Continuous innovations, new product rollouts, and automation in the medical industry are proving as a critical strategy for using disposable medical supplies rather than reusable products. For several years, disposable plastic blood bags have been in use within the private medical practices, clinics and hospital environments. They are specially used to avoid risk of infection and higher costs in regards to washing and sterilizing the bags for consumer convenience.
Market Insights into the Global Disposable Plastic Blood Bags Market
The global disposable plastic blood bags, also known as medical specialty bags market is poised to grow at a significant rate in the near future. This growth is backed by growing geriatric population, technological advancements, and introduction of a number of sophisticated products. Owing to the ease of use of disposable plastic blood bags and its relative cost advantage, the disposable plastic blood bags market becomes an integral component within the medical industry. Also, due to advancements in the technology and increasing prevalence of blood related disorders, the disposable plastic blood bags market is witnessing significant growth globally.
Disposable plastic blood bags are biomedical devices used for storage, collection, transportation, and transfusion of blood and its various components. They are commonly used from polyvinyl chloride (PVC) and plastic materials and are categorized into different types based on the need of blood infusion.
Considering the market by type of disposable blood bags, the single blood bags market is the largest segment in the overall disposable plastic blood bags market. The overall market scenario on disposable plastic blood bags posts bright outlook for the enhancing technologies and new products in the global market.
Disposable Plastic Blood Bags Market - by Geography
Currently, the U.S., Europe, and Japan make up for a majority of the share in the global disposable plastic blood bags market, worldwide. North America, of all the regions, has the largest market for the global disposable plastic blood bags. This market is estimated to be at US$83,670.7 thousand in 2014. Rapidly growing at a CAGR of 9.3%, the disposable plastic blood bags market will soon reach an expected value of US$1,42,983.2 thousand in 2020.
Following to the U.S., Canada in North America is another region that represents the largest market for disposable plastic blood bags. Growth in Canada is due to increasing prevalence of blood disorders.
However, in terms of rapid development, growth, and innovation – Asia is the next fastest growing region in the world. Blood banks and single blood bags are one of the fastest growing types of products in the end-users market segment. Hospitals still remain as the largest segment in Asia. Owing to increasing demand for blood transfusion processes and large population base in this region, the market forecast expects Asia to experience high growth rate in the next five years in the global disposable plastic blood bags market.
In addition, rapidly advancing regions such as China, India, Russia, and Brazil are also expected to emerge due to rising population. Also, demand for disposable plastic blood bags in China and India and many other lucrative markets are expected to increase in the forthcoming years.
Leading market studies state that the global disposable plastic blood bags market is estimated at US$2,44,286.8 thousand in 2014. The market is nevertheless likely to grow with a CAGR of 9.1% and reach US$4,13,084.8 thousand in 2020.
Some of the recent trends that have been closely observed in the global disposable plastic blood bags market are the increasing use of RFID technology for easy identification of different blood bags from consumers and growing number of mergers and acquisitions by companies dealing into disposable plastic blood bags.
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