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 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Disposable Blood Bags Market involves the collection, processing, and storage of blood and its components. Disposable blood bags are designed for the collection, storage, transport, separation and administering of human blood. They find widespread applications in blood donation camps, blood banks and hospitals for transfusion purposes.
Disposable blood bags are sterile plastic bags used for collection, processing, transportation and storage of human blood. They are made up of plasticized polyvinyl chloride and allow for separation of blood into various components such as red blood cells, platelets and plasma through centrifugation process. Disposable blood bags have revolutionized the blood storage and transport system by replacing glass bottles which are fragile and heavy. They provide greater safety, are lightweight and portable.
Market key trends:
The increasing number of blood donations and blood transfusion procedures are expected to drive the growth of the disposable blood bags market over the forecast period. According to data by World Health Organization, around 117.4 million blood donations are collected worldwide annually from voluntary unpaid blood donors. Also, growing prevalence of chronic diseases such as cancer where blood transfusion is a common treatment method will further spur the demand. Additionally, development of separation technologies is helping in componentization of whole blood, augmenting the sales of blood bags. However, stringent regulatory framework for blood collection and processing may restrain the market growth.
Threat of new entrants: The threat of new entrants is moderate as the disposable blood bags market requires high investments and compliance with stringent regulations. However, established players are focused on expanding their production capacities to cater to the growing demand.
Bargaining power of buyers: The bargaining power of buyers is high as disposable blood bags are medical essentials and buyers can negotiate for lower prices from different suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of a large number of raw material suppliers. However, compliance with stringent quality standards limits the number of suppliers.
Threat of new substitutes: The threat of new substitutes is low as there are limited product alternatives for blood collection, processing, storage, and transportation.
Competitive rivalry: Fierce competition among established players.
Strength: Growing blood collection and rising demand for blood transfusions. Compliance with stringent regulations increases customer trust.
Weakness: High R&D and production costs. Risk of inventory wastage due to short shelf life.
Opportunity: Rising geriatric population and increasing prevalence of blood disorders in developing nations. Growth opportunities in emerging markets.
Threats: Stringent regulatory framework. Risk of product recalls affecting brand image.
The global disposable blood bags market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing demand for blood and blood-derived products and growing prevalence of blood disorders.
Regional analysis: Asia Pacific is expected to dominate the global market and register fastest growth during the forecast period, owing to rising healthcare expenditure, increasing per capita income, and growing medical tourism industry in countries such as India and China.
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. Key players are focused on new product launches, strategic collaborations, and geographical expansion to strengthen their market position.