Report Overview

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 11.7% during the forecast period.

Global Blood Bag Market Size – Industry Trends & Forecast Report 2026

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 11.7% during the forecast period. The market is growing due to the rising incidences of blood-related disorders and the 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.

Source: BlueWeave Consulting

Global Blood Bag Market Overview:

Blood bags are used for the storage, collection, transfusion, and transportation of blood along with the blood components such as RBC, WBC, and blood platelets. Additionally, they also prevent the blood from coagulation and contamination. However, the hazardous waste created by the excessive usage of blood bags might prove to be a restraining factor for the growth of the blood bag market in the coming years. Moreover, stringent regulation by the governments for healthcare practices and services is anticipated to impede market growth.

Global Blood Bag Market Forecast and Trends

Growth Drivers

Rising usage of Blood bag

Surging volume of patients suffering from blood-related disorders, an increasing number of blood banks, hospitals, and other healthcare centers, rising levels of investment for the growth of the healthcare industry by the government, rising usages of the blood bag 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 the forecast period of 2020-2027. On the other hand, rising occurrences of road accidents along with the rising number of blood transfusion procedure which will further boost many opportunities for the growth of the blood bag market in the above-mentioned 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 blood bags.

Restraints

Stringent regulation by the governments for the excessive usage of blood bags

The hazardous waste created by the excessive usage of blood bags might prove to be a restraining factor for the growth of the blood bag market in the coming years. Moreover, stringent regulation by the governments for healthcare practices and services is anticipated to impede market growth. Regulations set on reducing biohazardous waste may have an impact on industry growth. While the availability of various alternatives is declining the market share. Thus, these factors can hamper the growth of the blood bag market during the forecasting period. 

Impact of COVID-19 in the industry

The most unprecedented operational and economic challenges followed the onset of the global COVID-19 pandemic. Also, considerable time is needed for the development and commercialization of effective treatment options for new pathogens. Local government redirection of healthcare resources toward COVID-19 treatment is also expected to engage most healthcare workers to tackle the outbreak. This uncertainty is expected to delay and reschedule the diagnosis and treatment of blood-related health conditions for the coming two to three quarters. The blood bag market is expected to pick pace post-pandemic in the second half of 2021, owing to the availability of treatment and recovery of developed and emerging economies from the COVID-19 pandemic.

Global Blood Bag Market: By Product

Based on product, the market is segmented into a single blood bag, double blood bag, triple blood bag, quadruple blood bag, and Penta blood bag. Among them, the triple blood bag segment is expected to continue its dominance due to an increase in the number of blood transfusion procedures, higher incidences of various blood-related disorders, and their use in plasma collection.

Global Blood Bag Market: By Type

Based on type, the market is segmented into collection bag &transfer bag. Amidst this, the transfer bag segment is projected to witness rapid growth shortly. This can be primarily attributed to the storage capacity of these bags, which ranges from 150 ml to 1000 ml. This enables the separation of blood components in a more sterile manner and eliminates the requirement for cleaning processes. The disposable blood bag market is anticipated to expand at a high rate in the next few years, owing to an increase in the number of accidents/trauma incidents. Moreover, scientific improvements and an increase in the requirement for blood transfusion and transportation worldwide would promote market growth.

Source: BlueWeave Consulting

Global Blood Bag Market: By Material 

The global Blood Bag market is segmented based on material into PVC, PET & Others. Amidst this, PVC Blood bags are widely used as PVC ensures the much-needed 42 days of shelf life of the blood. Blood banks depend on the longevity of these bags, especially for patients with rare blood types or during emergencies such as natural disasters.

Global Blood Bag Market: By Volume

Based on volume, blood bag market is segmented into 100ml, 150ml, 250ml, 300ml, 350ml, 400ml, 450ml, and 500ml. Amidst this category, usually, the 500ml bag is used due to the higher holding capacity & convenience associated with it.

Global Blood Bag Market: By End-User

The blood bag market has also been segmented based on the end-use into hospitals, clinics, ambulatory surgical centers, blood banks, and others. Amidst this category, the hospital's segment has a higher market share due to the surging volume of patients suffering from blood-related disorders leads to hospitalization of patients & rising usages of the blood bag 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 bag 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. 

Recent Development

In March 2019, Terumo BCT, the world's leading manufacturer of blood related medical devices and therapeutics, is planning big investments in its Indian subsidiary Terumo Penpol to make it one of the prime production, research, and innovation centers across the globe.

Competitive landscape

Key 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. Prominent industry players operating in the blood bag industry have adopted various strategic initiatives to sustain the market competition. For instance, Terumo Corporation has developed superior quality new TERUFLEX blood bags that are durable. Development of product portfolio will aid revenue generation for the company.

Scope of the Report

 Scope of the Report

By Product

Ø  Single Blood Bag

Ø  Double Blood Bag

Ø  Triple Blood Bag

Ø  Quadruple Blood Bag

Ø  Penta Blood Bag

By Type

Ø  Collection Bag

Ø  Transfer Bag

By Volume

Ø  100ml

Ø  150ml

Ø  250ml

Ø  300ml

Ø  350ml

Ø  400ml

Ø  450ml

Ø  500ml

By Material

Ø  PVC

Ø  PET

Ø  Others

By End-User

Ø  Hospitals

Ø  Clinics

Ø  Ambulatory Surgical Center

Ø  Blood Banks

Ø  Others     

By Region:

Ø  Asia Pacific

Ø  North America

Ø  Europe

Ø  Middle East & Africa

Ø  Latin America