Portland, OR -- (SBWIRE) -- 01/26/2018 -- The global disposable blood bag market was valued at $279 million in 2016, and is projected to reach $580 million by 2023, growing at a CAGR of 11.0% from 2017 to 2023. The volume of disposable blood bag market was 275 million units in 2016 and is expected to reach by 556 million units by 2023, registering a CAGR of 10.5%.
Disposable blood bags are non-reusable medical bags designed for collection, transfusion, and storage of blood and blood products. These consist of tubes, clamps, and needles, and are manufactured using bio-compatible PVC material to store the blood for extended time periods. A disposable blood bag is used in blood banks, hospitals, NGOs, and government programs for blood donation activities.
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Upsurge in incidence of accidents, trauma, and various blood related diseases; increase in awareness regarding blood donation among people and increase in number of blood transfusion surgeries worldwide are expected to drive the disposable blood bag market. However, risk factors associated with transfusion of blood in underdeveloped regions restrict this growth. Conversely, huge untapped market potential in the emerging countries, such as China and India, is expected to provide lucrative opportunities to the market players.
The collection bag segment is anticipated to continue to lead the market throughout the analysis period, owing to increase in the number blood donations. In addition, high demand for blood and blood products in the developing regions due to increased utilization of healthcare services boosts the market growth.
Key Findings of the Disposable Blood Bag Market:
-In 2016, collection bag generated the highest revenue and accounted for more than two-thirds share of the global market.
-Transfer bag is expected to grow at a high CAGR, in terms of value, owing to increased number of blood transfusions around the world.
-LAMEA is projected to be the fastest growing disposable blood bag market during the analysis period, in terms of value as well as volume, followed by Asia-Pacific.
-China and India are the major market shareholders in the Asia-Pacific Region.
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