Blood Collection Devices Market worth $8.42 billion by 2027
The increasing number of hospitals, ambulatory surgical centers, and diagnostic laboratories all over the world is expected to drive the growth of the global blood collection devices market. The rise in the number of hospitals and other healthcare facilities has increased the demand for blood collection devices.
In addition, the growing awareness about the safety and convenience of using advanced blood collection devices is also expected to fuel the growth of this market. Furthermore, increasing government initiatives to promote the use of advanced medical technologies is also contributing to the growth of this market.
The high cost of automated blood collection devices is a major restraint for the global blood collection devices market. Automated blood collection devices are expensive, and the cost of these devices can be a significant burden for hospitals and other medical facilities.
Furthermore, the cost of maintaining them can be quite high, as they require periodic maintenance and calibration. This increases the cost of ownership, making them prohibitively expensive for many healthcare facilities. This, in turn, is expected to hamper the growth of the global blood collection devices market.
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APAC region accounted for the highest CAGR
The global Blood Collection Devices Market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. According to the regional analysis, the North America region is likely to retain a significant market share in 2021 and the future. The North America Blood Collection Devices Market is being propelled by the advanced healthcare infrastructure and presence of leading players. Asia pacific is expected to grow with the fastest CAGR, owing to the improving medical infrastructure and vast population base.
Prominent players in the market are Becton, Dickinson and Company (US), Terumo BCT (US), Fresenius Kabi AG (Germany), Grifols, S.A. (Spain), Nipro Medical Corporation (Japan), Quest Diagnostics (US), SARSTEDT AG (Germany), Haemonetics Corporation (US), Greiner Holding AG (Austria), and Smiths Medical (US).
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