September 08, 2022 14:21 ET | Source: Facts & Factors Facts & Factors
NEW YORK, United States, Sept. 08, 2022 (GLOBE NEWSWIRE) -- According toFacts and Factors has published a new research report titled “Disposable Blood Bag Market Size, Share, Growth Analysis Report By Collection Bags (Collection Bags and Transfer Bags), By End User (Blood Banks, Hospitals, and Non-Governmental Organizations (NGOs)), By Channel (Tender and Private Sales), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Disposable Blood Bag Market size & share in terms of revenue was worth of USD 215.0 billion in 2021 and it is expected to surpass around USD 283.47 billion by 2028, growing at a compound annual growth rate (CAGR) of approximately 4.70% during the forecast period 2022 to 2028.”
What is Disposable Blood Bag? How big is the Disposable Blood Bag Industry?
Disposable blood bags are used in biomedicine to collect, transport, store, and transfuse human blood and blood components. The system consists of a needle cover and one or more tubes. These are created by mixing biocompatible ingredients with PVC in the proper amounts. The bags are made using high-frequency welding, and they are subsequently sterilized. With the advent of more aggressive chemotherapy and bone marrow transplantation for treating leukemia and lymphoma patients, many lives have been saved thanks to the accessibility of platelets for transfusion.
The expansion of the global disposable blood bag market is attributed to several factors, including increased blood transfusion procedures, accidents, & trauma cases and the development of novel disposable blood bag products by many important players.
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Increasing rates of trauma & accidental injuries, tender-based purchases by governments of developing countries, custom blood bags with tracking systems offered by blood bag manufacturers, and easy accessibility of value-added products for blood collection are all contributing to the expected growth of the global disposable blood bag market. In the coming years, the disposable plastic blood bag market will be projected to expand globally.
However, there are several difficulties, including inadequate blood collection & storage infrastructure and low public awareness of voluntary blood donation initiatives. For market participants, using non-PVC materials in blood collection bags is anticipated to present good growth potential.
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Disposable Blood Bag Market: COVID-19 Impact Analysis
There will likely be an increase in demand for disposable blood bags all across the world as a result of the COVID-19 pandemic. The use of recovered patients' whole blood or plasma for passive immunotherapy during the COVID-19 pandemic has shown promise as a means of preventing further spread of the virus. Transfusion of neutralizing antibodies using recovered blood is a common practice in hospitals around the world.
Rapid adoption of immunotherapy involving blood and plasma has increased the demand for blood bags, which is expected to fuel market growth over the forecast period. Therefore, the market for blood donations and transfusions is constrained by the significant associated risk.
Disposable Blood Bag Market: Segmentation Analysis
The global disposable blood bag market is segregated based on collection bag, end user, channel, and region. Based on collection bags, the market is divided into collection bags and transfer bags. The collection bag segment dominated the market in 2021, and this trend is expected to continue during the forecast period.
Based on the end-user, the market is classified into blood banks, hospitals, and non-governmental organizations (NGOs). The hospital-based segment was the major contributor in 2021 and is expected to maintain its lead during the forecast period. Based on the channel, the market is classified into tender and private sales. The tender sales-based segment was the major contributor in 2021 and is expected to maintain its lead during the forecast period.
Some of the main competitors dominating the global Disposable Blood Bag market include -
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The global disposable blood bag market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. North America accounted for the largest share of the global disposable blood bag market in 2021 and is anticipated to maintain its dominance throughout the forecast period as a result of the presence of significant players, the growth of the healthcare industry, and the introduction of new disposable blood bag products in the region.
Furthermore, respected healthcare organizations, government programs to promote disposable blood bags, and constantly raising sterility standards will soon strengthen the region's economy. The market for disposable blood is primarily driven by the growth in trauma & accident rates and the frequency of blood transportation & transfusion procedures.
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The global Disposable Blood Bag market is segmented as follows:
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