The rise in number of road accidents and increased number of blood transfusions in India is projected to drive the growth of India Blood Bags Market.
According to TechSci Research report, “India Blood Bags Market – By Region, Forecast & Opportunities, 2018-2028”, the India Blood Bags Market stood at USD 46.99 million in 2022 and is anticipated to reach USD 66.51 million by 2028. This can be attributed to the increasing number of invasive surgeries taking place in India and the growing acknowledgement of the utilization of blood components.
A significant hike in road accidents across the country is responsible for fueling the India Blood Bags Market. Road accidents can result in severe blood loss causing hypovolemic shock, which requires blood replenishment as soon as possible. Besides, there is a prevalence of blood-related ailments like anemia, sickle-cell anemia, hemophilia, blood cancers including leukemia, lymphoma, etc., in the country. Furthermore, the utilization of blood components has risen the demand for double and triple blood bags in the nation. Also, few initiatives taken by the Indian government like the setting up of National Blood Transfusion Council and the launch of an application named ‘eBloodServices’ to propagate awareness about blood donation and blood availability is further expanding the India Blood Bags Market. However, shortage of skilled personnel for collecting the blood as well as low awareness about voluntary blood donation can hinder the market growth in the near future. In addition, some strict regulations by the Indian government regarding the consumption of plastics is further anticipated to curb the India Blood Bags market.
Browse over 43 market data Figures spread through 70 Pages and an in-depth TOC on “India Blood Bags Market”
The India Blood Bags Market is segmented into product, type, volume, material, end-user, region, and company. Based on product, the market can be segmented into Single Blood Bag, Triple Blood Bag, Double Blood Bag, Quadruple Blood Bag and Penta Blood Bag. The Single Blood Bag held the largest market share of around 34.62% in 2022. The possible reason of this could be an increase in the road accidents in India. This is so because of growing carelessness amongst people, especially the youth of the country. Moreover, the number of surgeries due to blood-related ailments like cancers have also risen at a handsome pace allowing more whole blood transfusions. The triple blood bags usually see a hike in the market during the season of dengue and malaria in India, when platelets are to be transfused in severely affected patients.
Based on the type, the market is split into Collection Bag and Transfer Bag. The Collection Bag dominated the market in 2022 and is anticipated to maintain its dominance during the forecast period. This is so because collection bags are used for storing the blood. This is the most useful type of bag when there is a need to stock blood, especially in North-East, emergency wards and other remote as well as tribal areas of India. Transfer bags are basically satellite bags or additional bags used when there is a need of transfusing just a component of blood and not the entire blood.
Based on end-user, the market is categorized into Hospitals and Clinics, Blood Banks, Ambulatory Surgical Centers and Others. Out of these, Hospitals and Clinics leads the market with the highest share of 38.10% in 2022. Growing investments in construction of healthcare centers is propagating the market. Also, a boost in blood donations across the country is further propelling the segment. Another factor responsible for the growth of Hospitals and Clinics in the forecast period is the road accidents that take place every day, prevalence of trauma cases and a shoot up in the diagnosis of blood-related illnesses.
The leading companies operating in the India Blood Bags Market are:
- Terumo Penpol Pvt Ltd.
- Mitra Industries Pvt. Ltd.
- Poly Medicure Ltd.
- HLL Lifecare Ltd.
- BL Lifesciences Pvt Ltd.
- Innvol Medical India Limited
- Imperial Biotech Private Limited
- Fresenius Kabi India Private Limited
- Advin Health Care
- Sai Kripa Enterprises
India Blood Bags Market is a highly fragmented one with a lot of blood bags being imported from various countries such as China, Singapore, United States, among others. However, the market fragmentation will further increase in the coming years as a lot of players are expected to emerge in the market in light of the Aatmanirbhar Bharat scheme implemented by the government of India.
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“A surge in road accidents and traumatic cases across the country is anticipated to propel the market of India Blood Bags. Deaths due to severe blood loss or hemorrhage due to traffic injuries have risen noticeably in the past few years. Additionally, cancer cases and blood-related illnesses are also experiencing a rise in India which is further enhancing the number of oncological and hematological surgeries taking place in hospitals, thus fueling the India Blood Bags market. However, the growing cognizance among people regarding blood donation and the use of blood components is further estimated to catalyze the market at a handsome CAGR.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Blood Bags Market By Product (Single Blood Bag, Triple Blood Bag, Double Blood Bag, Quadruple Blood Bag, Penta Blood Bag), By Type (Collection Bag v/s Transfer Bag), By Volume (450ml, 350ml, 150ml, 100ml, 250ml, Others), By Material (PVC, PET, Others), By End-User (Hospitals and Clinics, Blood Banks, Ambulatory Surgical Centers, Others), By Region, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of India Blood Bags Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Blood Bags Market.
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