The global blood collection market size was USD 4.86 Billion in 2020 and is expected to register a steady revenue CAGR of 6.2% during the forecast period. Key factors driving global market revenue growth are increasing prevalence of infectious and lifestyle-associated diseases, increasing number of road accidents and emergency trauma cases across the globe, and technological advancements in blood collection devices.
Blood collection is a process in which blood is collected from a person’s body to perform required laboratory tests. Blood conditions play a crucial role in revealing specific diseases and conditions. Blood is collected through three common methods, and one of the most commonly used forms for collecting blood is arterial sampling, used for identifying metabolic, mixed acid-base, and respiratory disorders, while venipuncture sampling is used for collecting blood from a superficial vein in the upper limb. Another method, fingerstick sampling, involves taking small amount of blood, usually from the tip of a finger. Blood samples are collected to measure and diagnose various conditions such as electrolyte imbalance, screen for risk factors such as high cholesterol levels, or monitor effects of treatment and medication. Various technologically advanced systems and products are used for collecting blood. One of the latest inventions is vein lightening and visualization method that is commonly used for collecting blood in individuals having difficulties in finding vein.
One of the key factors driving global market revenue growth is rising prevalence of various chronic diseases such as cancer, coronary heart diseases, anemia, and diabetes. Other factors such as rising road accidents, increasing need for blood transfusion, and growing awareness about blood tests are expected to boost global market revenue growth during the forecast period. In addition, increasing prevalence of lifestyle-associated diseases, growing global geriatric population, and increasing need for regular testing are expected to boost market revenue growth. Various major players are also investing in research & development activities and focusing on developing more enhanced blood collection devices and products. However, risks associated with blood transfusions, skin reactions, and complications such as cellulitis, diaphoresis, and hypotension after collecting blood and insufficient blood testing in various underdeveloped countries are other factors that could hamper global market growth to a certain extent.
Request a Sample@ https://qyresearchmedical.com/sample/118915
Market Dynamics:
Drivers: Increasing awareness about importance of blood donation and high prevalence of blood disorders across the globe
Increasing prevalence of blood disorders such as anemia, sickle cell disease, blood clots, leukemia, lymphoma, and myeloma across the globe is resulting in high demand for blood transfusion. In addition, increasing number of road accidents and surgeries globally is increasing demand for blood transfusion. Four types of blood products can be given through blood transfusion including whole blood, red blood cells, plasma, and platelets. An adequate amount of blood is needed in all healthcare centers to help patients survive surgeries, cancer treatment, trauma emergencies, or to perform other lifesaving processes. However, various medical facilities often face blood shortages, and to cater to rising shortage, various non-government and government organizations are focusing on increasing awareness about blood donation. Several organizations conduct lectures to spread awareness about importance of blood donation and organize blood donation drives and camps to encourage people to donate blood.
Restraints: High cost of automated blood collecting devices and complications with storage and shipping are key factors expected to hamper overall market growth during the forecast period
In the recent years, popularity and use of automated blood collection systems is being rapidly gaining traction. However, some hospitals, ambulatory care services, and blood banks, especially in developing countries, find it difficult to deploy automated devices due to budget constraints as these devices are costly. Another factor that could hamper market revenue growth is challenges with blood storage and shipping. Storage and shipping of blood samples pose challenges and high costs, as blood components are prone to degradation, maintaining ideal temperatures and conditions immediately after collection is of utmost importance.
Key Takeaways:
Product Outlook:
Based on product, the global market is segmented into blood collection tubes, needles & syringes, blood bags, blood collection systems/monitors, and lancets. The blood collection tubes segment is further segmented into plasma/whole-blood tubes, EDTA tubes, heparin tubes, coagulation tubes, glucose tubes, ESR tubes, serum tubes, vacuum tubes, and non-vacuum tubes. Blood collection tubes segment is expected to account for significantly large revenue share between 2021 and 2028. Factors such as increasing prevalence of various diseases, high demand for various testing tubes for diagnosis of different diseases, availability of various testing tubes, and strong emphasis on developing novel and innovative blood tubes to improve sample quality with better results are expected to drive revenue growth of the segment.
Method Outlook:
On the basis of method, the global market is segmented into manual and automated blood collection. The automated segment is expected to account for significant revenue growth over the forecast period owing to increasing cases of various chronic diseases, constant need for blood due to high occurrence of road accidents, organ transplantation, and blood disorders, and rising demand for various blood components. Automated blood collection systems help operators work more efficiently, reduce manual documentation, improve traceability, and decrease the risk associated with bacterial contamination. Leading manufacturers are focusing on collecting higher quality blood components and also improving donor experience.
Application Outlook:
Based on application, the global market is segmented into diagnostics (infectious diseases, non-infectious diseases) and therapeutics. The diagnostics segment is expected to account for significantly larger revenue share over the forecast period. This can be attributed to increasing prevalence of infectious and non-infectious diseases across the globe, rising awareness about regular health checkups, rising demand for blood collection and sample processing, and increasing adoption of liquid biopsy tests.
