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Global Blood Collection Market Size to Grow At 4.85% CAGR

May 11th, 2022 Market Data Forecast Releases

As per our research report, the global blood collection market is estimated to grow at a CAGR of 4.85% from 2022 to 2027.

Browse details of the report @ https://www.marketdataforecast.com/market-reports/blood-collection-market

The global outbreak of COVID19 is expected to positively impact the market as blood tests test various blood samples that are useful in diagnosing infectious diseases such as COVID19. Testing is an essential step in combating the COVID 19 pandemic. As the number of cases of COVID19 increases worldwide, governments worldwide are looking for ways to enable private laboratories to enhance blood tests. In addition, the outbreak of the virus depletes the blood reserves. Many immunocompromised individuals infected with COVID19 and hospitalized require blood transfusions/plasma. Many governments are also taking the initiative to increase the number of blood donations. Furthermore, governments worldwide have increased their support for the fight against the Novel coronavirus. Hence, increasing capital investments for infrastructure development, such as the procurement of machinery to collect data. For instance, automatic blood sampling using an apheresis machine is significantly higher than whole blood sampling.

Key factors driving the growth of this market include an increase in the incidence of infectious diseases, an exponential rise in road accident cases, the emergence of liquid biopsy tests, and the increasing demand for blood donations and other blood components among people. Y-O-Y rising number of accidents and trauma cases are likely to boost the blood collection market worldwide. Annual road deaths have exceeded 1.35 million worldwide, according to the WHO’s 2018 global status report on road safety. Automobile accidents or injuries are also one of the leading causes of death among people aged 5 to 29. As a result, multiple institutes are launching various youth-oriented awareness campaigns, which will help the blood collecting market grow.

Similarly, the rising cases of people suffering from chronic diseases like diabetes, cardiovascular disease, and respiratory disease are due to the growing senior population. Obesity, low BMI, and immunodeficiency have all increased because of the changing lifestyle pattern, which includes an increase in the prevalence of sedentary lifestyles and the intake of unhealthy foods.

On the other hand, the growing prevalence of infectious diseases such as hepatitis B (HBV), hepatitis C (HCV), human immunodeficiency virus (HIV), and brucellosis is a significant factor fuelling the demand for effective blood sampling (disease). Infectious diseases in blood transfusion). However, in the emerging countries in the Asia Pacific, the increasing malaria cases are imposing a burden on the healthcare sector; WHO estimates India witnessed 15million malaria cases over the forecast period. Also, it is likely to grow to almost 2 million patients every year, which is slightly accelerating the market growth.

The growing geriatric population across the world is propelling market growth. The senior population is a significant growth contributor to the blood collection market. Older people are more prone to various chronic diseases and require blood.  The increasing investment and funding by the government and private organizations for the prevalence of malaria and the available treatment options in the market positively surge the market growth. In addition, supportive government policies to develop the healthcare infrastructure encourage market growth. This has resulted in increased health check-up adherence and the growing use of markers for detecting illness problems, primarily through blood collection. Health exams are becoming more popular on a personal level and in the workplace for employee well-being. Because blood tests are the primary means of identifying various disorders, this will be beneficial to market growth and a substantial contributor to the blood collection equipment market.

However, In emerging countries such as China and India, the adoption of automatic blood collection products is much lower than the traditional blood collection products due to their higher prices which are expected to restrain the market growth.  In addition, the storage and shipping of whole blood samples present significant challenges and an extra burden on the healthcare institutions, which is expected to restrain the market growth. After harvesting, whole blood should be used immediately or stored and preserved for analysis or other uses under harsh temperature and environmental conditions.

Avail sample market brochure of the report to evaluate report usefulness; get a copy @ https://www.marketdataforecast.com/market-reports/blood-collection-market/request-sample

SEGMENTS COVERED UNDER THIS REPORT:

 By Product:

  • Blood Collection Tubes
    • Serum Collection Tubes
    • Plasma or Whole Blood Collection tubes
      • EDTA Tubes
      • Heparin Tubes
      • Coagulation Tubes
      • Glucose Tubes
      • ESR Tubes
    • Needles and Syringes
    • Blood Bags
    • Blood Collection Devices
    • Lancets

By Application:

  • Venous Blood Collection
  • Capillary Blood Collection

By End User:

  • Hospitals and Pathology Laboratories
  • Blood Banks
  • Other End Users

By Region:

  • North America
    • The U.S.
    • Canada
    • Rest of North America
  • Europe
    • UK
    • France
    • Spain
    • Germany
    • Italy
    • Rest of EU
  • Asia Pacific
    • India
    • China
    • Japan
    • South Korea
    • Australia & New Zealand
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Chile
    • Rest of Latin America
  • Middle East
  • Africa

KEY MARKET INSIGHTS:

Based on the product, the needles and syringe segment accounted for the largest share of the market during the forecast period. The increasing prevalence of chronic diseases and road accidents are driving the segment growth. The higher adoption of syringes is owing to beneficial factors such as low cost. In addition, other factors such as the constant demand for high-quality blood bags in hospitals, blood banks, and blood donation camps and growing awareness among people about blood donations are boosting the market growth.

Based on the end-user, the hospital sector is expected to grow significantly over the next few years. The availability of blood collection products to serve more people with maximum patient comfort will raise the demand for such products in hospitals. In addition, hospitals provide effective diagnostics in the presence of specialized medical teams and drive segment growth.

North America is the leader inood collection market during the foleader recast period. The regional market growth is driven owing to the availability of advanced healthcare infrastructure, favorable reimbursement policies, and key market players. The United States accounts for the largest share of the market. The increasing number of road accidents and the prevalence of chronic diseases are the major factors driving the market growth. According to the Diabetes Institute Foundation, an estimated 1.5 million new cases of diabetes were diagnosed in 2018 in the United States for adults over the age of 18. This equates to about 210,000 children and adolescents under the age of 20. The American Red Cross estimates updated in 2021 that the United States requires approximately 36,000 units of red blood cells daily and transfuses about 21 million blood components each year.

Europe is the second-largest market for blood collection market. The market is expected to witness a CAGR of 5.9% during the forecast period. Emerging countries such as Germany, the UK, Italy, France, and Spain significantly contribute to the European regional market growth.

On the other hand, the Asia Pacific is one of the fastest-growing regions globally in the healthcare market. The improving healthcare sector, growing geriatric population, and supportive government policies propel market growth. In addition, the presence of highly populated countries such as China and India significantly contributes to the Asia Pacific regional market growth. China held the largest share of the market over the forecast period. The growing geriatric population and the increasing prevalence of chronic diseases are high. Therefore, the impact of COVID19 is the strongest in China.

The Indian market is one of the promising markets for the Asia Pacific region. The high burden caused by the number of accidents in this country increases the need for blood sampling. Also, the growing population and the rise in chronic and lifestyle-related diseases contribute to market growth.

The blood collection business is quite competitive, with several significant firms. For example, Smiths Medical (US), Quest Diagnostics (US), Terumo BCT (US), Grifols S.A.(Spain), Fresenius Kabi AG (Germany), Cardinal Health (US), Macopharma (France), Haematinics (US), Becton, Dickinson, and Company (US), SARSTEDT AG & Co. (Germany), Nipro Medical Corporation (Japan), Greiner Holding (Austria), are among the market’s major players.

The report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/blood-collection-market/customization

Browse Related Reports:

  • Global Blood Bags Market

About MarketDataForecast:

Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.

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Market Data Forecast
Phone: +1-888-702-9626
Email: contact@marketdataforecast.com

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