Blood Bags Market

Blood Bags Market Snapshot

As per the research conducted by Future Market Insights, during the forecast period, the global blood bags market is set to gain a valuation of US$ 439.2 million in 2023 and is going to further expand at a CAGR of 6.7% to reach the valuation of US$ 840.1 million by the year 2033. The sales of blood bags are anticipated to bolster with the top 3 countries projected to hold approximately 35%-40% of the market by the end of 2023.

The blood bags with capacity 250 ml - 500 ml is projected to remain the leading segment during the forecast period. The target segment is projected to grow 1.6 times the current market value during 2023 to 2033.

Attributes	Details
Market Size 2023	US$ 439.2 million
Market Size 2033	US$ 840.1 million
Value CAGR (2023 to 2033)	6.7%
Collective Value Share: Top 5 Companies (2022A)	15%-20%

With the surge in demand for secure packaging to transport blood propel the demand for blood bags. The global blood bags market is estimated to reach US$ 840.1 million by 2033, increasing at a CAGR of 6.7% throughout the forecast period.

The blood bags market is expected to experience a lucrative growth outlook during the forecast period. A new estimation predicts that blood bags sales will rise during 2023 to 2033 and is projected to generate an attractive incremental growth opportunity of US$ 427.7 million.

The increased awareness about blood donation result in increased number of blood donors, which is gradually resulting in the growth of the blood bags market. The blood bags market is predicted to expand 2.0 times the current market value during the forecast period.

Historic Market Outlook for Blood Bags Market

The global blood bags market registered a CAGR of 6.4% during the historic period with a market value of US$ 412.4 million in 2022. This growth can be attributed to several factors, including the increasing demand for blood and blood products, the rise in the number of blood donations, and the growing prevalence of chronic diseases such as cancer and haemophilia.

Blood components like red blood cells (RBCs), white blood cells (WBCs), and blood platelets are transported and stored in blood bags. The blood bags must be used to store both the blood and its constituent parts. The blood is extremely sensitive to changes in temperature, light, and air, blood bags are required to retain blood and its constituent parts. For the collection, storage, and transportation of blood and its constituent parts, blood bags have taken the position of glass bottles. The blood bags are designed in a way that makes it simple to separate the various components of the blood that has been collected. Accidents are happening more frequently, which is driving up demand for blood bags. In addition, technological advancements in the manufacturing of blood bags, such as the use of PVC-free materials and improved sterilization techniques, are also contributing to the blood bags market growth.

The market is also facing challenges such as the high cost of blood bags and stringent regulations for their manufacturing and distribution. The COVID-19 pandemic had a moderate impact on the market, with disruptions in the supply chain and reduced blood donations in some regions. Overall, the blood bags market is expected to continue to grow, driven by increasing demand and advancements in technology.

How does the Rising Awareness about Blood Donation Supplement the Sales of Blood Bags?

The rising awareness about blood donation is a significant driver for the growth of the blood bags market. As more people become aware of the importance of blood donation, there is an increase in the number of blood donations. This leads to a higher demand for blood bags. Blood bags are essential for the collection, storage, and transportation of blood and blood components. With more people donating blood, there is a need for an adequate supply of blood bags to ensure that the collected blood is safe and can be used for transfusion when needed.

Moreover, the increasing awareness of the need for safe and high-quality blood transport is driving the demand for blood bags that are manufactured to high standards and quality. This, in turn, is leading to the adoption of advanced blood bag technologies that improve the safety, reliability, and durability of blood bags.

How does the Growing Healthcare Sector Contribute to the Growth of the Blood Bags Market?

Blood bags are used in a wide range of healthcare applications, including blood transfusions, blood component therapy, and blood collection for testing and analysis. As the healthcare sector expands, the demand for these applications also increases, driving the need for more blood bags. In addition, the growth of the healthcare sector is also leading to advancements in blood bag technologies, such as the use of PVC-free materials and improved sterilization techniques. These advancements are improving the safety and quality of blood bags, leading to better patient outcomes and driving the demand for more advanced blood bag technologies.

Overall, the growing healthcare sector is a significant driver for the blood bags market, as it increases the demand for blood bags and supports the adoption of advanced blood bag technologies.

Category-wise Insights

Why Triple Blood Bags is expected to experience the Consistent Demand in the Market?

