By 2024, Disposable Blood Bags Market to Rise at 9.5% CAGR

Key players in the global disposable plastic blood bags market are focusing on expansion of business in emerging markets and on providing value-added products.

According to a latest market report published by Persistence Market Research titled, ‘Global Disposable Plastic Blood Bags Market’, the market is projected to expand at a CAGR of 9.5% in terms of revenue over the forecast period (2016–2024). Excess Production of Disposable Blood Bags by Indian Manufacturers offers Major Potential to Export Blood Bags to Transitional Countries in Europe and MEA.

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Disposable plastic blood bags has overshadowed the usage of glass bottles for collection storage, transfer, or processing of blood and blood components such as RBCs, plasma etc. This is because of convenience and mechanical strength of polyvinyl chloride (PVC) bags over glass bottles, which require exhaustive cleaning and sterilization before each use. The global disposable plastic blood bags market was valued at US$ 181.7 Mn in 2015 and is estimated to reach 113,193.0 thousand units of blood bags consumed by 2016 end.

Increasing tender-based purchasing practices of blood collection bags by government blood banks and hospitals is expected to boost growth of the global disposable plastic blood bags market over the forecast period. Moreover, increasing need for blood and blood-derived products is escalating demand for disposable plastic blood bags.

The report analyses the global disposable plastic blood bags market in terms of value (US$ Mn) and volume (thousand units) by product type, sales channel, regions, and in terms of value (US$ Mn) by end user. The report also provides information regarding market dynamics, regulations, competitive landscape, current trends, market estimations, and forecast.

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Globally, Asia Pacific expected to lead in the global market throughout the forecast period, owing to increasing number of voluntary and repeat blood donors in countries such as India and Bangladesh. In 2015, APAC disposable plastic blood bags market accounted for 44,730.1 thousand units of blood bags in terms of volume, which is expected to expand at a robust CAGR of 12.3% over the forecast period. Global demand for disposable plastic blood bags is expected to grow continuously over the forecast period due to improvement in product features such as value-added blood collection bags with in-line leucocyte filtration system, customized blood bags with tracking systems etc. Owing to large number of local players operating in the China disposable plastic blood bags market, growth of the APAC market over the forecast period is expected to be significantly high in terms of revenue and volume. North America is the subsequent lucrative market for disposable plastic blood bags and is expected to witness highest CAGR of 10.3% in terms of value over the forecast period.

Based on sales channels, the market has been segmented into private sales and tender sales. In terms of value and volume, tender sales channel segment is expected to contribute maximum to the global market for disposable plastic blood bags. This is attributed to lower cost of blood bags for tender-based purchasing. Tender sales channel is expected to expand at CAGR of 9.9% in revenue terms over the forecast period. Private sales segment is anticipated to witness diminishing growth, which is attributed to increasing cost of blood bags in private sales as compared to tender sales.

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Among the various end users, disposable plastic blood bags find maximum opportunity in blood banks, followed by non-governmental organizations. Demand from blood banks for disposable plastic blood bags is expected to increase significantly over the forecast period due to increasing voluntary blood donation as a result of improving services offered by public and private blood banks. Hospitals end user segment is expected to lose share in the global disposable plastic blood bags market partly due to increasing privatization of healthcare services in countries such as India and China.

Major market players covered in the report include Fresenius SE & Co. KGaA, Terumo Corporation, Grifols, S.A., MacoPharma, S.A., HLL Lifecare Limited, Poly Medicure Limited, INNVOL Medical India Limited, and Span Healthcare Private Limited.

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This release was published on openPR.