|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The blood bags market is projected to register a CAGR of 10.82% during the forecast period, with a revenue of approximately USD 384.37 million in 2020, and it is expected to reach USD 711.85 million by 2026.
With the rise of the COVID-19 public health emergency, the demand for blood bags has increased. Many individuals with weak immune systems have been infected by COVID-19 and hospitalized, and many require a blood transfusion. As a result, the demand for blood bags and equipment has risen, following the pandemic. Many governments are also taking initiatives to help increase blood donation. As a result, the demand for blood bags is expected to increase.
According to the World Health Organization’s (WHO) report (2020), each year, approximately 1.35 million people die due to road traffic crashes. Around 20-50 million people suffer from non-fatal injuries, with many incurring a disability due to their injury. Around 93% of the world's fatalities on the roads occur in low- and middle-income countries, even though these countries have approximately 60% of the world's vehicles. Even within high-income countries, individuals from lower socioeconomic backgrounds are more likely to be involved in road traffic crashes. Thus, increasing road traffic-related crashes result in blood loss injuries, which may boost the market growth.
According to the United Kingdom Brake, a road safety charity, in 2018, about 25,511 people were seriously injured on the roads in Britain. On average, five people die every day on the road in Great Britain, and countless more people get seriously injured. Additionally, in 2018, there were 1,580 serious injuries on Scotland’s roads and 730 serious injuries in Northern Ireland. Therefore, the high burden of road accident-related injuries may increase the demand for blood bags, which may show a significant market growth over the forecast period.
Additionally, government initiatives are expected to boost the healthcare sector. Moreover, the rising numbers of hospitals, blood banks, and other healthcare centers are driving the growth of the blood bags market, worldwide. The growing awareness about blood donation among citizens is also propelling the demand for blood bags, worldwide.
Scope of the Report
As per the scope of the report, blood bags are bags that are used for the reliable collection, separation, storage, and transport of blood, along with blood components, such as RBC, WBC, and blood platelets. Additionally, they prevent the blood from coagulation and contamination. The blood bags market is segmented by product (single blood bag, double blood bag, triple blood bag, and other products), type (collection bag and transfer bag), end user (hospitals and clinics, blood banks, and other end users), and geography (North America, Europe, Asia Pacific, Middle-East and Africa, and South America).
|Single Blood Bag|
|Double Blood Bag|
|Triple Blood Bag|
|By End User|
|Hospitals and Clinics|
|Other End Users|
Key Market Trends
Hospitals and Clinics may Dominate the Overall Market During the Forecast period
The hospitals segment may witness high growth over the estimated timeframe, owing to the increasing number of surgical procedures that require blood supply in large amounts. The rising blood disorders, growth of the healthcare sector, and the increasing construction of hospitals and health clinics are anticipated to positively impact the market.
The COVID-19 outbreak had an adverse impact on the blood bags market, as a rising number of people are becoming increasingly concerned about donating blood due to the transmission of the virus. Hence, there has been tremendous pressure on hospitals and other healthcare centers to provide services to COVID-19 patients, and this factor has impacted the demand for blood bags in the market.
In the United States alone, 48 million surgeries were performed in hospitals, and most of them required an enormous amount of blood supply, which may augment the blood bags market’s growth.
In the United Kingdom, the number of surgical procedures has been on the rise. For instance, in 2019, 70,230 accident and emergency (A&E) cases were registered in the United Kingdom, as compared to 59,396 in 2013. Most of the A&E cases require medical procedures. Such emergency cases and accident injuries lead to surgeries, which increase the demand for blood transfusion.
There is also an increasing number of healthcare centers, including hospitals and clinics, which may be a high-impact rendering factor. According to the American Hospital Association (AHA), the number of urban community hospitals increased from 3,019 to 3,033 between 2014 and 2017. This increasing number of hospitals has increased awareness about the need for remaining healthy and fit. Various disorders and procedures may augment the blood bags industry's growth over the forecast period.
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North America has been Dominant in the Market and a Similar Trend is Expected Over the Forecast Period
The North American blood bags market has experienced high growth due to the increase in blood transfusions, rising prevalence of various diseases, the surge in awareness among people, and blood donation campaigns carried out by private and government organizations.