The triple blood bags is expected to experience the consistent demand in the market during the forecast period. The same segment is projected to grow 1.7 times the current market value during the forecast period. These bags are used for collection, preservation, and transfusion of Packed Red Blood Cells (PRBC) Platelets (PLT) and Plasma (FFP). The surge in need for separating blood into three components fuel the demand for triple blood bags.

Which is the Leading End User in the Blood Bags Market?

The leading end user in the blood bags market is the hospitals segment followed by blood banks segment. Hospitals and blood banks are the primary facilities where blood bags are used for blood collection, storage, and transfusion. Hospitals use blood bags for a wide range of medical procedures, including surgeries, trauma cases, and critical care treatments, where blood transfusions may be necessary. Blood banks collect and store blood and blood components for use in emergencies and medical treatments.

The growing demand for blood bags in hospitals and blood banks is driven by the increasing prevalence of chronic diseases, growing aging population, rising number of surgeries, and trauma cases. The COVID-19 pandemic has also increased the demand for blood bags in hospitals as many patients required blood transfusions during their treatment. Both the segment collectively are estimated to hold nearly 61% of the market value share by the end of 2023.

Comparative View of Adjacent Blood Bags Market

Blood Bags Market:

Attributes	Blood Bags Market
CAGR (2023 to 2033)	6.7%
Market Value (2023)	US$ 439.2 million
Growth Factor	The increasing demand for blood transfusions due to a rising number of surgeries, trauma cases, and chronic diseases such blood disorders are contributing to the market's growth.
Key Trend	The blood bags market includes the increasing adoption of automation and robotics in blood processing and the development of innovative blood storage and transport solutions to improve blood safety and reduce wastage.

Pharmaceutical Packaging Market:

Attributes	Pharmaceutical Packaging Market
CAGR (2023 to 2033)	7.5%
Market Value (2023)	US$ 101.1 billion
Growth Factor	Increasing production & consumption of medicines and growing need for protective, preserving, and storing various pharmaceutical products will continue to provide impetus to the global pharmaceutical packaging industry.
Key Trend	Development and growing popularity of recyclable and reusable packaging will create lucrative opportunities for the manufacturers of pharmaceutical packaging.

Plastic Healthcare Packaging Market:

Attributes	Plastic Healthcare Packaging Market
CAGR (2023 to 2033)	5.0%
Market Value (2023)	US$ 40.3 billion
Growth Factor	Growing adoption of innovative plastic material such as biodegradable and compostable plastic.
Key Trend	Rising demand for eco-friendly and sustainable packaging solutions.

Country-wise insights

Countries	USA
Market Share (2023)	28.3%
Market Share (2033)	25.7%
BPS Analysis	-300

Countries	China
Market Share (2023)	9.2%
Market Share (2033)	11.0%
BPS Analysis	+220

Countries	Germany
Market Share (2023)	6.7%
Market Share (2033)	5.2%
BPS Analysis	-100

Countries	UNITED KINGDOM
Market Share (2023)	5.3%
Market Share (2033)	5.7%
BPS Analysis	+30

Countries	Canada
Market Share (2023)	4.4%
Market Share (2033)	6.1%
BPS Analysis	+140

How the Need for High Volume of Blood in the USA Fuel the Demand for Blood Bags?

The USA is projected to hold around 84% of the market value share by the end of 2025. The USA has advanced medical infrastructure, technological innovations in blood collection and storage, strong regulatory standards. Also, the presence of major pharmaceutical companies that invest heavily in the development of blood-related products.

The USA has a large population and a robust healthcare system that demands a high volume of blood and blood-related products. According to the American National Red Cross, in February 2021, approximately 29,000 units of red blood cells were required daily and that nearly 21 million blood components were transfused in the USA This factor fuel the demand for blood bags.

Why India’s Road Traffic Related Accidents is Surging the Growth of Blood Bag Market?

India's road traffic accidents have been surging in recent years, leading to an increase in demand for blood in the country. This is because many of the accident victims require blood transfusions as a part of their treatment, and the demand for blood bags increases accordingly. According to Government of India ministry of road transport and highways transport, during the year 2021, a total number of 4,12,432 road accidents have been reported in the country, claiming 1,53,972 lives and causing injuries to 3,84,448 persons. People suffer non-fatal injuries, and many of them develop disabilities as a result. As a result, the growth of the blood bags market is closely tied to the incidence of road traffic accidents in India. India blood bags market is anticipated to register a CAGR of XX% during 2023 to 2033.

