The global blood collection market stood at USD 7460 Mn in 2017 and is expected to expand at a CAGR of 6.1% over the forecast period of 2018-2023, predicts Market Research Future (MRFR) in a detailed study.
High disease incidence, the rise in a number of accidents and an increase in the volume of surgeries across the globe has consequently fueled the demand for blood collection and driven the market for blood collection. Growing health awareness on a global scale has raised the demand for disease screening and diagnostics which generally involves blood tests. Rising demand for early diseases diagnosis and improving reimbursement scenario propels the market for blood collection.
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Technological improvements in blood collection techniques and devices coupled with rising in FDA approvals for the same has reflected positively on the growth of the global blood collection market. Other factors contributing to the growth of the market include growing awareness regarding blood collection, favorable medical device regulations, expandi9ng healthcare expenditure, and increasing R&D activities.
The high cost of automated blood collection, injuries caused during blood collection, and risks of blood contamination and other complications are possible bottlenecks to the growth of the global blood collection market. Nerve damage, fainting, Haematoma or excessive bleeding, arteriospasm or involuntary contraction of the artery are some of the complications associated with blood collection which might hinder the market growth. Besides, the lack of skilled healthcare professionals to perform advanced blood collection techniques remains a challenge for the market.
The global blood collection market has been segmented based on type of blood collection, product, method, and end user.
By type of blood collection, the global blood collection market has been segmented into capillary blood collection, venous blood collection, and vacuum blood collection.
By product, the global blood collection market has been segmented into blood collection devices, blood collection tubes and collector, needles and syringes, warming devices, blood bags, lancets, and others. The blood collection tubes and collector segment has been further segmented into serum collection tubes, and plasma or whole blood collection tubes. The plasma or whole blood collection tubes sub-segment has been further segmented into EDTA tubes, heparin tubes, coagulation tubes, glucose tubes, and ESR tubes.
By method, the global blood collection market has been segmented into automated blood collection and manual blood collection.
By end user, the global blood collection market has been segmented into hospitals & clinics, diagnostic centers and pathology laboratories, home diagnostics, blood banks, and others. The hospitals & clinics segment accounts for the largest share of the market share due to the growing burden of chronic diseases. The diagnostic centers and pathology laboratories segment is likely to capture the highest CAGR owing to the ongoing research on better blood sampling approaches.
The Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are the key markets for blood collection.
The Americas dominate the global blood collection market on account of the rising prevalence of chronic diseases which necessitates blood tests to be performed for diagnosis and treatment. High healthcare expenditure and improvement in blood collection methods and devices also favor market growth.
Europe follows the Americas closely and accounts for the second largest share of the global blood collection market. Rigorous R&D activities and government funding for the same propels the market in Europe. In addition, the growing presence of leading market players in the region acts as a plus for the growth of the market.
APAC is poised to exhibit the highest growth rate over the forecast period. Presence of a massive patient pool and improvement in healthcare infrastructure drive the market in APAC.
The MEA market is relatively smaller than other markets and holds the minimum share of the global market. Developing healthcare infrastructure and growing awareness about blood collection techniques spur the market growth in the region.
The notable players in the global blood collection market include Thermo Fisher Scientific Inc.,
Nipro Medical, Kawasumi Laboratories, Haemonetics, F.L. Medical, Sarstedt AG & Co, Grifols,
Terumo, B. Braun Melsungen AG, Medtronic, Fresenius, Greiner Holding, HTL-STREFA S.A., and BD.
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January 2019- Magnolia Medical Technologies, a device development company focused on the improvement of accuracy of blood culture tests and diagnostics, collected USD 20 Mn in venture capital funding to expedite production of its Steripath Gen2 Initial Specimen Diversion Device, which is designed to reduce sample contamination during blood draws.
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