Blood Bag Market has reached USD 290 Million in 2019 and is further projected to reach USD 629.17 Million by 2026
Published | 04 October 2020
According to BlueWeave Consulting, the Global Blood Bag Market has reached USD 290 Million in 2019 and is further projected to reach USD 629.17 Million by 2026, growing at a CAGR of 11.8% during the forecast period. Factors such as increasing incidence of trauma/accidental injuries and tender-based purchases by governments of developing countries, coupled with customized blood bags with tracking systems offered by blood bag manufacturers and easy availability of value-added products for blood collection are expected to boost the growth of the global blood bag market.
Rising government initiatives for improving healthcare management
Increasing demand for disposable blood bags, owing to the rising incidence of blood-related disorders and increasing number of road accidents which required blood transfusion is a key factor expected to drive the growth of the global blood bag market over the forecast period. Blood transfusion is majorly used for supportive care in transplant surgery, cardiovascular surgery, massive trauma, and hematological therapy. Also, the growing aging population and rising government initiatives for improving healthcare blood management are expected to further fuel the growth of the global blood bag market over the forecast period. Furthermore, growing awareness of blood donation is expected to boost the growth of the blood bag market over the forecast period.
Rising incidences of blood-related disorders
The rising incidences of blood-related disorders and an increasing number of road accidents that require an immediate blood transfusion. Additionally, government initiatives to boost the healthcare sector, the rising number of hospitals, blood banks, and other healthcare centers are driving the growth of the blood bag market across the globe. Growing awareness over blood donation among citizens is also propelling the demand for blood bags around the globe. The geriatric population is more susceptible to chronic diseases such as cancer and the demand for surgical procedures will upsurge the demand for the blood bag market.
The hospital occupies the largest share of the blood bag market
The hospital accounts for the largest sale of blood bags and is expected to exhibit the fastest growth in the blood bag market due to the expanding number of hospitals, mounting occurrence of chronic diseases, refining healthcare infrastructure. While the surging volume of patients suffering from blood-related disorders leads to hospitalization of patients & rising usages of the blood bags for collection, storage, transportation of blood with components such as WBC, RBC, and blood platelets are some of the factors which will likely to enhance the growth of the blood bag market in hospitals segment.
Global Blood Bag Market: Regional insights
The global Blood Bag market is segmented into five regions including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia-Pacific is expected to dominate the blood bags market in the coming years. An increase in demand towards the sterility aspects, storage, transfusion, and transportation of blood and its components are boosting the regional growth. The region is also undergoing rapid developments, especially in the healthcare sector and construction of hospitals & health clinics is also surging, which is anticipated to positively impact the market through 2026.
The eminent players” in the Blood Bag market include TERUMO BCT, INC.; Maco Pharma; Fresenius Kabi India Pvt. Ltd.; Grifols, S.A.; Neomedic Limited; Teleflex Incorporated; Qingdao Sinoland International Trade Co., Ltd; HLL Lifecare Limited; JMS Co.Ltd.; Demophorius Healthcare Ltd; KAWASUMI LABORATORIES. INC.; Polymedicure; AdvaCare Pharma; TROGE MEDICAL GMBH; Haemonetics Corporation; B. Braun Melsungen AG; Coloplast Corp; Innvol.; The Metrix Company.; BL Lifesciences.; SURU INTERNATIONAL PVT. LTD.; among other prominent players. The companies are focusing on bringing innovative and environmentally friendly products to hold their dominance in the blood bags market across the globe.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global Blood Bag market size & forecast. The report promises to provide recent technology trends of the Blood Bag market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides all kinds of Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing the long-lasting relationships with its clients. We are one of the promising digital MI solutions company providing agile assistance to make your business endeavors successful.
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