PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290834
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290834
Blood Bags Market size was valued at USD 292.8 Million in 2022, expanding at a CAGR of 9.4% from 2023 to 2030.
Blood bags are specialized medical devices used for the collection, storage, and transfusion of blood and its components. They are designed to maintain the integrity, sterility, and safety of the collected blood until it is needed for transfusion to patients. Advanced technology that goes into the production of blood bags is acknowledged as among the best in the market. The durable material of the blood bags is complemented by advanced methods of filtering and filling anticoagulants. Blood bags play a critical role in ensuring the availability of safe and compatible blood for transfusion in healthcare settings. They are essential components of blood banking systems and are vital for supporting medical procedures, managing chronic diseases, and responding to emergency situations that require blood transfusions.
The rising incidences of fatal accidents indicate a need for increased blood bag supplies to support emergency medical care and transfusions. It is crucial for healthcare systems to ensure an adequate stock of blood bags to meet the demand and save lives in these critical situations. According to the world health organization, approximately 1.3 million people die each year as a result of road traffic crashes. More than 90% of road traffic deaths occur in low- and middle-income countries. Road traffic injury death rates are highest in the African region and lowest in the European region. Moreover, growing investments in healthcare infrastructure by the government and private sector and the introduction of blood donation programs and medical campaigns by NGOs and government organizations are also contributing to the growth of medical blood bags market.
The Global Blood Bags Market is segmented on the basis of Product Type, Application, type, and Region.
The market is divided into three categories based on product type: Single Blood Bag, Double Blood Bag, Triple Blood Bag, and others. The single blood bag dominates the market. Single blood bags are designed to collect, store, and transfuse a single unit of blood or its components. Single blood bags offer advantages such as ease of use, compatibility with blood bank processes, and efficient handling.
The market is divided into two categories based on Type: Blood Collection Bags, Blood Transfusion Bags. The Blood Transfusion Bags dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to a rise in the number of infectious and persistent diseases, along with the number of surgical operations which has made the Blood Bags Market more appealing. According to the world health organization, Of the 118.5 million blood donations collected globally, 40% of these are collected in high-income countries, home to 16% of the world's population.
The market is divided into two categories based on End-user: Hospitals and Clinics, Blood Banks, and Others. The hospital segment is expected to dominate the growth of the blood bags market during the forecast period because of the increase in surgical procedures.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the blood bags market due to The increasing number of blood transfusions, the rising prevalence of various diseases, and the surge in awareness among people. The rising prevalence of various diseases increases the overall demand for blood bags as healthcare facilities strive to meet the transfusion needs of patients. Blood bags are crucial for supporting cancer patients during their treatment journey. According to the American Cancer Society, more than 1.8 million people are expected to be diagnosed with cancer in 2020. Many of them will need blood, sometimes daily, during their chemotherapy treatment. The Blood Bags market is influenced by different market drivers and end-user industries across different regions. Companies in the Blood Bags market must adapt to these regional dynamics and develop specialized solutions to meet the specific needs of customers in each region like Europe, Latin America, the Middle East & Africa, etc.
The market for blood bags is competitive, with several manufacturers and suppliers vying to meet the demand for safe and efficient blood collection, storage, and transfusion. Manufacturers that can offer competitive pricing while maintaining product quality and performance have an advantage. Efficiency in manufacturing processes, economies of scale, and effective supply chain management play a role in achieving cost competitiveness. Having a well-established distribution network, partnerships with distributors, and a presence in key markets can provide a competitive advantage. Manufacturers that invest in research and development to introduce innovative features and technologies in their blood bag products can gain a competitive advantage. For example, materials handling and process specialist Dec Group has successfully implemented a fully automated Blood Bag Processing System (BBPS) at Sanquin, the Netherlands blood supply organization. Companies in the blood bag market focus on product innovation to differentiate themselves and gain a competitive edge. T
In Mar 27 (PTI) Indian scientists have developed a novel blood bag using special polymers that capture damage-associated molecular patterns in blood, increase its shelf life to 51 days and keep it transfusion worthy.
The scope of this report covers the market by its major segments, which include as follows: