According to FutureWise analysis the market for blood bags in 2023 is US$ 0.29 billion, and is expected to reach US$ 0.61 billion by 2031 at a CAGR of 9.60%.
Blood and its components, including platelets, plasma, and cryoprecipitate, are transferred, collected, stored, and transfused using a blood bag. It's usually made of biocompatible PVC and comes with collection tubes, needles, needle coverings, and clamps built in. Citrate Phosphate Dextrose Adenine (CPDA) blood bags, Saline Adenine Glucose Mannitol (SAGM) blood bags, and transfer bags are the most common types of blood bags on the market. They are divided into single, double, triple, and quadruple blood collection bags based on the sorts of transfusions they are used for. Surgical centres, trauma centres, emergency rooms, ambulatory care facilities, and critical care units all use these bags. Furthermore, the rising frequency of various blood-related medical conditions, such as anaemia, haemophilia, myeloma, and leukaemia, is pushing blood transfusion demand. The expansion of the blood bag market is being fueled by numerous invasive surgical operations in the sectors of cardiology, neurology, orthopaedics, oncology, and others. Blood banks, medical research laboratories, and diagnostic facilities are also being established as a result of increased investments in healthcare infrastructure development. The market for blood bags is also being boosted by the development of multiple blood donation programmes by various government entities and non-profit groups. The rising frequencies of fatal accidents, as well as the widespread presence of trauma centres around the world, are driving the worldwide blood bags market.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Blood Bags Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Blood Bags Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.