The 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.
The Disposable Blood Bags Market involves the collection, processing, and storage of blood and its components. Disposable blood bags are designed for the collection, storage, transport, separation and administering of human blood. They find widespread applications in blood donation camps, blood banks and hospitals for transfusion purposes.
Market Overview:
Disposable blood bags are sterile plastic bags used for collection, processing, transportation and storage of human blood. They are made up of plasticized polyvinyl chloride and allow for separation of blood into various components such as red blood cells, platelets and plasma through centrifugation process. Disposable blood bags have revolutionized the blood storage and transport system by replacing glass bottles which are fragile and heavy. They provide greater safety, are lightweight and portable.
Market key trends:
The increasing number of blood donations and blood transfusion procedures are expected to drive the growth of the disposable blood bags market over the forecast period. According to data by World Health Organization, around 117.4 million blood donations are collected worldwide annually from voluntary unpaid blood donors. Also, growing prevalence of chronic diseases such as cancer where blood transfusion is a common treatment method will further spur the demand. Additionally, development of separation technologies is helping in componentization of whole blood, augmenting the sales of blood bags. However, stringent regulatory framework for blood collection and processing may restrain the market growth.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the disposable blood bags market requires high investments and compliance with stringent regulations. However, established players are focused on expanding their production capacities to cater to the growing demand.
Bargaining power of buyers: The bargaining power of buyers is high as disposable blood bags are medical essentials and buyers can negotiate for lower prices from different suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of a large number of raw material suppliers. However, compliance with stringent quality standards limits the number of suppliers.
Threat of new substitutes: The threat of new substitutes is low as there are limited product alternatives for blood collection, processing, storage, and transportation.
Competitive rivalry: Fierce competition among established players.
SWOT Analysis
Strength: Growing blood collection and rising demand for blood transfusions. Compliance with stringent regulations increases customer trust.
Weakness: High R&D and production costs. Risk of inventory wastage due to short shelf life.
Opportunity: Rising geriatric population and increasing prevalence of blood disorders in developing nations. Growth opportunities in emerging markets.
Threats: Stringent regulatory framework. Risk of product recalls affecting brand image.
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-derived products and growing prevalence of blood disorders.
Regional analysis: Asia Pacific is expected to dominate the global market and register fastest growth during the forecast period, owing to rising healthcare expenditure, increasing per capita income, and growing medical tourism industry in countries such as India and China.
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. Key players are focused on new product launches, strategic collaborations, and geographical expansion to strengthen their market position.
The Global Blood Bags Market research report offers accurate insights for the growth prospects of the Blood Bags market in the forecast years 2020-2027.
The report is an all-inclusive study of the Blood Bags market that offers the readers a better view of the current and emerging market trends through a thorough analysis of the market size, growth trends, supply and demand ratio, market share, sales network and distribution channels, and other key elements.Furthermore, the report is furnished with the current market scenario with regards to the COVID-19 pandemic.
The global public health emergency has disrupted the lives of everyone across the globe.
It has also had a substantial impact on the Blood Bags industry as global supply chains have been disrupted, and the financial scenario is tight.
The report assesses the initial and future impact of the pandemic on the market and its key segments to offer an accurate futuristic outlook for remuneration in a post-COVID-19 scenario.Get a sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/83Scope of the Market Report:The report offers a holistic overview of the Blood Bags industry that offers all the essential information.
The report is formulated by extensive primary and secondary research and backed by the verified data from industry experts and professionals.
Global Blood Bags Market Scenario 2020-2027:The Global Blood Bags Market report encompasses vital information about the Blood Bags market that offers valuable insights about the dynamics of the Blood Bags market to the readers and businesses.
The report presents key statistical data about the Blood Bags market for the forecast timeline of 2020-2027, covering historical analysis, demands and supply dynamics, current and emerging trends, and revenue estimations.
The report consists of total market insight based on the company, major countries, and applications and types in the competitive market.
The report strives to provide an accurate estimation of the market trends for the Blood Bags market from the year 2020 to the year 2027.
The research report consists of a complete market analysis, including financial standing, revenue estimation, limitations, and dynamics that might affect the market.The report is generated according to the latest economic landscape in tune with the COVID-19 crisis.
The pandemic has affected the global economic scenario, and the report provides details about its impact on the overall industry.