End Use Outlook:
Based on end use, the global market is segmented into hospitals, ambulatory surgical centers, & nursing homes, diagnostic & pathology laboratories, blood banks, and others. Among these, hospitals, ambulatory surgical centers, & nursing homes segment accounted for largest revenue share in 2020, and is expected to retain its leading position during the forecast period. Hospitals, nursing homes, and ambulatory care centers are primary centers for disease diagnosis, screening, and treatment. Robust revenue growth is attributed to factors such as increasing prevalence of various infectious diseases, high number of patient admissions for trauma and emergencies, different surgeries, organ donations, and high requirement of blood. In addition, improving healthcare facilities and infrastructure and high usage of blood collection devices and devices for diagnosis and blood transfusions are other key factors expected to drive revenue growth of the segment.
Regional Outlook:
Geographically, North America is expected to account for largest revenue share in the global market over the forecast period owing to high prevalence of chronic disorders, blood diseases, and lifestyle-associated diseases, increasing number of road accidents, presence of well-established healthcare facilities and research centers, and high number of testing among the population. Rapid advancements in blood collecting devices, increasing research and development activities, increasing blood donation awareness among public, and increasing number of clinical trials and product approvals are expected to boost North America market growth during 2021-2028.
Asia Pacific market is expected to account for fastest revenue CAGR during the forecast period owing to rising incidence of chronic illnesses and blood disorders, increasing awareness about importance of blood donation, increasing initiatives by public and private organizations to encourage blood donation. In addition, increasing healthcare expenditure, improving healthcare systems and facilities, rising disposable incomes, and increasing investments in research and development activities for developing and introducing new devices and products for blood collection are fueling market growth in Asia Pacific.
Competitive Landscape:
The global blood collection market is extremely competitive and comprises key players at global and regional levels. Major players in the market are focused on product development and are adopting various strategies such as mergers and acquisitions, partnerships, license agreements, joint ventures, and collaborations to expand their product base and strengthen their market position. Becton, Dickinson and Company, Terumo BCT, Inc., Fresenius Kabi AG, Grifols, Nipro Medical Corporation, Quest Diagnostics, SARSTEDT AG & Co., Macopharma S.A., Smiths Medical, Kawasumi Laboratories, Retractable Technologies, Liuyang Sanli Medical Technology Development, F.L. Medical S.R.L, AB Medical, APTCA SPA, Micsafe Medical Group Limited, Ajosha Bio Teknik Pvt. Ltd., Preq Systems, CML Biotech, Lmb Technologie GmbH, Mitra Industries Private Limited, Neomedic Limited, and Greiner Holding AG are some of the key players operating in the global blood collection market.
Strategic Developments:
- In February 2020, Becton, Dickinson and Company, a global medical technology company announced strategic partnership with Babson Diagnostics, a transformative diagnostic blood testing firm to introduce laboratory quality, small volume collection of blood for diagnostic testing in retail pharmacies. The aim of the partnership is to enable retail pharmacies offer laboratory quality diagnostic testing through capillary blood collection devices quickly at cost-effective rates and at convenient locations and hours.
- In August 2020, Greiner Bio-One announced collaboration with Hematologic Technologies to offer complete end-to-end development and manufacturing of customizable tubes for collecting blood for in-vitro diagnostics and clinical diagnostic device developers.
Pipeline Analysis:
Terumo BCT, Inc., a US-based medical company that provides software and services for blood component collection, cellular technologies, and therapeutic apheresis, announced collaboration with CSL Plasma, one of the world’s largest human plasma collectors to deliver a new plasma collection platform. A clinical trial of investigational plasmapheresis devices began in April 2021 and launch of the novel plasma collection platform is subject to US FDA device clearance going ahead.
Segments Covered in the report
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2018 to 2028. For the purpose of this study, Reports and Data has segmented the blood collection market based on product, method, application, end use and region:
Blood Collection Market Report Scope
Segments covered By Product Outlook, Method Outlook, Application Outlook, End Use Outlook, Regional Outlook
By Product Outlook
Blood Collection Tubes
Plasma/Whole-Blood Tubes
EDTA Tubes
Heparin Tubes
Coagulation Tubes
Glucose Tubes
ESR Tubes
Serum Tubes
Vacuum Tubes
Non-vacuum Tubes
Needles & Syringes
Blood Bags
Blood Collection Systems/Monitors
Lancets
By Method Outlook
Manual
Automated
By Application Outlook
Diagnostics
Infectious Diseases
Non-infectious Diseases
Therapeutics
By End Use Outlook
Hospitals, Ambulatory Surgical Centers, & Nursing Homes
Diagnostic & Pathology Laboratories
Blood Banks
Others
Regional scope
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Buy quantitative research Report at discounted price – USD 1500 https://qyresearchmedical.com/report/checkout/118915/1500
You can place an order or ask any questions, please feel free to contact sales@qyresearchmedical.com | +1 9197 992 333
Blog: https://www.novaoneadvisor.com/
Blog: https://www.visionresearchreports.com/
About Us
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us:
URL – http://www.qyresearchmedical.com/
https://www.linkedin.com/company/qyresearch-medical/
https://www.facebook.com/QYResearch-Medical-108186514228917/