Market Size – USD 4.86 Billion in 2020, Market Growth – at a CAGR of 6.2%, Market Trends- Technological advancements in blood collection products
NEW YORK , NY, UNITED STATES, April 24, 2022 /EINPresswire.com/ — The global blood collection market is expected to reach USD 7.82 Billion in 2028 and register a steady revenue CAGR of 6.2% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are increasing prevalence of various diseases, rising number of accidents, organ transplantations and surgeries, and increasing number of product approvals.
Blood collection is one of the most common methods used for diagnosing various healthcare conditions. In the recent years, there has been a rapid increase in various health conditions such as cardiovascular diseases and cancer across the globe. Blood is collected for various blood tests for diagnosis and treatment of diseases. Increasing prevalence of blood diseases such as anemia, blood clots, leukemia, and sickle cell disease and rising need for regular blood testing are fueling global market growth. In addition, increasing awareness about blood donation, rising need for blood transfusion in emergencies, road accidents, and surgeries, and increasing investments for developing cost-effective products are expected to fuel global market growth going ahead.
However, factors such as lack of sufficient blood testing, especially in developing countries, high prices of automated blood collection devices, and complications regarding shipping and storing blood are expected to hamper overall market growth during the forecast period.
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Some key highlights from the report:
Based on product, the blood collection tubes segment is expected to account for significant revenue share over the forecast period owing to high prevalence of various chronic diseases, increasing blood testing, availability of different testing tubes for diagnosis of different diseases, and increasing focus on developing more advanced tubes for collecting blood.
Among the application segment, the diagnostics segment is expected to account for significantly larger share during 2021-2028 owing to increasing prevalence of diabetes, cancer, cardiovascular disorders, high usage of blood collection devices for diagnosing infections, and increasing awareness about regular health checkups.
Based on end use, the hospitals, ambulatory surgical centers, & nursing homes segment is expected to account for largest revenue share during the forecast period owing to increasing prevalence of various diseases, large number of patient admissions for accidents, trauma, and other emergencies, and rising number of surgeries and organ transplantation.
Europe is expected to account for significant revenue share over the forecast period owing to increasing prevalence of chronic diseases, availability of advanced healthcare facilities, rising number of accidents and emergencies, and increasing blood testing volume. In addition, increasing awareness about blood donation and early detection of diseases, increasing number of clinical trials, and rising investments in research and development activities are boosting market growth in Europe.
Asia Pacific market revenue is expected to expand at a rapid CAGR during 2021-2028 owing to increasing healthcare expenditure, improving healthcare infrastructure, high patient pool, and rising number of blood donation events, campaigns organized by various public and private organizations. Other factors such as rising per capita income, increasing investments for developing advanced devices for collecting blood, increasing number of road accidents and surgeries are fueling Asia Pacific market growth.
Becton, Dickinson and Company, Terumo BCT, Inc., Fresenius Kabi AG, Grifols, Nipro Medical Corporation, Quest Diagnostics, Macopharma S.A., Smiths Medical, Kawasumi Laboratories, Retractable Technologies, Liuyang Sanli Medical Technology Development, F.L. Medical S.R.L, AB Medical, Micsafe Medical Group Limited, CML Biotech, Lmb Technologie GmbH, and Greiner Holding AG are some of the key players operating in the global blood collection market.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Blood Collection Market Segmentation:
Product Outlook (Revenue, USD Billion, 2018-2028)
Blood Collection Tubes
Needles & Syringes
Blood Collection Systems/Monitors
Method Outlook (Revenue, USD Billion, 2018-2028)
Application Outlook (Revenue, USD Billion, 2018-2028)
End Use Outlook (Revenue, USD Billion, 2018-2028)
Hospitals, Ambulatory Surgical Centers, & Nursing Homes
Diagnostic & Pathology Laboratories
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Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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