Blood Collection Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 13, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 6.5 billion |
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Market Size Value in 2031 |
US$ 11.92 billion |
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CAGR |
6.72% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global blood collection devices market was valued at US$ 6.5 billion in 2022 and is expected to register a revenue CAGR of 6.72% to reach US$ 11.92 billion by 2031.
Blood Collection Devices Market Fundamentals
Blood collection devices collect blood samples from patients for various medical purposes, including diagnosis, treatment, and research. Healthcare personnel utilizes blood collection devices, which are crucial pieces of equipment, to collect blood samples securely and effectively in hospitals, clinics, laboratories, and other healthcare settings.
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Blood Collection Devices Market Dynamics
The rise in the prevalence of infectious diseases and the increase in the rate of accident and trauma cases and non-communicable diseases act as one of the major factors driving the revenue growth of the global blood collection devices market. The rise in research and development efforts in biotechnology and the rising mortality cases in the age group of 30 to 69 years brought on by non-communicable diseases drive the market revenue expansion for blood collection equipment. The increasing prevalence of blood-borne illnesses also impacts the market for blood collection devices, hematological conditions like blood cancer, anemia, sickle cell anemia, and thalassemia, as well as transfusion-transmissible infections and the widespread use of chemotherapy, difficult operations, dialysis, and organ or tissue transplant procedures. Moreover, the market for blood collection devices is positively impacted by growing demand for sophisticated instruments, improved healthcare infrastructure, research and development initiatives, and rising public awareness of diseases and early diagnosis. Additionally, the forecast period presents lucrative opportunities for the players in the blood collection devices market due to rising apheresis demand and improvements in blood collection, such as micro-sampling and dried blood sampling.
Several factors, including the rising incidence of chronic diseases like diabetes, cardiovascular conditions, and cancer, necessitating routine blood testing for diagnosis and monitoring, fuel the market revenue for blood collection equipment. The market for blood collection devices is expanding due to a number of factors, including the rising need for blood and blood products for transfusions, surgeries, and other medical treatments, as well as the necessity of early disease identification and screening. Syringes, lancets, blood collection tubes, blood bags, blood collection sets, and other accessories are just a few examples of the numerous products that make up blood collection instruments. Depending on the nature and intended application, these devices are often made of plastic, glass, and stainless steel and can be disposable or reusable.
The market for blood collection devices is quite cutthroat, with numerous national and international firms vying for market dominance. Becton, Dickinson and Company, Terumo Corporation, Fresenius Kabi AG, Greiner Holding AG, Nipro Corporation, Haemonetics Corporation, Sarstedt AG & Co., KG, FL MEDICAL s.r.l., Cardinal Health, Inc., and Grifols International SA are a few of the major competitors in the market.
However, healthcare systems around the world are under constant cost pressures. Blood collection devices must be cost-effective while maintaining quality and safety standards. Balancing the need for affordable blood collection devices with the rising research and development costs, manufacturing, and regulatory compliance can be challenging for manufacturers. Regulatory compliance, safety concerns, financial pressures, newly developing infectious illnesses, technology improvements, competition, restricted access to healthcare, and education and training are all issues the market for blood collection devices must address.
Blood Collection Devices Market Ecosystem
The global orthopedic shoe market is analyzed from four perspectives: product type, application, end-user, and region.
Blood Collection Devices Market by Product Type
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Based on the product type, the global blood collection devices market is segmented into syringes, blood bags, blood collection tubes, lancets, and others.
The syringes segment accounts for the largest revenue share of the global blood collection devices market. The significant usage of the product in various medical diagnostic and therapeutic procedures contributes to the segment's growth. In addition, the segment's global dominance in the market for blood collection devices is mostly due to recurring purchases and high affordability.
Blood Collection Devices Market by Application
Based on application, the global blood collection devices market is segmented into diagnostics and treatment.
