The global disposable plastic blood bag market was valued at $286.5 million in 2014, and it is expected to grow with a CAGR of 9.2% during the period 2015 – 2020. The global disposable plastic blood bag market is growing, due to increasing prevalence of chronic diseases and rising aging population. In addition, rising initiatives undertaken by government associations to boost awareness about blood donations and advanced features of disposable plastic blood bags are also driving the growth of the global disposable plastic blood bag market.
Based on type, the single disposable plastic blood bag market segment is expected to be the largest market and witness fastest growth during the forecast period. Among the end-user segment, hospital had the largest market size in the global disposable plastic blood bag market in 2014.
Increasing prevalence of various chronic diseases, such as cancer and blood disorders, is playing a pivotal role in the growth of disposable plastic blood bag market. Additionally, increased participation of government associations had raised awareness regarding blood donations all over the world. Some of the major associations include the World Health Organization (WHO), International Federation of Red Cross and Red Crescent Societies (IFRC), and American Red Cross. These organizations support blood donation programs and encourage people to donate blood and blood components.
However, undeveloped blood collection and storage infrastructure in developing countries, and high risk associated with blood donation and transfusion are hindering the growth of the global disposable plastic blood bag market. Growing number of mergers and acquisitions and increasing use of RFID technology in disposable blood bags are some of the latest trends that have been observed in the disposable plastic blood bags market.
Geographically, North America dominated the global disposable plastic blood bag market in 2014; and it is expected to grow at a CAGR of 9.4% during the period 2015 – 2020. However, the Asian disposable plastic blood bag market is expected to witness fastest growth, with a CAGR of 9.8% during the forecast period.
The key companies operating in the global disposable plastic blood bag market include Haemonetics Corporation, JMS Co., Ltd., Kawasumi Laboratories, Inc., Grifols International S.A., AdvaCare Pharma, Fresenius SE & Co. KGaA, Terumo Corporation, Macopharma, Genesis BPS, SURU International Pvt. Ltd., Shanghai Transfusion Technology Co., Ltd., Nigale Biomedical Inc. of Sichuan Province Corporation (Nigale), Neomedic Limited, and Shandong Weigao Group Medical Polymer Company Limited.
News Courtesy: P&S Market Research