Plastic Blood Bags Market Size will Grow at 9.1% CAGR by 2020

North America has the largest market for the global disposable plastic blood bags market. This is due to increased prevalence of blood disorders in the region. North American market for disposable plastic blood bags is estimated at USD 83,670.7 thousand in 2014 and is expected to reach USD 1,42,983.2 thousand in 2020, growing at a CAGR of 9.3%. Asia is the fastest growing region; this is due to large population base in the region. In terms of type of blood bags, single blood bags are the fastest growing segment. In terms of end users, blood banks are the fastest growing.

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According to a new market report published by Persistence Market Research “Global Market Study on Disposable Plastic Blood Bags: Single Blood Bags to Witness Highest Growth by 2020” the global Disposable Plastic Blood Bags market was valued at USD 2,44,286.8 thousand in 2014 and is expected to grow at a CAGR of 9.1% from 2014 to 2020, to reach an estimated value of USD 4,13,084.8 thousand in 2020.

A disposable blood bag refers to a bio-medical device that is used for collection, storage, processing, transfusion, separation and transportation of human blood and blood components. There are different types of disposable plastic blood bags based on the need of blood infusion; single blood bag, double blood bag, triple blood bag, quadruple blood bag and transfer blood bag.

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Globally, the disposable plastic blood bags market is witnessing significant growth due to increasing prevalence of chronic diseases, rising aging population and advanced features of disposable plastic blood bags. In addition, increasing initiatives undertaken by various government associations spreading awareness about importance of blood donations are driving the disposable plastic blood bags market. However, factors such as risks associated with blood transfusion and lack of awareness and poor blood collection and storage infrastructure in various parts of the world restrain the global market for disposable plastic blood bags market. In addition, lack of primary healthcare infrastructure in developing countries negatively impacts the growth of the disposable plastic blood bags market. The global disposable plastic blood bags market is estimated at USD 2,44,286.8 thousand in 2014 and expected to reach USD 4,13,084.8 thousand in 2020, growing at a CAGR of 9.1%.

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Some of the latest trends that have been observed in the global disposable plastic blood bags market include increasing use of RFID technology in blood bags and increasing number of mergers and acquisitions by companies.

Terumo Corporation is a leading player in the global market for disposable plastic blood bags market. Some of the other major players in disposable plastic blood bags market are Grifols, S.A., Fresenius SE & Co. KGaA, Haemonetics Corporation and MacoPharma SA.

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