Global disposable plastic blood bags market to be driven by North America

29-Dec-14

The global disposable plastic blood bags market was valued at US$2,44,286,8 thousand in 2014 and is expected to grow at a CAGR of 9.1% from 2014 to 2020, to reach an estimated value of USD 4,13,084.8 thousand in 2020. The U.S. represents the largest market for disposable plastic blood bags followed by Canada in North American region. This is due to increasing prevalence of blood disorders in the region. Asia is expected to experience high growth rate in the next five years in global disposable plastic blood bags market America by Persistence Market Research. Disposable blood bag refers to a bio-medical device that is used for collection, storage, processing, transfusion, separation and transportation of human blood and blood components. There are different types of disposable plastic blood bags based on the need of blood infusion; single blood bag, double blood bag, triple blood bag, quadruple blood bag and transfer blood bag. Globally, the disposable plastic blood bags market is witnessing significant growth due to increasing prevalence of chronic diseases, rising aging population and advanced features of disposable plastic blood bags. In addition, increasing initiatives undertaken by various government associations spreading awareness about importance of blood donations are driving the disposable plastic blood bags market. However, factors such as risks associated with blood transfusion and lack of awareness and poor blood collection and storage infrastructure in various parts of the world restrain the global market for disposable plastic blood bags market. In addition, lack of primary healthcare infrastructure in developing countries negatively impacts the growth of the disposable plastic blood bags market. North America has the largest market for the global disposable plastic blood bags market. This is due to increased prevalence of blood disorders in the region. North American market will grow at a CAGR of 9.3% uptil 2020. Asia is the fastest growing region; this is due to large population base in the region. In terms of type of blood bags, single blood bags are the fastest growing segment. In terms of end users, blood banks are the fastest growing. Some of the latest trends that have been observed in the global disposable plastic blood bags market include increasing use of RFID technology in blood bags and increasing number of mergers and acquisitions by companies.