Blood bags market to reach USD 443.2 million by 2028

IMARC Group, a leading market research company, has recently releases report titled “Blood bags market: Global industry trends, share, size, growth, opportunity and forecast 2023-2028” The study provides a detailed analysis of the industry, including the global blood bags market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report highlights
How big is the blood bags market?
The global blood bags market size reached US$ 265.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 443.2 Million by 2028, exhibiting a growth rate (CAGR) of 9% during 2023-2028.

What is blood bags?
Blood bags are extensively employed for storing, collecting, and transporting blood and blood components, such as red blood cells (RBCs), white blood cells (WBCs), plasma, and platelets, as they are sensitive to light, air, and temperature. They are produced from bio-compatible polyvinyl chloride (PVC) materials and are incorporated with needles, collection tubes, needle covers, and clamps. They are specially designed to maintain the value of the collected blood while preventing contamination and consist of a flexible plastic container with an inlet, outlet, and connection system. The inlet allows blood into the bag, while the outlet is used to extract the blood for medical purposes, and the connection systems allow the combination of multiple bags while maintaining a sterile connection between them. In addition, they are available in various sizes, shapes, and designs to cater to different requirements. Moreover, they are equipped with features such as airtight seals, temperature monitoring systems, and built-in filters to ensure the quality of the blood. Furthermore, most bags include tubes or other devices that facilitate numerous tests and procedures, such as temperature monitoring and the addition of anticoagulants. At present, blood bags are widely adopted in ambulatory surgical centers, blood banks, hospitals, and clinics across the globe.

What are the growth prospects and trends in the blood bags industry?
The market is primarily driven by the growing occurrences of fatal road accidents. Additionally, the increasing number of surgical procedures and blood transfusions due to the rising prevalence of blood-related medical disorders such as leukemia, anemia, hemophilia, and myeloma are contributing to the market growth. In line with this, the escalating number of patients suffering from numerous illnesses related to blood, metabolic diseases, kidney, and neurological ailments is influencing the market growth.

Moreover, the organization of various blood donation campaigns by government and non-government organizations (NGOs) represents another major growth-inducing factor. Besides this, the growing awareness regarding blood donation among individuals and the rising number of blood banks, hospitals, and other healthcare centers are accelerating the product adoption rate. Along with this, the widespread presence of trauma centers and numerous invasive surgical procedures in orthopedics, oncology, cardiology, neurology, and other medical fields and investments in healthcare infrastructure are propelling market growth. Apart from this, the blood bag market is growing at different rates in numerous regions, with North America being one of the largest markets due to the extensive research and development (R&D) activities, the growing awareness among individuals regarding blood donation campaigns, and the rising prevalence of numerous diseases across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in December 2022, Maco Pharma announced a collaborative initiative to produce blood bags with Tianhe Pharmaceutical, a renowned Chinese company that has been the leading producer and exporter of blood bags in China since 2015.

Key players operating in the industry
The report covers the major market players including:

• AdvaCare Pharma
• BL Life Sciences Pvt. Ltd
• Demophorius Healthcare Ltd.
• Fresenius SE & Co. KGaA
• Grifols S.A.
• Haemonetics Corporation
• HLL Lifecare Limited
• Innvol Medical India Limited
• JMS Co. Ltd.
• Kawasumi Laboratories Inc.
• Maco Pharma International GmbH
• Mitra Industries Pvt. Ltd.
• Neomedic Limited
• Poly Medicure Ltd.
• Span Healthcare Private Limited
• Suru International Private Ltd.
• Teleflex Incorporated
• Terumo Corporation
• The Metric Company
• Troge Medical GmbH

IMARC Group