These aforementioned factors boost the growth of the market. Furthermore, increase in number of product approvals are expected to provide remunerative opportunities for the expansion of the global disposable blood bags market during the forecast period.
Impact of COVID-19 Pandemic on Disposable Blood Bag Market (Pre & Post Analysis)
The COVID-19 outbreak is anticipated to have a positive impact to fuel the growth of the global disposable blood bag market. In the COVID-19 pandemic, passive immunotherapy using whole blood or plasma from recovered patients has become a potential strategy for infection. The process of transfusing neutralizing antibodies through convalescent blood is an adopted strategy in hospitals worldwide. Thus, rapid adoption of immunotherapy using blood and plasma increases the use of blood bags, which is anticipated to drive the growth of the market during the forecast period. Thus, high risk associated with blood donation and transfusion hinder the growth of the market.
Disposable Blood Bag Market Segmentation
The disposable blood bags market is segmented on the basis of type, end user, and region. By type, the market is categorized into collection bag and transfer bag. On the basis of end user, it is divided into hospital based and stand-alone.
Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Collectio Bag segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Depending on type, the collection bag segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in R&D activities in the pharmaceutical industry, rise in number of product approvals, and surge in adoption of immunotherapy procedure. However, the transfer bag segment is expected to witness considerable growth during the forecast period, owing to increase in number of surgeries.
By end user, the hospital-based segment was the major contributor in 2020, and is expected to maintain its lead during the forecast period, owing to increase in prevalence of trauma cases, and rise in number of cardiac disorders. However, the stand-alone segment is expected to witness considerable growth during the forecast period, due to increase in number of transfusion procedures.
By End User
Hospital-based segment is projected as one of the most lucrative segment.
North America garnered the major share in the disposable blood bags market in 2020, and is expected to continue to dominate during the forecast period, owing to presence of key players, development of the healthcare sector, and presence of new disposable blood bag products in the region. However, Asia-Pacific is expected to register the highest CAGR of 5.9% from 2021 to 2030, owing to increase in prevalence of chronic diseases.
The key players that operate in the global disposable blood bag market include Fresenius SE & Co. KGaA, Grifols, S.A, Haemonetics Corporation, HLL Lifecare Limited, INNVOL Medical India Limited, MacoPharma, S.A, Neomedic International, Poly Medicure Limited, and Span Healthcare Private Limited, and Terumo Corporation.
Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 7.7% during the forecast period.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the disposable blood bags market, and the current trends & future estimations to elucidate imminent investment pockets.
- It presents a quantitative analysis of the market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
Disposable Blood Bag Market Report Highlights
By End User
By Key Market Players
This section provides various opinions of the top-level CXOs in the disposable blood bag industry. Disposable blood bag is expected to witness significant growth in the near future, owing to increase in number of blood donation camps. In addition, the market is exhibiting high growth rate due to increase in blood transfusion procedures. Moreover, surge in blood bags products and rise in prevalence of chronic diseases significantly contribute toward the growth of the market.
The CXOs further added greater consumer awareness and escalating demand for healthcare services from overall population boost the growth of the market. Furthermore, increase in product approval is predicted to be advantageous for blood collection, and storage.
In addition, rising incidences brain injury cases are expected to drive the market growth. Furthermore, increase in immunotherapy as well as the growth in popularity of automated workflow in emergency clinical settings contribute toward the growth of the market.
North America is expected to witness highest growth, in terms of revenue, owing to rise in number of product approvals, presence of key players, and development in healthcare investments. Asia-Pacific was the second largest revenue contributor to the market in 2020, and is expected to register the fastest CAGR during the forecast period, owing to increase in incidences of chronic diseases and unmet needs for disposable blood bag systems. However, high risk associated with blood transfusion is anticipated to restrain the market growth during the forecast period.