Blood Bags Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Blood Bags Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The blood bags market is expected to register a CAGR of 10.8% over the forecast period, 2022-2027.

During the COVID-19 public health emergency, the demand for blood bags has increased subsequently. Many individuals with weak immune systems have been infected by COVID-19 and hospitalized and may require a blood transfusion due to COVID-19. As a result, the demand for blood bags and equipment has risen during COVID-19, following the pandemic. Many governments have also taken the initiative to help increase blood donation. For instance, in June 2020, the Maharashtra state government in India used social media initiatives to increase the number of blood donations. The move was taken following the shortage of blood in the region. Such programs have positively impacted the global blood bags market growth in many regions during the pandemic. As a result, the demand for blood bags has increased during COVID-19. In turn, aiding the overall market growth during the forecast period.

Road accidents are expected to be one of the major driving factors for the growth of the blood bag market as these accidents require immediate medical assistance including blood transfusion thus, a high number of road accidents are expected to play a crucial role in the demand for blood bags. For instance, according to the June 2021 update of the World Health Organization, about 1.3 million people die every year due to road traffic accidents and about 20 to 50 million people suffer from non-fatal injuries, with many incurring disabilities owing to the injury. Further, as per the same source, even though low- and middle-income countries have about 60% of the world's vehicles, these countries account for 93% of all the deaths due to road accidents and thus, it is expected that owing to a high number of road accidents, there is expected to be a high demand of the blood bags and thus, studied market is expected to grow.

Additionally, blood bags have also witnessed a great demand due to an increased number of patients suffering from various ailments related to blood, kidney, metabolic diseases, and neurological disorders. Cancers such as leukemia, lymphoma, myeloma, and myelodysplastic syndromes (MDS) can affect the bone marrow, blood cells, lymph nodes, and other parts of the lymphatic system. It has been observed that apheresis technology has been used to reduce the number of white cells until other medications can control them. For instance, in August 2021, according to the Leukemia and Lymphoma Society (LLS) Factsheet, approximately every three minutes, one person in the United States is diagnosed with blood cancer. Moreover, as per the same source, 186,400 people in the United States has diagnosed with leukemia and lymphoma in 2021. In addition, 825,651 people lived with lymphoma in the United States, 152,671 people resided with Hodgkin lymphoma, and 672,980 people lived with non-Hodgkin lymphoma. Thus, rising cases of blood cancers are further fueling the growth of the target market.

Moreover, the rising numbers of hospitals, blood banks, and other healthcare centers are driving the growth of the blood bags market, worldwide. The growing awareness about blood donation among citizens is also propelling the demand for blood bags, worldwide. However, the hazardous waste created by the excessive usage of blood bags is hampering the growth of the blood bag market.

Key Market TrendsHospitals and Clinics Based Segment is Expected to Witness Growth Over the Forecast Period

The hospital segment may witness high growth over the estimated timeframe, owing to the increasing number of surgical procedures that require blood supply in large amounts. The rising blood disorders, growth of the healthcare sector, and the increasing construction of hospitals and health clinics are anticipated to positively impact the market.

The COVID-19 outbreak hurt the blood bags market, as a rising number of people are becoming increasingly concerned about donating blood due to the transmission of the virus. Hence, there has been tremendous pressure on hospitals and other healthcare centers to provide services to COVID-19 patients, and this factor has impacted the demand for blood bags in the market.

According to the American Hospital Association, data updated in February 2022, in the United States alone, 48 million surgeries were performed in hospitals, and most of them required an enormous amount of blood supply, which may augment the blood bag market’s growth. Moreover, as per National Crime Records Bureau, data updated in September 2021, a total of 3,54,796 road accident cases were reported during 2020 which require surgeries and immediate treatment. Such emergency cases and accident injuries lead to surgeries, which increase the demand for blood transfusion. ​Hence, increases the demand for blood bags in the country, in turn, fueling the target market growth in the given timeframe.

There is also an increasing number of healthcare centers, including hospitals and clinics, which may be a high-impact rendering factor. For instance, according to the American Hospital Association (AHA), data updated in February 2021, the number of urban community hospitals increased from 6,090 to 5,141 between 2020 and 2018. This increasing number of hospitals has increased awareness about the need for remaining healthy and fit. Various disorders and procedures may augment the blood bags industry's growth over the forecast period.

North America has been Dominant Share in the Market and a Similar Trend is Expected Over the Forecast Period

The North American blood bag market has experienced high growth due to the increase in blood transfusions, rising prevalence of various diseases, the surge in awareness among people, and blood donation campaigns carried out by private and government organizations. With the COVID-19 impact being the highest in the United States, the region foresees good growth in the market during the forecast period.

The increasing demand for blood bags is propelling the growth of the target market. For instance, in February 2021, according to the American National Red Cross estimates, approximately 36,000 units of red blood cells are needed every day, and nearly 21 million blood components are transfused each year in the United States. Thus, the increasing demand for the product is fueling the market growth. Additionally, according to the Globocan 2020 report, Canada had 8,506 cases of Non-Hodgkin lymphoma. The increase in cases of Non-Hodgkin lymphoma is expected to generate the demand for blood bags in the region.

An increase in the number of road accidents and the rising prevalence of chronic diseases are major factors driving the growth of the market studied. For instance, in March 2021, as per the American Red Cross data, a single-car accident victim may require as many as 100 units of blood. This factor is expected to augment the demand for blood transfusion over the forecast period.

Furthermore, there is an increasing demand for blood transfusion in the United States. According to the New York Blood Center (NYBC), in 2020, car accidents and trauma victims needed more than 77 red cell transfusions during the entire treatment. Moreover, the rising government initiatives for improving healthcare blood management and the growing awareness about blood donation are expected to fuel the market growth. Thus, due to the factors mentioned above, the market studied is expected to witness rapid growth during the forecast period.

Competitive Landscape

The market is expected to show moderate growth. Some of the major players operating in the blood bags market include Terumo Corporation, Maco Pharma International GmbH, Fresenius SE & Co. KGaA, Grifols SA, Neomedic Limited, Teleflex Incorporated, Qingdao Sinoland International Trade Co., HLL Lifecare Limited, Demophorius Healthcare Ltd, Kawasumi Laboratories Inc., AdvaCare Pharma, Troge Medical GmbH, and Haemonetics Corporation. The key companies' focus is on bringing innovative and eco-friendly products to the market to hold their dominance in the blood bags market.

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