Market Trends of Global Blood Bags Industry
This section covers the major market trends shaping the Blood Bags Market according to our research experts:
Hospitals and Clinics Based Segment is Expected to Witness Growth Over the Forecast Period
The hospital segment may witness high growth over the estimated timeframe, owing to the increasing number of surgical procedures that require blood supply in large amounts. The rising blood disorders, growth of the healthcare sector, and the increasing construction of hospitals and health clinics are anticipated to positively impact the market.
The COVID-19 outbreak hurt the blood bags market, as a rising number of people are becoming increasingly concerned about donating blood due to the transmission of the virus. Hence, there has been tremendous pressure on hospitals and other healthcare centers to provide services to COVID-19 patients, and this factor has impacted the demand for blood bags in the market.
According to the American Hospital Association, data updated in February 2022, in the United States alone, 48 million surgeries were performed in hospitals, and most of them required an enormous amount of blood supply, which may augment the blood bag market's growth. Moreover, as per National Crime Records Bureau, data updated in September 2021, a total of 3,54,796 road accident cases were reported during 2020 which require surgeries and immediate treatment. Such emergency cases and accident injuries lead to surgeries, which increase the demand for blood transfusion. Hence, increases the demand for blood bags in the country, in turn, fueling the target market growth in the given timeframe.
There is also an increasing number of healthcare centers, including hospitals and clinics, which may be a high-impact rendering factor. For instance, according to the American Hospital Association (AHA), data updated in February 2021, the number of urban community hospitals increased from 6,090 to 5,141 between 2020 and 2018. This increasing number of hospitals has increased awareness about the need for remaining healthy and fit. Various disorders and procedures may augment the blood bags industry's growth over the forecast period.
North America has been Dominant Share in the Market and a Similar Trend is Expected Over the Forecast Period
The North American blood bag market has experienced high growth due to the increase in blood transfusions, rising prevalence of various diseases, the surge in awareness among people, and blood donation campaigns carried out by private and government organizations. With the COVID-19 impact being the highest in the United States, the region foresees good growth in the market during the forecast period.
The increasing demand for blood bags is propelling the growth of the target market. For instance, in February 2021, according to the American National Red Cross estimates, approximately 36,000 units of red blood cells are needed every day, and nearly 21 million blood components are transfused each year in the United States. Thus, the increasing demand for the product is fueling the market growth. Additionally, according to the Globocan 2020 report, Canada had 8,506 cases of Non-Hodgkin lymphoma. The increase in cases of Non-Hodgkin lymphoma is expected to generate the demand for blood bags in the region.
An increase in the number of road accidents and the rising prevalence of chronic diseases are major factors driving the growth of the market studied. For instance, in March 2021, as per the American Red Cross data, a single-car accident victim may require as many as 100 units of blood. This factor is expected to augment the demand for blood transfusion over the forecast period.
Furthermore, there is an increasing demand for blood transfusion in the United States. According to the New York Blood Center (NYBC), in 2020, car accidents and trauma victims needed more than 77 red cell transfusions during the entire treatment. Moreover, the rising government initiatives for improving healthcare blood management and the growing awareness about blood donation are expected to fuel the market growth. Thus, due to the factors mentioned above, the market studied is expected to witness rapid growth during the forecast period.
