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The blood collection devices market includes products such as blood collection tubes, needles, blood bags, and others which find applications in the collection of blood samples from donors and patients for diagnostic testing. Proper sample collection is essential for diagnostic accuracy and quality of laboratory testing. Growing prevalence of chronic and infectious diseases and rising geriatric population are driving the need for routine health check-ups and laboratory testing, thereby supporting the growth of the blood collection devices market.
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 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. These players are focusing on new product launches and partnerships to strengthen their market position.
The key opportunities in the market include increasing adoption of advancements like safety blood collection needles and tubes with interior coating to minimize clotting. Additionally, rising demand for blood bags from blood banks for collection, storage, and transportation of blood is expected to present attractive prospects.
Technological advancements such as development of blood collection tubes with advanced lining to accelerate clotting and self-filling blood collection needles are augmenting the safety and efficacy of blood drawing procedures. Major players are investing heavily in R&D to develop innovative products with advanced features.
Market Drivers
The growing prevalence of chronic diseases along with rising geriatric population susceptible to various diseases are driving the need for routine medical check-ups. This is increasing the demand for diagnostic blood tests, bolstering the blood collection devices market growth. According to WHO estimates, chronic diseases accounted for over 70% of all deaths globally in 2020. Additionally, increasing penetration of health insurance is encouraging people to opt for regular health check-ups.
Current challenges in Blood Collection Devices Market
The blood collection devices market is facing challenges like rising concerns over usage of plastic materials for blood collection and increasing regulations regarding the same. Plastic devices generate significant non-biodegradable waste adding to environmental pollution. Moreover, the risk of infections through reused or contaminated blood collection devices is also a challenge for market players to address.
SWOT Analysis
Strength: Availability of innovative product offerings like vacutainer blood collection tubes and needles and lancets by key players.
Weakness: Strong regulations pertaining to safety, efficacy and quality of blood collection products adding compliance challenges.
Opportunity: Growth prospects in emerging markets of Asia Pacific and Latin America driving market expansion plans of players.
Threats: Threat of substitution from alternative blood specimen collection methods and stringent regulatory norms for approval of new products.
Geographical regions with high market share
North America region currently holds the major share in the global blood collection devices market, primarily due to presence of advanced healthcare infrastructure and rising number of blood donation camps and blood banks in the region.
Fastest growing regional market
The Asia Pacific region is expected to witness the highest growth in the blood collection devices market during the forecast period, credit to improving healthcare standards, increasing healthcare expenditure, rapidly growing geriatric population and rising prevalence of chronic diseases in nations like China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
