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Global Blood Bags Market Value to Reach USD234.5 million by 2025

Healthcare | Jan, 2023

In United States, every year 60,000 people die from blood loss. Globally, the number increases to a whopping two million people, out of which 1.5 million deaths occur from physical trauma. However, 20% of lives could be saved with timely blood transfusion to the patients. With increasing number of fatal accidents and rising prevalence of diseases such as cancer and various blood related disorders, the demand for blood is expected to grow significantly. For timely intervention, blood is stored in blood bags, especially designed to be used for the collection, storage, transportation, and transfusion of human blood and related components such as platelets, plasma, and cryoprecipitate. Made from bio-compatible PVC and compounded with suitable additives, blood bags are better alternative to glass bottles that include the risk of inadequate sterility, blood contamination, and presence of air bubbles. Growing investments in healthcare infrastructure by government and private sector and introduction of blood donation programs and medical campaigns by NGOs and government organizations are also contributing to the growth of medical blood bags market.

Rising Cancer Cases Creating More Demand for Blood Bags

Cancer is the leading cause of death around the globe, accounting for nearly 10 million deaths annually. Some types of cancers cause internal bleeding, which may fuel the requirement for blood transfusions. Cancer can also lower blood count in the body affecting organs such as kidneys and spleen. Besides, chemotherapy drugs and radiation can also sometimes put a person at risk for life-threatening infections or bleeding. While some cancer patients may require only one or two blood transfusions, some might need to come weekly to build their blood supply back up. Hence, rising incidences of different types of cancer worldwide is expected to positively influence the global blood bag market in the coming years.

Increased Awareness Towards Blood Donation to Boost Market Growth

Every year, people donate over 100 million units of blood, which doctors utilize to save lives. One donation can save up to lives of three people. Government and private-sector blood donation initiatives to encourage people above the age of 18 years to donate blood are likely to fuel the demand for blood bags. The Indian government is working to achieve the WHO’s goals of achieving 100% self-sufficiency with voluntary blood donations to solve India’s blood system challenges. For collection, storage, transportation, disposable blood bags are utilized by blood banks, government bodies, and non-governmental organizations, which is expected to contribute to their market growth.

North America to Dominate the Global Blood Bags Market

Increase in the number of road accidents and growing awareness among people regarding blood donation are contributing to an increased demand for blood bags in the region. In 2020, the US healthcare expenditure rose by 9.7%, reaching USD4.1 trillion or USD12, 530 per individual. Enhanced focus of government to enhance healthcare infrastructure and improve blood management coupled with growing prevalence of chronic disorders are some of the factors contributing to the growth of global blood bags market.

According to TechSci Research report on “Global Blood Bags Market By Product (Single Blood Bag, Double Blood Bag, Triple Blood Bag, Quadruple Blood Bag, Penta Blood Bag), By Type (Collection Bag, Transfer Bag), By Volume (100ml,150ml, 250ml, 300ml, 350ml, 400ml, 450ml, 500ml), By Material (PVC, PET, Others), By End-User (Hospitals, Clinics, Ambulatory Surgical Center, Blood Banks, Others), By Region, Competition, Forecast & Opportunities, 2025”, the global blood bags market is anticipated to grow at a formidable rate during the forecast period. The market growth can be attributed to the increasing incidences of road accidents and government initiatives to enhance healthcare infrastructure.