Blood Bags Market Strategies, Trends, and Forecast - 2031
The Blood Bags Market is expected to register a CAGR of 8.8% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Product (Single Collection, Double Collection, Triple Collection, Quadruple Collection, and Others), End User (Hospitals, Diagnostic Centers, Research Laboratories, and Others)
Purpose of the ReportThe report Blood Bags Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Blood Bags Market Segmentation
By Product- Single Collection
- Double Collection
- Triple Collection
- Quadruple Collection
- Others
- Hospitals
- Diagnostic Centers
- Research Laboratories
- Others
Strategic Insights
Blood Bags Market Growth Drivers- Increasing demand for blood transfusions:
- With the increasing demand for blood transfusions, this is one of the significant requirements that have created a drive for the growth of the blood bags market in the present and will continue to grow in the future. More surgeries, accidents, and chronic diseases are on the increase leading to the increased need for blood transfusions. Due to this, there is an increased demand for efficient and safe blood storage and transportation systems resulting in a growing rate of growth in the blood bags market.
- Advancements in medical technology:
- Improvements in medical technology relating to blood bags have driven market growth. The efficiency and safety aspect of collecting and processing blood was enhanced with the availability of automated blood collection systems, advanced storage devices for blood, and disposable blood bags. Advances in such technologies allow health care providers to collect and store blood in an efficient manner with fewer chances of contaminations and complications towards patients
- Growing awareness of blood safety:
- Another factor that has driven the blood bags market is growing awareness on blood safety. Increasing awareness is being accorded to the need of safe and quality blood products due to a growing risk of contamination and disease transmission through products carrying infected blood. Today, there is ever-increasing recognition for healthcare providers to employ high-quality, sterile, and reliable blood bags with high standards of quality of blood products delivered.
- Single-use blood bags:
- The market for blood bags is witnessing a rising inclination towards blood bags that can be used only once. These disposable bags present a clear advantage over the reusable blood bags in that they minimize the risk of contamination and eliminate cleaning and disinfection. Disposable bags also help in the overall cost and operation within healthcare facilities thus helping in obtaining the maximum benefit from providing safety to patients with very little cost
- Automated blood collection systems:
- Automated blood collection systems are another trend that is increasing in demand in the blood bags market. These systems incorporate sophisticated technology into the practice of blood collection hence reducing the chances of making mistakes and enhancing comfort for the patients. At the same time the systems reduce the amount of manpower used in hospitals and clinics increasing productivity. This makes the systems favorable to hospitals and any medical organizations that want to optimize the processes.
- Advancements in materials science:
- The market for blood bags is also being propelled by trends in materials science. Research and development activities are being carried out with a view to enhance the strength, sterility and the progress of blood bag materials. For instance, it has been suggested that instead of making blood bags using conventional materials, should a new approach using subject-based strategies incorporate biodegradable materials and nanotechnology. These improvements could change the game when it comes to blood collection and preservation leads to better care of patients.
- Growing demand from emerging markets:
- The blood bags market is likely to gain from factors such as demand in the developing region markets more so in Asia and Latin America. These areas are economically growing at a very high rate as well as improving on their health seeking services which calls for the use of blood bags and its related products. This is an opportunity for the companies to grow by venturing in this market
- Increasing focus on patient safety:
- As patient safety becomes more important in the eyes of the blood bags market, a more pronounced opportunity appears. Providers of healthcare are beginning to place importance on the safety of the patient and blood bags are a major component in maintaining the quality of the blood samples. Blood bag manufacturers who come up with new concepts that are better and safer for patients will have an advantage over most competitors.
- Advancements in biotechnology:
- The blood bags market is benefitting from new biotechnology advancements. Innovations in the Biotech sector, like point-of-care diagnostic testing, targeted therapies and stem-cell treatments are fueling the need for specially designed blood bags and their accessories. Innovative blood bank bags by offering biotech interventions in blood bags, the companies can turn these changes into opportunities for increasing their revenue generation strategies.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Blood Bags Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Blood Bags Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The blood bags market is estimated to grow with a CAGR of 8.8% from 2023 to 2031.
Asia Pacific region is likely to witness fastest growth rate during the forecast period.
The blood bags market majorly consists of the players such as The Metrix Company,Terumo Corporation and BL Lifesciences among others.