With the COVID-19 impact being the highest in the United States, the region foresees good growth in the market during the forecast period.
Every year, the US government spends a significant parentage of its GDP on healthcare. According to a report published by the Organization for Economic Co-operation and Development (OECD) in 2018, about 18% of the country’s GDP is spent on healthcare.
An increase in the number of road accidents and the rising prevalence of chronic diseases are major factors driving the growth of the market studied. As per the American Red Cross, a single-car accident victim may require as many as 100 units of blood. This factor is expected to augment the demand for blood transfusion over the forecast period.
Furthermore, there is an increasing demand for blood transfusion in the United States. According to the New York Blood Center (NYBC), in 2018, car accidents and trauma victims needed more than 50 red cell transfusions during the entire treatment. Moreover, the rising government initiatives for improving healthcare blood management and the growing awareness about blood donation are expected to fuel the market growth. Thus, due to the factors mentioned above, the market studied is expected to witness rapid growth during the forecast period.
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The market is expected to show moderate growth. Some of the major players operating in the blood bags market include Terumo Corporation, Maco Pharma International GmbH, Fresenius SE & Co. KGaA, Grifols SA, Neomedic Limited, Teleflex Incorporated, Qingdao Sinoland International Trade Co., HLL Lifecare Limited, Demophorius Healthcare Ltd, Kawasumi Laboratories Inc., AdvaCare Pharma, Troge Medical GmbH, and Haemonetics Corporation. The companies focus on bringing innovative and eco-friendly products to the market to hold their dominance in the blood bags market.
In June 2020, the Maharashtra State Government in India used social media initiatives to increase blood donations. The move was taken following the shortage of blood in the region, and it has helped increase the demand for blood bags.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Incidences of Blood-related Disorders
4.2.2 Increasing Number of Trauma and Road Accidents
4.2.3 Growing Awareness About Blood Donation Among Citizens
4.3 Market Restraints
4.3.1 Hazardous Waste Created by the Excessive Usage of Blood Bags
4.4 Industry Attractiveness - Porter' s Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Single Blood Bag
5.1.2 Double Blood Bag
5.1.3 Triple Blood Bag
5.1.4 Other Products
5.2 By Type
5.2.1 Collection Bag
5.2.2 Transfer Bag
5.3 By End User
5.3.1 Hospitals and Clinics
5.3.2 Blood Banks
5.3.3 Other End Users
5.4 By Geography
5.4.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.4.3 Asia Pacific
188.8.131.52 South Korea
184.108.40.206 Rest of Asia Pacific
5.4.4 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
5.4.5 South America
22.214.171.124 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Terumo Corporation
6.1.2 Maco Pharma International GmbH
6.1.3 Fresenius SE & Co. KGaA
6.1.4 Grifols SA
6.1.5 Neomedic Limited
6.1.6 Teleflex Incorporated
6.1.7 Qingdao Sinoland International Trade Co.
6.1.8 HLL Lifecare Limited
6.1.9 JMS Co. Ltd
6.1.10 Demophorius Healthcare Ltd
6.1.11 Kawasumi Laboratories Inc.
6.1.12 Poly Medicure Ltd
6.1.13 AdvaCare Pharma
6.1.14 Troge Medical GmbH
6.1.15 Haemonetics Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Blood Bags Market market is studied from 2018 - 2026.
What is the growth rate of Global Blood Bags Market?
The Global Blood Bags Market is growing at a CAGR of 10.82% over the next 5 years.
What is Global Blood Bags Market size in 2018?
The Global Blood Bags Market is valued at 384 Million USD in 2018.
What is Global Blood Bags Market size in 2026?
The Global Blood Bags Market is valued at 711 Million USD in 2026.
Which region has highest growth rate in Global Blood Bags Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Blood Bags Market?
North America holds highest share in 2020.
Who are the key players in Global Blood Bags Market?
Terumo Corporation, Maco Pharma International GmbH, Teleflex Incorporated, Grifols SA, Fresenius SE & Co. KGaA are the major companies operating in Global Blood Bags Market.