The new report by Expert Market Research titled, ‘Global Blood Collection Market Size, Share, Growth, Scope, Analysis, Report and Forecast 2023-2031’, gives an in-depth analysis of the global blood collection market, assessing the market based on its segments like product, application, end use and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2031)
- Historical Market Size (2022): USD 8 billion
- Forecast CAGR (2023-2031): 6.1%
- Forecast Market Size (2031): USD 13.70 billion
Some of the factors which are projected to fuel the demand for the global blood collection market are advancements in the field of medical devices, increasing ailments, diagnosis tests, incidence of trauma and accidents, infectious diseases, etc.
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The constant increase in the number of people suffering from these diseases and conditions, as well as the rising number of accidents, may stimulate the blood collection market over the forecast period. However, blood contamination and associated complications, as well as injuries sustained during blood collection, are the most significant restraints on the examined market.
Blood Collection Industry Definition and Major Segments
The collection of blood samples is a standard technique used to obtain blood for a range of laboratory testing. Blood can be collected using intravenous catheters and infrequently by fingerstick. However, it is typically collected by puncturing a peripheral vein, commonly known as venipuncture.
Storing and transporting whole blood samples presents major difficulties and expenses. Once collected, whole blood must be utilized immediately or preserved under stringent temperature and environmental conditions for analysis or other uses.
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By product, the market is divided into:
- Needles and Syringes
- Blood Collection Tubes
- Blood Bags
- Others
By application, the market is bifurcated into:
- Diagnostics
- Treatment
By end-use, the market is bifurcated into:
- Hospitals
- Diagnostic Centres
- Blood Banks
- Others
By region, the industry is categorized into:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Blood Collection Market Trends
The extensive availability of diagnostics has been necessary for the prompt detection of COVID-19 patients in order to control the rapid spread of the virus. The determination of a public health emergency justifies the permission of emergency use of in vitro diagnostics (IVDs) for the diagnosis of COVID-19, which eventually stimulates the expansion of the global blood testing market.
Therefore, the segment of needles and syringes is anticipated to experience substantial growth over the forecast period. In addition to the pandemic, many other infectious diseases are common, raising the demand for blood specimen collection for diagnosis and, consequently, the demand for blood collection has increased. Various developments in the field of medical devices also contribute to the market expansion. In various circumstances, for instance, siliconized needles are utilized to limit damage and the chance of vein cross perforation with a short Bevel.
Due to the fact that a significant number of injuries occur within seconds after an intrusive device is removed from a vein, the majority of needles now on the market offer instant protection at the puncture site. Consequently, this category is anticipated to maintain its dominance over the projection period. Due to the increasing demand for blood collection products, North America owns the highest share of the market under consideration.
The primary factors driving the expansion of the studied market are the rise in the incidence of chronic diseases and the number of automobile accidents. In light of the fact that COVID-19 had the greatest influence in the United States, the area anticipates robust market expansion throughout the forecast period.
Key Market Players
The major players in the market are Abbott Laboratories, NIPRO Medical Corp, Becton, Dickinson and Company, Terumo Corp, Medtronic, Qiagen, Others, among others.
The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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