Global Blood Bags Market Assessment, By Product, By Type, By Volume, By Material, By End-user, By Region, Opportunities and Forecast, 2016-2030F
Global Blood Bags Market Assessment, By Product [Single Blood Bag, Double Blood Bag, Triple Blood Bag, Quadruple Blood Bag, Others], By Type [Collection Bag, Transfer Bag], By Volume [100 ml, 150 ml, 250 ml, 300 ml, 350 ml, 400 ml, 450 ml, 500 ml], By Material [PV, PET, Others], By End-user [Hospitals, Clinics, Ambulatory Surgical Centre, Blood Banks, Others], By Region, Opportunities and Forecast, 2016-2030F.
New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Blood Bags Market Assessment, By Product, By Type, By Volume, By Material, By End-user, By Region, Opportunities and Forecast, 2016-2030F" - https://www.reportlinker.com/p06465596/?utm_source=GNW
Blood transfusions have been a lifesaver in the healthcare industry for decades. Blood bags are crucial tools in this process, allowing medical professionals to safely store and transport blood components. They are necessary for the safety of both patients and medical personnel since they include anticoagulants and preservatives that assist to limit the danger of contamination. Global Blood Bags Market size was valued at USD 3.26 billion in 2022 which is expected to reach USD 5.84 billion in 2030 with a CAGR of 7.56% for the forecast period between 2023 and 2030.
There is an increasing need for blood bags in the healthcare sector as the number of surgical operations and chronic disorders requiring blood transfusions increases. In addition, rising awareness of the necessity of blood donation and the requirement for an adequate blood supply has aided the expansion of the blood bag market on a global level. Furthermore, major factors such as increasing investment in healthcare infrastructure in developing countries, rising healthcare spending and increasing insurance coverage and increasing number of blood banks and blood collection centers are driving the market growth.
There is a high frequency of blood-related diseases such as anaemia, sickle-cell anaemia, haemophilia, and blood malignancies such as leukaemia and lymphoma. Additionally, private healthcare regulatory initiatives are encouraging voluntary blood donation, storage, and collection activities, which are expected to create profitable economic opportunities for both existing market participants and newcomers. Blood bags also contribute to waste reduction by allowing the reuse of donated blood components, which saves both resources and money. As a result, blood bags serve a crucial role in providing high-quality healthcare. The market is positively influenced by the increasing focus on personalized medicine and genetic testing, which requires large volumes of blood samples.
According to American National Red Cross, an estimated 6.8 million people in the U.S. donate blood every year.
Increasing Awareness about the Blood Donations
Increasing awareness about blood donations plays a crucial role in fueling the demand for blood bags. Several organizations and initiatives contribute to raising awareness about the importance of blood donations, which in turn drives the need for adequate blood collection and storage systems, including blood bags. The World Health Organization (WHO) stated that 18.5 million blood donations were collected globally in 2022, out of which 40% came from high-income countries which are a home to 16% of the global population.
119 countries reported an increase of 10.7 million voluntary unpaid blood donations from 2008 to 2018. South-East Asia has seen the greatest growth in voluntary unpaid blood donations (127%), followed by the Americas (81%), and Africa (81%). The Western Pacific saw the greatest rise in absolute numbers (4.15 million donations), followed by South-East Asia (3.05 million) and Africa (1.53 million donations).
Emerging Technological Advancements
The global blood bags market is expanding as a result of technological improvements that have resulted in the introduction of novel products such as blood bags with enhanced safety features, higher storage capacity, and prolonged shelf life. These technological improvements have made blood collection, storage, and transportation more efficient and safer. The advent of automated blood collection devices has also aided market expansion by improving the efficiency of the blood collection procedure. Furthermore, the use of RFID technology in blood bags has enabled real-time tracking of blood bags, resulting in improved inventory management and a lower chance of human mistake. Furthermore, the development of smart blood bags equipped with sensors that can monitor temperature, pressure, and other characteristics has improved the safety and efficacy of blood storage and transportation.
