July 22, 2024

Increased demand for blood preservation and collection driving growth of the Disposable Blood Bags Market

The global 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.

Market Overview:

Disposable blood bags are sterile bags used for collection, storage, transportation, and transfusion of donated human blood and blood components like red blood cells, plasma, platelets etc. They are manufactured using sterilized raw materials like plasticized polyvinyl chloride (PVC) and polyolefin. Disposable blood bags help in preserving the quality and safety of the collected blood during storage and transportation. They prevent contamination and risk of transfusion-transmitted infections. The increasing volume of blood donations and rising demand for blood and its components in medical emergencies and surgeries is driving the growth of the disposable blood bags market.

Market key trends:

One of the key trends in the disposable blood bags market is the introduction of RFID (Radio Frequency Identification) technology. Manufacturers are developing RFID integrated disposable blood bags to improve traceability and safety. RFID tags attached to blood bags can store donor information, blood group details, expiration date etc. This helps in tracking the bag throughout the inventory process. Another important trend is the rise in plasma collection centers across developing regions. Plasma-derived products are increasingly used in coagulation factor replacements and immunoglobulin therapies. This is augmenting the demand for plasma collection disposable blood bags. Growing awareness regarding voluntary blood donation and rising healthcare spending also contribute to the growth of the market.
Porter’s Analysis
Threat of new entrants: The disposable blood bags market requires high initial capital investments for setting up manufacturing units. Hence, the threat of new entrants is low.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, the availability of substitute products limits the bargaining power of buyers.
Bargaining power of suppliers: A few manufacturers dominate the supply of raw materials for disposable blood bags. Hence, the bargaining power of suppliers is high.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for disposable blood bags used in blood collection and storage.
Competitive rivalry: The competitive rivalry in the disposable blood bags market is high due to the presence of several international players.

Key Takeaways
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-based products.

Regional analysis: North America dominates the global disposable blood bags market. Presence of advanced healthcare facilities and rapid adoption of advanced blood collection technologies drive the market growth. Asia Pacific exhibits the fastest CAGR during the forecast years owing to large patient pool and increasing healthcare expenditure.

Key players: 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. Poly Medicure Limited and Grifols S.A. account for the majority market share.