The global blood collection market size is expected to reach a value of USD 13.99 billion by 2026, expanding at a CAGR of 6.6%, according to a new report by Grand View Research, Inc. Rising incidence of infectious and non-communicable diseases is a major factor anticipated to propel the market growth during the forecast period.
According to the World Health Organization, over 41 million individuals that are equivalent to almost 71% of global deaths were caused due to non-communicable diseases in 2018. Cardiovascular diseases registered the highest mortality rates of over 17.9 million followed by cancer that claimed 9 million deaths and respiratory diseases such as chronic obstructive pulmonary disease & asthma claimed over 3.9 million lives in 2017 globally. These facts are indicative of an increase in the incidence of non-communicable diseases, which is expected to fuel market growth.
Blood Collection Market Report Highlights
- Blood collection tubes witnessed huge demand owing to its increasing usage in diagnostics and blood sampling, thus, generating largest revenue in the year 2018
- Treatment application is anticipated to gain significant market share in the near future owing to rising incidence of chronic diseases
- The diagnostics application segment held the largest revenue share in 2018, due to the expanding pool of geriatric population and escalating prevalence of infectious & non-communicable diseases
- In 2018, the hospitals segment accounted for the largest share in the market due to an upsurge in the incidence of trauma & accidental cases along with growing number of surgical procedures
- North America held the largest share of the blood collection market in the year 2018, which can be attributed to the presence of a highly developed healthcare infrastructure and advanced blood collection products.
- Some of the key companies include Abbott Laboratories, NIPRO Medical Corp., Becton, Dickinson and Company, Terumo Corp., Medtronic, Qiagen, and FL MEDICAL s.r.l
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Blood collection is the process of obtaining blood samples from individuals for diagnostic or therapeutic purposes. This procedure is usually performed by a trained healthcare professional and involves the use of sterile equipment to ensure the safety and accuracy of the sample. The most common method of blood collection is venipuncture, where a needle is inserted into a vein to collect the sample. The collected blood is then analyzed in a laboratory to help diagnose diseases, monitor medication levels, and assess overall health. Blood collection plays a crucial role in modern medicine and is an essential component of patient care. It is important to follow strict protocols and safety measures to prevent infections and ensure that the collected samples are reliable and accurate.
The blood collection market has seen significant developments in recent years, driven by advancements in technology, increasing demand for blood transfusions, and growing awareness about the importance of regular blood tests for disease diagnosis and prevention. One major trend is the shift towards automation and the use of more sophisticated equipment, such as vacuum tubes and safety needles, to improve the efficiency and safety of the blood collection process. Another key development is the growing adoption of mobile and point-of-care blood collection devices, which allow healthcare professionals to collect blood samples at the patient’s bedside or in remote areas. Additionally, there has been a rise in demand for advanced blood collection and processing systems that enable rapid and accurate analysis of blood samples, including genetic testing, disease diagnosis, and personalized medicine.
An increase in the number of road accidents is anticipated to lead to a rise in demand for blood and its components. According to the National Trauma Institute, trauma injuries account for 30% of lives lost globally. The economic burden due to trauma injuries accounts for nearly USD 671 billion in a year. Statistics from the same source indicate that trauma is the number one cause of death from the age of 1 to 46. These facts are indicative of the rising incidence of trauma injuries that require blood collection products for effective treatment.
The growing rate of novel product launches and investments are anticipated to fuel the market growth during the forecast period. For instance, in August 2019, Velano Vascular announced that the company received an investment of USD 10 million from its strategic investor, Intermountain Healthcare for Velano Vascular’s FDA cleared PIVO needle-free blood collection technology.
PIVO device temporarily attaches itself to a peripheral IV catheter that collects the fresh venous sample. This device uses disposable needle-free that caters to lowered risks, improved quality of care, and increased efficiency. Therefore, the use of such novel technologies to avoid painful blood collection methods is expected to fuel market growth.
Blood Collection Market Insights By Region
North America dominated the overall market. Well-developed healthcare infrastructure, an increase in R&D activities, and the presence of leading clinical diagnostics companies in North America have fueled the regional market. The European region includes the UK, Germany, France, Italy, Spain, and other countries. This region accounted for the second-highest revenue share. The Asia Pacific region is projected to showcase the highest growth rate during the forecast period owing to rising disposable income and escalating prevalence of sepsis and HAI in this region. Also, the growing presence of leading manufacturers in this region is expected to contribute to the growth of this sector in the near future.
Competitive Analysis By Major Players
The major companies are undertaking several strategic initiatives such as new product development, collaborations, and regional expansion to gain maximum share in the industry. Some of the major players operating in this market include Terumo Corp., Abbott Laboratories, Medtronic, Becton, Dickinson and Company, Qiagen N.V., NIPRO Medical Corp., Greiner Holding AG, Sarstedt AG & Co., Haemonetics Corp. and FL MEDICAL s.r.l.
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Blood Collection Market Segmentation
Grand View Research has segmented the global blood collection market report on the basis of product, application, end use, and region:
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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