Blood Collection Devices Market to Witness Significant Growth Owing to Rising Prevalence of Chronic Diseases
Blood collection devices are medical instruments used to collect blood samples from animals or humans, usually for medical diagnostics or blood transfusion purposes. Some key advantages of blood collection devices include minimal patient discomfort during collection, eliminate human errors in specimen handling, higher sample quality and integrity, and lower costs due to reduced need for manual labour.
The growing prevalence of various chronic and infectious diseases along with rising healthcare expenditure across major economies is driving the demand for accurate diagnosis through clinical laboratory testing, which in turn is fueling the need for blood collection devices.
The global blood collection devices market is estimated to be valued at US$ 9,244.72 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the blood collection devices market are Becton Dickinson and Co, Terumo Corp, Cardinal Health Inc, SARSTEDT AG & Co KG, Nipro Corp, Thermo Fisher Scientific Inc, Sekisui Chemical Co Ltd, Greiner Bio-One International GmbH, FL Medical SRL, and IntervacTechnology OU.
Becton Dickinson and Co dominates the blood collection devices market with a market share of over 25% in 2022, backed by its robust product portfolio and global distribution network. The company offers a wide range of blood collection tubes as well as integrated blood collection systems.
Asia Pacific presents lucrative opportunities for players in the blood collection devices market, driven by increasing healthcare expenditures, growing geriatric population, and rising incidence of chronic diseases. Major players are expanding their manufacturing facilities as well as distribution networks in countries such as China and India to tap the high-growth potential in the region.
Global expansion through acquisitions provides an opportunity for market players to enhance their geographical footprint. For instance, in 2019, Terumo Corp acquired major blood transfusion devices maker, Haemonetics Corp, in a $2.7 billion deal to expand its presence in North America and Europe.
Market Drivers
Growing prevalence of various chronic diseases such as cancer, diabetes, cardiovascular diseases is a key factor driving the demand for diagnosis through clinical laboratory testing which requires blood collection. According to WHO, cardiovascular diseases are the leading global cause of death, accounting for over 17.9 million deaths annually. The rising cases of such life-threatening diseases is expected to augment the blood collection devices market growth over the forecast period.
Market Restraints
High costs associated with advanced automated blood collection technologies is a major factor restraining their adoption in cost-sensitive developing markets. Traditionally, syringes and needle assemblies have been standard equipment for blood collection owing to their affordability. However, automated systems offer advantages such as minimal human errors and improved sample quality which is crucial for accurate diagnostics. This acts as a challenge for market players to introduce affordable automated alternatives without compromising on quality.
Segment Analysis
Blood Collection Devices Market is dominated by the needles and syringes sub segment. Needles and syringes accounted for the largest market share in 2023. Single-use needles and syringes are widely used for blood collection procedures from patients during diagnosis and treatment. Their safety and disposability features make them very popular among healthcare professionals. Needles and syringes provide easy blood collection and involve minimal risk of needle-stick injuries or cross-contamination, as compared to other blood collection equipment.
Global Analysis
North America holds the largest share in the blood collection devices market owing to growing ageing population, high prevalence of chronic diseases and increasing healthcare spending in the region. North America market is estimated to reach US$ 3,882.63 Mn by 2024. Asia Pacific is the fastest growing region due to the rising healthcare standards, growing medical tourism industry and increasing penetration of private hospitals and diagnostics centers. China and India are emerging markets for blood collection devices in Asia Pacific region. Europe holds significant market share due to high public awareness about blood donation and wide acceptance of needle-based blood collection techniques.
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian