Surge in incidence of accidents and number of surgical procedures carried out globally fuels the growth of disposable blood bag market. Moreover, rise in tender-based buying practices of hospitals is anticipated to propel the demand for disposable blood bags.

According to a new report published by Allied Market Research, titled, "Disposable Blood Bag Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global disposable blood bag market was valued at $279 million in 2016, and is projected to reach $580 million by 2023, growing at a CAGR of 11.0% from 2017 to 2023.

The volume of disposable blood bag market was 275 million units in 2016 and is expected to reach by 556 million units by 2023, registering a CAGR of 10.5%.

Based on region, the market was dominated by Europe and Asia-Pacific, and collectively accounted for approximately two-thirds share of the overall disposable blood bag market, in terms of value, in 2016. This was attributed to the availability of affordable medical treatments for several disease conditions, in countries such as China and India. However, LAMEA is the fastest growing region, owing to the increase in treatment success rates and the affordable price range of bags.

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The major companies profiled in the report include Fresenius SE & Co. KGaA, Terumo Corporation, Grifols, S.A, MacoPharma, S.A, HLL Lifecare Limited, Poly Medicure Limited, INNVOL Medical India Limited, Span Healthcare Private Limited, Haemonetics Corporation, and Neomedic International.

Disposable blood bags are non-reusable medical bags designed for collection, transfusion, and storage of blood and blood products. These consist of tubes, clamps, and needles, and are manufactured using bio-compatible PVC material to store the blood for extended time periods. A disposable blood bag is used in blood banks, hospitals, NGOs, and government programs for blood donation activities.

Upsurge in incidence of accidents, trauma, and various blood related diseases; increase in awareness regarding blood donation among people and increase in number of blood transfusion surgeries worldwide are expected to drive the disposable blood bag market. However, risk factors associated with transfusion of blood in underdeveloped regions restrict this growth. Conversely, huge untapped market potential in the emerging countries, such as China and India, is expected to provide lucrative opportunities to the market players.

The collection bag segment is anticipated to continue to lead the market throughout the analysis period, owing to increase in the number blood donations. In addition, high demand for blood and blood products in the developing regions due to increased utilization of healthcare services boosts the market growth.

Hospital-based segment accounted for three-fourths revenue share in 2016. Furthermore, the stand-alone segment is anticipated to be the fastest growing end-user segment, in terms of value, from 2017 to 2023, owing to privatization of healthcare services in the developing regions.

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Author's Bio: 

I am Srushti . My keen interest in reading and writing. I forayed into the field of writing due to my love for words and the urge to do something different. I have been a part of the content resource team here in Allied Market Research. We have a dedicated team for content development wherein, we coordinate with the Market Analysts and create a precise content. I am personally involved in writing content for user engagement. I owe a responsibility to make sure the content is rich and user-centric. Allied Market Research has given me the chance to gain knowledge about different subjects.