LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global disposable blood bag market to grow at a CAGR of close to 9% over the forecast period, according to their latest report.
The research study by Technavio on the global disposable blood bag market for 2017-2021 provides a detailed industry analysis based on the end-users (healthcare facilities and independent blood banks) and geography (the Americas, EMEA, and APAC).
| Currently, the Americas account for the major share of the global market. However, APAC and EMEA are expected to showcase higher CAGRs over the forecast period owing to the high growth potential in these countries. The increase in the patient pool, growing healthcare facilities, and increased demand for blood transfusion or storage are driving the market for the global disposable blood bag market. |
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Technavio analysts highlight the following three factors that are contributing to the growth of the global disposable blood bag market:
- Rising number of hospitals and blood banks
- Increased demand for disposable products
- Rising R&D investment in advanced products
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Rising number of hospitals and blood banks
The increasing capacity of healthcare providers such as diagnostics centers and clinics, hospitals, patient care centers, and blood banks has resulted in an increased capability to provide specific services. Also, the rising incidence of chronic diseases, medical emergencies, and disease outbreaks due to the growing population is supporting the expansion of hospitals and patient care centers.
“Medical emergencies and communicable diseases create a large demand for whole blood and various blood components to compensate the blood loss before or during the procedure. To meet the high demand for blood and blood components, hospitals depend on in-house and independent blood banks, which drives market growth,” says Amber Chourasia, a lead analyst at Technavio for health and wellness research.
Increased demand for disposable products
Blood bags have replaced glass bottles, which were used earlier for the transportation, storage, and supply of blood. Glass bottles presented high chances of contamination and transmission of life-threatening diseases such as HIV, hepatitis B, and hepatitis C. To minimize the risk of blood-borne contamination, a fresh container is advised for each transfusion, which is an additional cost for healthcare facilities.
Therefore, disposable blood bags available in several types and sizes were promoted to reduce the risk of contamination and make products easily available to various end users. Disposable blood bags are highly preferred by end-users owing to benefits such as customized option for inner wall coating, low cost, ready-to-use features, and biodegradability. Furthermore, the cost savings associated with disposable blood bags also attracted many vendors to enter the market, thereby stabilizing the demand and supply.
Rising R&D investment in advanced products
“Advanced blood bag products are in high demand in the market, and these developments help vendors gain a competitive advantage in the market. Disposable blood bags may either be a normal fluid container or the primary point where the blood is processed to separate various blood components such as RBCs, platelets, and plasma,” says Amber.
Technological advances and increased investment in R&D facilities help vendors to introduce blood bags with blood component separator, which will be a competitive advantage for the seller. The rising investment in advanced blood bags with this feature is increasing the number of product offerings, driving the growth and expansion of the global market.
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