The diagnostics segment accounts for the largest revenue share in the global blood collection market. This is due to increased research and development activities for the study of illness diagnosis and a surge in the adoption of blood collection products for diagnostic applications in laboratories. Also, increased demand for blood collection for the disease's treatment contributes to the market's expansion. For instance, blood transfusions are frequently given to patients who have diseases like leukemia or kidney conditions that cause anemia. Also, individuals who have sustained catastrophic injuries in vehicle accidents or natural disasters are treated with blood transfusions.
Blood Collection Devices Market by End-User
Based on the end-user, the global blood collection devices market is segmented into hospitals, blood banks, home care settings, and others.
The hospital segment accounts for the largest revenue share in the global blood collection devices market. The advancement of liquid biopsy technology, exposure to international trends, and the requirement for the highest levels of patient care are all cited as reasons for the segment's revenue expansion. For instance, medical clinics can use specialist scientific equipment from hospitals and pathology labs. The issues related to current medical science in the hospital and pathology laboratories are dealt with, looked into, and remedied by a team of professional staff. Numerous medical research teams continually focus on developing innovative technologies connected to treatment approaches, lab investigations, and other medical operations. Due to the improved treatment options available for patients with chronic diseases, patients typically prefer hospitals for their medical care. In hospitals and pathology labs, blood-collecting devices are often utilized. Patients' blood is generally drawn in hospitals for various medical needs. The equipment used for collecting blood in hospitals, such as tubes, needles, holders, and blood collection sets, is used to collect blood.
Blood Collection Devices Market by Region
Based on region, the global blood collection devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America region accounts for the largest revenue share in the global blood collection devices market. Since the United States is the country where COVID-19 has the greatest influence, the region expects the market revenue to grow during the forecast period. Revised predictions for 2021 from the American National Red Cross show that about 21 million blood components are transfused in the United States each year and that 36,000 units of red blood cells are required daily on average. Moreover, 8,506 cases of Non-Hodgkin lymphoma and 313 fatalities as a result of it were reported in Canada in the Globocan 2020 study. It is expected that the rise in Non-Hodgkin lymphoma cases would raise demand for the blood collection market. Yet, different tactics adopted by the country's major market participants predicted market revenue growth. For instance, in December 2021, a leader in diagnostic testing services, Ethos Laboratories, introduced Tru-Immune, a finger prick, self-collection kit for its COVID-19 neutralizing antibody test. Ethos Laboratories is accredited and certified by the College of American Pathologists.
Asia Pacific is expected to grow at a significant revenue CAGR in the global blood collection devices market. Asia Pacific is home to a large population and several emerging economies, driving the demand for blood collection devices. These devices are used in various healthcare settings, including hospitals, clinics, diagnostic laboratories, and blood banks, for collecting and processing blood samples for various medical tests and transfusions. The blood collection devices market in Asia Pacific has been growing steadily in recent years and is expected to grow significantly. The market size is influenced by increasing awareness about blood donation, the growing prevalence of chronic diseases, rising demand for blood transfusions, improving healthcare infrastructure, and technological advancements in blood collection devices.
The blood collection devices market in the Middle East and Africa is expected to grow at a moderate revenue CAGR during the forecast period. The size is influenced by population growth, changing demographics, increasing healthcare expenditure, and improving healthcare infrastructure. The MEA region comprises diverse economies with varying levels of healthcare development, and the demand for blood collection devices varies across countries.
Competitive Landscape of the Global Blood Collection Devices Market
The prominent players operating in the global blood collection devices market are:-
Strategic Developments in the Blood Collection Devices Market
The expected size of the global blood collection devices market in 2031 is US$ 6.5 billion.
The revenue CAGR for the blood collection devices market is 6.72% during the forecast period.
Cardinal Health, Inc., Greiner Bio One International GmbH, Becton Dickinson and Company, Henry Schein, Inc., and Medline Industries, Inc. are some of the major players operating in the blood collection devices market.
Asia Pacific is expected to grow at high revenue CAGR in the global blood collection devices market.
Blood collection devices are subject to stringent regulations by regulatory bodies such as the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA). Keeping up with evolving regulatory requirements, obtaining necessary approvals, and maintaining compliance can be challenging for blood collection device manufacturers.
*Insights on financial performance are subject to the availability of information in the public domain