Single-use blood bags are likely to remain the key trend during the forecast period
The market drivers include increasing demand for blood transfusions and growing awareness of blood safety are driving the blood bags market
North America dominated the blood bags market in 2023
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1. Blood Bags Market- By Product
1.3.2. Blood Bags Market- By End User
1.3.3. Blood Bags Market- By Region
1.3.3.1. By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BLOOD BAGS MARKET LANDSCAPE
4.1. MARKET OVERVIEW
4.2. PEST ANALYSIS
4.2.1. North America - PEST Analysis
4.2.2. Europe - PEST Analysis
4.2.3. Asia Pacific - PEST Analysis
4.2.4. Middle East & Africa - PEST Analysis
4.2.5. South and Central America - PEST Analysis
5. BLOOD BAGS MARKET- KEY INDUSTRY DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. BLOOD BAGS MARKET- GLOBAL ANALYSIS
6.1. BLOOD BAGS MARKET - GLOBAL MARKET OVERVIEW
6.2. BLOOD BAGS MARKET - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/ MARKET SHARE OF KEY PLAYERS
7. BLOOD BAGS MARKET REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. SINGLE COLLECTION MARKET
7.3.1. Overview
7.3.2. Single Collection Market Forecast and Analysis (US$ Mn)
7.4. DOUBLE COLLECTION MARKET
7.4.1. Overview
7.4.2. Double Collection Market Forecast and Analysis (US$ Mn)
7.5. TRIPLE COLLECTION MARKET
7.5.1. Overview
7.5.2. Triple Collection Market Forecast and Analysis (US$ Mn)
7.6. QUADRUPLE COLLECTION MARKET
7.6.1. Overview
7.6.2. Quadruple Collection Market Forecast and Analysis (US$ Mn)
7.7. OTHERS MARKET
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis (US$ Mn)
8. BLOOD BAGS MARKET REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. HOSPITALS MARKET
8.3.1. Overview
8.3.2. Hospitals Market Forecast and Analysis (US$ Mn)
8.4. DIAGNOSTIC CENTERS MARKET
8.4.1. Overview
8.4.2. Diagnostic Centers Market Forecast and Analysis (US$ Mn)
8.5. RESEARCH LABORATORIES MARKET
8.5.1. Overview
8.5.2. Research Laboratories Market Forecast and Analysis (US$ Mn)
8.6. OTHERS MARKET
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis (US$ Mn)
9. BLOOD BAGS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA BLOOD BAGS MARKET
9.1.1. North America Blood Bags Market Forecasts and Analysis (US$ Mn)
9.1.2. North America Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.1.3. North America Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.1.4. North America Blood Bags Market Forecasts and Analysis - By Country
9.1.5. US Market Overview
9.1.5.1. US Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.1.5.2. US Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.1.6. Canada Market Overview
9.1.6.1. Canada Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.1.6.2. Canada Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.1.7. Mexico Market Overview
9.1.7.1. Mexico Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.1.7.2. Mexico Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.2. EUROPE BLOOD BAGS MARKET
9.2.1. Europe Blood Bags Market Forecasts and Analysis (US$ Mn)
9.2.2. Europe Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.2.3. Europe Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.2.4. Europe Blood Bags Market Forecasts and Analysis - By Country
9.2.5. UK Market Overview
9.2.5.1. UK Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.2.5.2. UK Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.2.6. Germany Market Overview
9.2.6.1. Germany Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.2.6.2. Germany Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.2.7. France Market Overview
9.2.7.1. France Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.2.7.2. France Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.3. ASIA PACIFIC BLOOD BAGS MARKET
9.3.1. Asia Pacific Blood Bags Market Forecasts and Analysis (US$ Mn)
9.3.2. Asia Pacific Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.3.3. Asia Pacific Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.3.4. Asia Pacific Blood Bags Market Forecasts and Analysis - By Country
9.3.5. China Market Overview
9.3.5.1. China Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.3.5.2. China Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.3.6. Japan Market Overview
9.3.6.1. Japan Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.3.6.2. Japan Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.3.7. India Market Overview
9.3.7.1. India Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.3.7.2. India Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.4. MIDDLE EAST AND AFRICA (MEA) BLOOD BAGS MARKET
9.4.1. Middle East and Africa (MEA) Blood Bags Market Forecasts and Analysis (US$ Mn)
9.4.2. Middle East and Africa (MEA) Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.4.3. Middle East and Africa (MEA) Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.4.4. Middle East and Africa (MEA) Blood Bags Market Forecasts and Analysis - By Country
9.4.5. UAE Market Overview
9.4.5.1. UAE Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.4.5.2. UAE Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.4.6. Saudi Arabia Market Overview
9.4.6.1. Saudi Arabia Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.4.6.2. Saudi Arabia Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.4.7. South Africa Market Overview
9.4.7.1. South Africa Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.4.7.2. South Africa Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.5. SOUTH AND CENTRAL AMERICA BLOOD BAGS MARKET
9.5.1. South and Central America Blood Bags Market Forecasts and Analysis (US$ Mn)
9.5.2. South and Central America Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.5.3. South and Central America Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
9.5.4. South and Central America Blood Bags Market Forecasts and Analysis - By Country
9.5.5. Brazil Market Overview
9.5.5.1. Brazil Blood Bags Market Forecasts and Analysis - By Product (US$ Mn)
9.5.5.2. Brazil Blood Bags Market Forecasts and Analysis - By End User (US$ Mn)
10. INDUSTRY LANDSCAPE
10.1. ORGANIC GROWTH STRATEGIES
10.1.1. New Product Launches
10.1.2. Marketing & Promotional Activities
10.2. INORGANIC GROWTH STRATEGIES
10.2.1. Partnerships, Collaborations, and Joint Ventures
10.2.2. Mergers & Acquisitions
11. BLOOD BAGS MARKET, KEY COMPANY PROFILES
11.1. QINGDAO SINOLAND INTERNATIONAL TRADE CO.,LTD
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Financial Overview
11.1.4. Product Portfolio
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. THE METRIX COMPANY
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Financial Overview
11.2.4. Product Portfolio
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. GENESIS BPS
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Financial Overview
11.3.4. Product Portfolio
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. BL LIFESCIENCES
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Financial Overview
11.4.4. Product Portfolio
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. TERUMO MEDICAL CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Financial Overview
11.5.4. Product Portfolio
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. MITRA INDUSTRIES (P) LTD
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Financial Overview
11.6.4. Product Portfolio
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. HAEMONETICS CORPORATION
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Financial Overview
11.7.4. Product Portfolio
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SURU INTERNATIONAL PVT. LTD
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Financial Overview
11.8.4. Product Portfolio
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. FRESENIUS SE & CO. KGAA
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Financial Overview
11.9.4. Product Portfolio
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. GRIFOLS, S.A.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Financial Overview
11.10.4. Product Portfolio
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Qingdao Sinoland International Trade Co.,Ltd
2. The Metrix Company
3. Genesis BPS
4. BL Lifesciences
5. Terumo Medical Corporation
6. Mitra Industries (P) Ltd
7. Haemonetics Corporation
8. SURU International Pvt. Ltd
9. Fresenius SE & Co. KGaA
10. Grifols, S.A.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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