Rising incidence of infectious diseases, increasing number of accidents & trauma cases, and growing preference for regular health checkups are some key factors expected to drive market growth
According to Emergen Research, the global blood collection market size was USD 4.79 Billion in 2020 and is expected to reach USD 7.58 Billion in 2028 and register a revenue CAGR of 5.8% during the forecast period, 2021-2028.
Market Dynamics:
Rising incidences of chronic diseases, technological advancements in medical equipment, surge in number of surgical procedures, and increasing government initiatives to promote blood donation are major factors expected to drive market revenue growth over the forecast period. Blood collection is required for specific diagnostic tests in order to establish most effective treatment options. Blood samples can be taken from the fingertip, ear, arm, and other parts of a body, depending on the analysis to be performed. Arterial sampling, fingerstick sampling and venipuncture sampling are three popular methods of blood collection. Arterial sampling takes place within a hospital setting and is used in the identification of respiratory, metabolic, and mixed acid-base disorders, where CO2 levels require monitoring.
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Fingerstick or fingerprick sample involves drawing a little amount of blood from the patient’s fingertip. The most common method of collecting blood from adult patients is venipuncture. Blood is collected from a superficial vein in the upper limb, usually the median cubital vein, which is close to the skin and doesn’t have major nerves nearby. This relieves the patient’s pain and discomfort. However, risks associated with blood transfusion, and mild side-effects such as pain, fainting, bruising, infection, bleeding, or hematoma at the injection site are some factors expected to restrain market over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Needles Segment Revenue to Expand at a Rapid CAGR:
Needles segment is expected to register a rapid revenue CAGR over the forecast period attributed to repeat purchase, high affordability, and rising ease of use. In addition, increasing hospital admissions due to rising patient pool of cardiovascular disorders, cancer, and other infectious diseases and increasing performance of routine health checkups are some factors expected to contribute to revenue growth of this segment.
Hospital and Nursing Home Segment to Register Significant Revenue Growth:
Hospital and nursing home segment is expected to register significant revenue growth over the forecast period. Increasing patient inflow, rising need for diagnostic and screening tests, especially during COVID-19 pandemic and rising government investments on development of state-of-the-art healthcare facilities are major factors expected to fuel revenue growth of the segment.
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North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to increasing number of blood donation campaigns, ongoing technological developments in healthcare sector, and large scale adoption of advanced diagnostic techniques. Further, presence of key players in the region, rising awareness regarding health and fitness and regular medical checkups are some factors expected to contribute to market growth in the region.
Major Companies in the Market Include:
- Becton, Dickinson and Company
- Haematonics
- Terumo BCT
- Fresenius Kabi AG
- Grifols
- Nipro Medical Corporation
- Quest Diagnostics
- SARSTEDT AG & Co.
- Macopharma,
- Smiths Medical
For the purpose of this report, Emergen Research has segmented the global blood collection market on the basis of product, method, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018–2028)
- Needles
- Tubes
- Blood Bags
- Monitors
- Others
Method Outlook (Revenue, USD Billion; 2018–2028)
- Automated
- Manual
Application Outlook (Revenue, USD Billion; 2018–2028)
- Therapeutic
- Diagnostics
End Use Outlook (Revenue, USD Billion; 2018–2028)
- Hospital and Nursing Home
- Diagnostic & Pathology Laboratories
- Blood Banks
- Others
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
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