Government Initiatives
Increased government initiatives have contributed significantly to the growth of the global blood bags market. Governments all across the world have been investing in infrastructure to improve blood collection, storage, and distribution. These measures have resulted in greater blood donor awareness, enhanced testing and screening processes, and the availability of safe and dependable blood bags. Various government plans and programs have also been created to encourage blood donation and secure the supply of blood in times of emergency. For instance, The Saudi Ministry of Health has launched the "Wateen " blood donation app. Wateen is a non-profit organization dedicated to increasing public awareness of the need for voluntary blood donations and ensuring an adequate supply of blood across the country. Similarly, the Indian government has established ’eBloodServices’ app in partnership with the Indian Red Cross Society (IRCS) to raise awareness about blood donation and availability is helping to increase the blood bags market in India.
Surging Demand from North America
North America, including the United States and Canada, has a well-developed healthcare system and a relatively high demand for blood bags. The region’s advanced medical infrastructure, including hospitals, clinics, and blood banks, contributes to the consumption of blood bags. Blood transfusions are in high demand in the United States. According to the New York Blood Center (NYBC), 4.5 million Americans undergo blood transfusions every year. 40,000 pints of blood are transfused to save the lives of cancer patients, accident, burn, and trauma victims, newborn babies, mothers giving birth, transplant patients, surgical patients, and others in need every day in the United States.
Rapid Expansion of PET Whereas PVC Remains Dominant
The rapid expansion of PET (polyethylene terephthalate) in the blood bag market is notable, considering that PVC (polyvinyl chloride) remains the dominant material. While PVC has been widely used for blood bags for many years, the emergence of PET has gained traction for several reasons. The PET (polyethylene terephthalate) segment in blood bags is experiencing significant growth due to several factors. One key reason is the emphasis on safety. PET is a highly durable material that provides excellent barrier properties, ensuring the integrity of the blood by preventing leakage or contamination. Its resistance to breakage, puncture, and tearing enhances the safe storage and transportation of blood. In 2022, PET held a market share of less than 15% but growing at a faster pace, it is likely to capture a quarter chunk of the pie by 2030.
Impact of COVID-19
Due to the pandemic, the manufacturing and delivery of blood bags have been hampered. Many firms have experienced logistical difficulties, such as raw material shortages and shipment delays. This has caused blood bag shortages and price hikes, which have made the lack of blood supplies worse. On other hand, to aid the COVID-19 patients, blood donation campaigns have been conducted across several nations, which has increased the demand for blood bags. Furthermore, to assure an adequate supply of blood bags and plasma during the pandemic, governments and commercial organizations have increased their financial investments in the blood bag sector.
Impact of Russia-Ukraine War
The war has hampered the transportation of medical supplies, especially blood bags, from manufacturing sites to Blood Bags and clinics. In addition, as a result of the conflict’s rise in losses and injuries, demand for blood bags has surged. As a result, crucial medical operations and treatments have been delayed in the affected areas’ Blood Bags and clinics due to a lack of blood bags. The impact of the Russia-Ukraine War on the world market for blood bags highlights how crucial it is to have strong supply chains and distribution systems for vital medical commodities.
Key Players Landscape and Outlook
Companies in the blood bags market are adopting strategies such as product innovation, strategic partnerships, geographic expansion, mergers and acquisitions, marketing and branding initiatives, regulatory compliance, and customer relationship management. For instance, Terumo Blood and Cell Technologies were granted a USD 10.6 million contract in April 2022 to continue its development on freeze-dried plasma (FDP). The deal is with MTEC, the Medical Technology Enterprise Consortium, a 501(c)(3) biomedical technology consortium working with the United States under an Other Transaction Agreement (OTA). To push healthcare breakthroughs, the Army Medical Research and Development Command is supported by the Defence Health Agency (DHA) and administered by the Naval Medical Research Centre (NMRC).
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