The global Blood Collection Market had a valuation of USD 4.86 billion in 2020 and is projected to experience a steady compound annual growth rate (CAGR) of 6.2% during the forecast period. Factors driving the growth of the market include the increasing prevalence of infectious and lifestyle-related diseases, a rise in road accidents and emergency trauma cases worldwide, and advancements in blood collection devices.
Blood collection is the process of obtaining blood samples from individuals for laboratory testing purposes. It plays a crucial role in diagnosing specific diseases and conditions. There are three common methods for collecting blood: arterial sampling, venipuncture sampling, and fingerstick sampling. Arterial sampling is used to identify metabolic, mixed acid-base, and respiratory disorders, while venipuncture sampling collects blood from a superficial vein in the upper limb.
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Fingerstick sampling involves taking a small amount of blood from the fingertip. Blood samples are collected to measure and diagnose various conditions such as electrolyte imbalance, screen for risk factors like high cholesterol levels, or monitor the effects of treatment and medication. Technologically advanced systems and products, including vein visualization methods, have been developed to aid in blood collection, particularly for individuals with difficult-to-find veins.
Some Key players in the Blood Collection Market:
· Becton
· Dickinson and Company
· Terumo BCT, Inc.
· Fresenius Kabi AG
· Grifols
· Nipro Medical Corporation
· Quest Diagnostics
· SARSTEDT AG & Co.
· Macopharma S.A.
· Smiths Medical
· Kawasumi Laboratories
· Retractable Technologies
The rising prevalence of chronic diseases such as cancer, coronary heart disease, anemia, and diabetes is a significant driver of global market revenue growth. Additionally, factors like increasing road accidents, the growing need for blood transfusion, and greater awareness of the importance of blood tests are expected to boost market growth. The increasing prevalence of lifestyle-related diseases, the growing global geriatric population, and the rising demand for regular testing are also contributing to market expansion. Major players in the industry are investing in research and development activities to develop more advanced blood collection devices and products. However, risks associated with blood transfusions, skin reactions, and complications after blood collection, as well as insufficient blood testing in underdeveloped countries, may hinder market growth to some extent.
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In terms of product types, the market is segmented into blood collection tubes, needles and syringes, blood bags, blood collection systems/monitors, and lancets. Among these, blood collection tubes are expected to account for a significant revenue share due to factors such as increasing disease prevalence, high demand for various testing tubes, availability of diverse options, and the emphasis on developing innovative blood tubes to improve sample quality and obtain better results.
The market is further segmented based on the method of blood collection, which includes manual and automated methods. The automated segment is projected to witness significant revenue growth due to the increasing cases of chronic diseases, the constant need for blood due to road accidents and blood disorders, and the rising demand for various blood components. Automated blood collection systems improve efficiency, reduce manual documentation, enhance traceability, and minimize the risk of bacterial contamination. Leading manufacturers are focusing on collecting higher quality blood components and improving the donor experience.
In terms of application, the market is divided into diagnostics (infectious diseases and non-infectious diseases) and therapeutics. The diagnostics segment is expected to account for a larger revenue share, driven by the increasing prevalence of infectious and non-infectious diseases, growing awareness of regular health checkups, rising demand for blood collection and sample processing, and the adoption of liquid biopsy tests.
The market's end-use segment includes hospitals, ambulatory surgical centers, and nursing homes; diagnostic and pathology laboratories; blood banks; and others. Among these, hospitals, ambulatory surgical centers, and nursing homes held the largest revenue share in 2020 and are anticipated to maintain their leading position during the forecast period. The growth in this segment is attributed to factors such as the increasing prevalence of infectious diseases, high patient admissions for trauma and emergencies, surgeries, organ donations, and the high demand for blood.
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