Disposable Blood Bag Market Expected to Reach $357.2 Million by 2030 | CAGR of 4.9%

According to a new report published by Allied Market Research, titled, “Disposable Blood Bags Market by Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,"the disposable blood bags market 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 bags are non-reusable medical bags designed for collection, transfusion, and storage of blood and blood products. These consist of tubes, clamps, and needles, and are manufactured using bio-compatible PVC material to store the blood for extended time periods. A disposable blood bag is used in blood banks, hospitals, NGOs, and government programs for blood donation activities.

Upsurge in incidence of accidents, trauma, and various blood related diseases; increase in awareness regarding blood donation among people; and increase in number of blood transfusion surgeries worldwide are expected to drive the growth of the disposable blood bags market. However, risk factors associated with transfusion of blood in underdeveloped regions restrict this growth. Conversely, huge untapped market potential in the emerging countries, such as China and India, is expected to provide lucrative opportunities to the market players.

Furthermore, according to World Health Organization, in 2021, 20 to 50 million people suffer from non-fatal injuries with incurring a disability. These serious injuries are often accompanied by blood collection and transfusion activities during surgical procedures for the treatment of fatal injuries. Hence, the growing burden of surgical procedures increase the use of disposable blood bags, enhancing the growth of the market. For instance, according to World Federation Hemophilia 2019, there were more than 20,000 people born with hemophilia worldwide. Moreover, rise in government initiatives to promote blood donation, blood collection, and storage are expected to drive the growth of the disposable blood bag market.

According to CSR Journal, The IRCS NHQ Blood Bank collects about 25,000 units of blood annually which amounts about 10% of the total blood collected in Delhi. The IRCS (NHQ) frequently holds blood donation camps. In the COVID-19 pandemic, IRCS started conducting blood donation camps in different areas of Delhi in April 2020. Surge in demand for blood donation camps propels the growth of the disposable blood bag market.

On the basis of product type, the collection bag segment is expected to register significant growth rate during the forecast period, owing to rise in blood collection and blood transfusion. Moreover, recent approvals granted by FDA boost the growth of disposable blood bags market.

On the basis of end users, the hospital based segment accounted for the largest share in the global disposable blood bags market, as it delivers well-organized, documented, retrieved, and logistical pathological procedures. However, stand-alone segment is anticipated to exhibit fastest market growth due to rise in number of chronic illness.

North America accounted for a majority of the global disposable blood bag market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic diseases, presence of key players, increase in healthcare expenditure, and rise in government initiatives in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in incidences of injuries, surge in demand for healthcare services from an aging population, and increase in investments in healthcare sector in the region.

Key Findings Of The Study

• On the basis of type, the collection bag segment was the highest contributor to the disposable blood bags market in 2020
• On the basis of end user, the hospital based segment was the highest contributor to the disposable blood bag market in 2020.
• On the basis of region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest XX% CAGR during the forecast period.

North America dominated the disposable blood bag market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of blood related diseases, presence of key players, development of the healthcare sector, and presence of various types of disposable blood bags. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in number of surgical procedures, and improvement in healthcare infrastructure.