Disposable Blood Bags Market Is Estimated To Witness High Growth Owing To Increasing Blood Donations

The disposable blood bags market is estimated to be valued at US$ 255.4 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Disposable blood bags are plastic bags used for collection, storage, transportation and transfusion of human blood and blood components. They help in easy storage and transportation of blood from collection centers to blood banks and hospitals. Different types of disposable blood bags include collection bags, transfer bags and administration bags.

Market Dynamics:
The growth of the disposable blood bags market is driven by increasing number of blood donations and growing prevalence of chronic diseases. According to the World Health Organization, around 122.6 million blood donations are collected globally from voluntary unpaid blood donors every year. Growing prevalence of chronic diseases such as cancer that require frequent blood transfusions is also expected to boost the demand for disposable blood bags over the forecast period. Moreover, technological advancements in blood collection bags with features like barcoding, sample tubes and RFID technologies are estimated to provide lucrative growth opportunities for market players. However, risks associated with blood transfusion such as transmission of infections and high cost of automated blood collection procedures may hamper market growth.

SWOT ANALYSIS
Strength: The disposable blood bags market has strong growth potential due to increasing demand for blood and blood-derived products. The single-use nature of disposable blood bags eliminates risks of cross-contamination. Disposable blood bags are easier to store and transport compared to traditional glass bottles.
Weakness: High costs associated with disposal of used disposable blood bags can hamper market growth. Significant investments are required to set up collection and storage facilities for blood and blood products.
Opportunity: Growing geriatric population prone to chronic diseases drives demand for blood and related products. Expanding healthcare infrastructure in developing nations creates growth avenues.
Threats: Stringent regulatory norms for collection, screening, and storage may increase compliance costs. Substitution threat from other blood collection methods like needle and syringe.

KEY TAKEAWAYS
The global disposable blood bags market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of blood disorders, trauma cases and rise in road accidents requiring blood transfusions.
Regional analysis: Asia Pacific dominates the market and is expected to grow at fastest rate due to large patient pool, rising healthcare awareness, and increasing healthcare spending in India and China. North America captures major market share due rise in blood donations and sophisticated healthcare facilities.
Key players: Key players operating in the disposable blood bags market are Poly Medicure Limited, Grifols, S.A., Macopharma, Fresenius Kabi India Pvt. Ltd., Terumo Penpol Pvt. Limited, HLL Lifecare Limited, Span Healthcare Private Limited, and Innvol Medical India Limited. The market is consolidated with top players holding major share.