Surge in incidences of accidents and number of surgical procedures carried out globally fuels the growth of disposable blood bag market. Moreover, rise in tender-based buying practices of hospitals is anticipated to propel the demand for the disposable blood bag market.
Portland, OR -- (SBWIRE) -- 10/03/2017 -- According to a new report published by Allied Market Research, titled, "Disposable Blood Bag Market by Product Type and by End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, " 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% from 2017 to 2023.
Disposable blood bag are non-reusable medical bag designed for collection, transfusion, and storage of blood and blood products. The disposable blood bag is connected with the help of tubes, clamps, and needles, and is manufactured using bio-compatible PVC material to store the blood for extended periods. Disposable blood bag is used in blood banks hospitals and NGOs and in government programs for blood donation activities.
Surge in incidences of accidents, trauma and various diseases is expected to drive the disposable blood bag market. In addition, rise in awareness among people regarding blood donation and increase in number of surgeries worldwide boost the growth of the disposable blood bag market. However, risk factors associated with transfusion of blood in underdeveloped regions obstruct the growth of the market.
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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, surge in demand for blood and blood products in the developing regions due to increase in utilization of healthcare services boost the market growth.
Hospital-based segment accounted for three-fourth of the revenue in 2016. Furthermore, the standalone segment is anticipated to be the fastest growing end user segment in with a CAGR of 11.5% in terms of value from 2017 to 2023, due to factors such as privatization of healthcare services in the developing regions.
By geography, the market was dominated by Europe and Asia-Pacific, and collectively accounted for 64.6% of the overall disposable blood bag market in terms of value in 2016. The growth of these regions is attributed to the availability of affordable medical treatments for several disease conditions, in countries such as China and India. However, LAMEA is the fastest growing region owing to the increase in treatment success rates and the affordable price range.
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Key Findings of the disposable Blood Bag Market:
-In 2016, collection bag generated the highest revenue and is projected to grow at a CAGR of 10.6% during the forecast period.
-Transfer bag is expected to grow at a CAGR of 11.8%, in terms of value owing to increased number of blood transfusions around the world.
-The LAMEA region is anticipated 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 Asia-Pacific Region.
The major companies profiled in the report include Fresenius SE & Co. KGaA, Terumo Corporation, Grifols, S.A, MacoPharma, S.A, HLL Lifecare Limited, Poly Medicure Limited, INNVOL Medical India Limited, Span Healthcare Private Limited, Haemonetics Corporation, and Neomedic International.