Disposable Blood Bags Market to Grow 12.1 Percent

The global disposable blood bags market was valued at USD 230.1 million in 2017, and is projected to exhibit a CAGR of 12.1 percent from 2018 – 2026. Blood is essential for surgeries, cancer treatment, chronic illnesses, and traumatic injuries. According to American National Red Cross Blood Organization 2018, sickle cell disease affects 90,000 to 100,000 people in the US. Moreover, around 1000 babies are born with the disease every year. Sickle cell patients often require blood transfusions throughout their lives. Increasing incidence of cancer cases rises high demand for blood transfusion, which is an important factor impacting growth of the market. According to American Cancer Society, nearly 1.7 million people were diagnosed with cancer in 2017. Many of them needed blood, sometimes daily, during their chemotherapy treatment. Moreover, growing initiatives from governments and healthcare governing bodies for promoting voluntary blood donation, blood collection, and storage, is expected to drive growth of the disposable blood bags market.

Usage of disposable blood bags eliminates the possibility of any contamination as in case of glass bottles. In recent times, disposable blood bags have gained popularity in hospitals and blood banks to meet blood infusion emergencies. According to American National Red Cross Blood Organization 2018 report, every two seconds someone in the US needs blood. According to the same source, around 36,000 units of red blood cells, nearly 7000 units of platelets, and 10,000 units of plasma are required daily in the US. Manufacturers in disposable blood bags market are focused on expanding their business in emerging economies such as India, which offers untapped growth opportunities due to its increasing population. Emergence of private insurance services, especially through corporatization and commercialization, has contributed to the transformation of medical sector in emerging economies.

Rapid commercialization of medical practices with the establishment of multimillion hospitals, nursing homes, and diagnostic centers, demand for disposable blood bags has registered huge growth rate in the recent years. There is huge scope and market potential for new manufacturers to venture into the field. Moreover, government support for increasing usage of biocompatible and development of low price blood bags encourage manufacturers to develop new and low cost products. – Coherent Market Insights