Competitive Landscape

The major players in the market are gaining market value by developing new innovations and advancement in the blood bags market. Recent activities and mergers implemented by the leading player in the market are:

• In December 2022, Maco Pharma announced a joint venture to produce blood bags with Tianhe Pharmaceutical, a Chinese company which has been producing blood bags and has been the largest bag exporter in China since 2015.
• In May 2022, Terumo Blood and Cell Technologies, one of Colorado's largest medical technology companies, inaugurated its newest manufacturing facility in Douglas County, Colorado. The facility will blood management related products
• In December 2021, GVS announced that it has entered into a binding agreement with Ningbo Fuji Medical Technology Co., Ltd., a company controlled by Shanghai Fosun Pharmaceutical (Group) Co., Ltd., to acquire the entire share capital of Shanghai Transfusion Technology Co., Ltd., a Shanghai headquartered company active in the production and sale of blood management related products.

Scope of the Report

Attribute	Details
Growth Rate	CAGR of 6.7% from 2023 to 2033
Base Year for Estimation	2022
Historical Data	2017 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in USD million, Volume in Units and CAGR from 2023 to 2033
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Product Type Capacity End User Region
Regions Covered	North America Latin America East Asia South Asia & Pacific Western Europe Eastern Europe Central Asia Russia & Belarus Balkan Countries Baltic Countries Middle East & Africa
Key Countries Covered	USA Canada Mexico Brazil Germany UNITED KINGDOM France Italy Spain Russia China Japan India GCC countries Australia & New Zealand
Key Companies Profiled	Haemonetics Corporation Terumo Blood and Cell Technologies Macopharma USA Fresnuise Kabi India Pvt., Ltd Qingdao Sinoland International Trade Co. Genesis BPS, BL Lifesciences Mitra Industries Pvt. Ltd. Suru International Pvt. Ltd. B. Braun Melsungen AG (Germany) HLL Lifecare Limited Wego Group Polymedicure Limited Kawasumi Laboratories Inc. GVS S.p.A. VOGT Medical Ltd. Advin Health Care QED Kares Pvt. Ltd. Terumo Pepnol Pvt. Ltd. JMS North America Corporation AdvaCare Pharma Ishwari Health Care Pvt. Ltd. Imperial Biotech Pvt. Ltd. Lmb Technologies GmbH Vardha Health Care PVC Med Alliance Marg Pharma Ltd. Narang Medical Limited Suru International Pvt. Ltd. BMS Group Kansuk ?laç
Customization & Pricing	Available upon Request

Blood Bags Market by Category

On the Basis of the Product Type, the Blood Bags are Segmented as:

• Single Blood Bag
• Double Blood Bag
• Triple Blood Bag
• Quadruple Blood Bag
• Penta Blood Bag

On the Basis of the Capacity, the Blood Bags are Segmented as:

• Less than 250 ml
• 250 ml - 500 ml
• Above 500 ml

On the Basis of the End User, the Blood Bags are Segmented as:

• Hospitals
• Diagnostic Centres
• Clinical Research
• Blood Banks

On the Basis of the Region, the Blood Bags are Segmented as:

• North America
• Latin America
• East Asia
• South Asia & Pacific
• Western Europe
• Eastern Europe
• Central Asia
• Russia & Belarus
• Balkan Countries
• Baltic Countries
• Middle East & Africa

Frequently Asked Questions

What was the global blood bags market size reported by FMI for 2022?

In 2022, the market size of the global blood bags market was US$ 412.4 million.

What is the blood bags market estimated to reach in 2023?

The global blood bags market is anticipated to reach US$ 439.2 million in 2023.

What is the global blood bags market valuation expected for 2033?

The global blood bags market valuation is expected to reach US$ 840.1 million in 2033.

What is the projected CAGR for the global blood bags market from 2023 to 2033?

The projected CAGR for the global blood bags market from 2023 to 2033 is 6.7%.

Which product type segment will garner significant value share by 2023?

By product segment, the triple blood bags segment of the global blood bags market is expected to garner a significant value share by 2023.

Which end use segment is predicted to expand rapidly between 2023 and 2033?

The hospitals segment of the global blood bags market is predicted to expand rapidly between 2023 and 2033.