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Blood collection devices are medical tools and equipment utilized for collecting blood samples from the veins or arteries of patients. Blood samples collected through these devices are further analyzed for several diagnostic, therapeutic, and research purposes. Some key product categories in this market include needles, syringes, blood collection tubes, lancets, holder, and needles and syringes. Needles and syringes are used to collect blood through venipuncture procedure. Blood collection tubes are also used to draw and transport blood samples. These devices find wide applications across various end-use verticals including hospitals and clinics, diagnostic centers, blood banks, home healthcare, and others.
The global blood collection devices market is estimated to be valued at US$ 9,244.72 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Adoption of Rapid Diagnostics: Rapid point-of-care diagnostic tests enable quick and cost-effective disease diagnosis. They eliminate the need to transport samples to reference labs. Increased adoption of rapid diagnostics for early disease detection is driving the demand for blood collection devices that can collect small blood volume rapidly. Rapid diagnostics are ideal for infectious disease testing, cardiac marker testing, coagulation testing, drug-of-abuse testing, and other emergency conditions where timely diagnostic information is critical.
Rising Prevalence of Chronic Diseases: According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of the 57 million global deaths in 2008. The WHO also estimated that chronic disease burden will rise by 57% globally by the year 2020. As regular monitoring and ongoing treatment is required for management of chronic illnesses, it is fueling the demand for blood collection devices from hospitals, pathology labs, and home healthcare settings. Chronic diseases such as cancer, diabetes, and cardiovascular diseases require frequent blood draws for diagnostic testing and therapeutic drug monitoring.
Segment Analysis
The global blood collection devices market is segmented into needle & syringe, blood bags, vacuum tubes, needle free systems, micro collection tubes, and others. The needles and syringes segment dominates the market and accounts for around 30% market share due to their high usage in collection of large volume blood samples. These devices are easy to use and very cost effective.
PEST Analysis
Political: Changes in regulations regarding blood collection and safety procedures adopted by various healthcare organizations impact the market. Recent revisions in FDA guidelines regarding labeling and quality standards have pushed companies to improve their technologies.
Economic: Rising healthcare spending and increasing healthcare access across developing regions is fueling the demand for blood collection devices globally. Growth in pandemic preparedness funding also supports market growth.
Social: Increasing awareness about diseases and importance of blood donation and testing is driving more people to donate and get tested regularly. This increases the consumption of blood collection devices.
Technological: Companies are focusing on development of needle-free collection technologies and micro sampling devices for pain-free collection of small volume blood samples. Integration of smart features and automation in products is another area seeing technological advancements.
Key Takeaways
The global blood collection devices market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America dominates the market currently due to robust healthcare infrastructure and presence of major players. However, Asia Pacific is expected to witness the highest growth over the coming years led by China and India. Increasing healthcare spending and evolving regulatory landscape are driving the market in the region.
Key players: 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. Companies are focusing on new product launches, partnerships, and expanding presence in developing markets to strengthen their positions.
Key players are also focusing on new product launches with technological advancements. For instance, Becton Dickinson launched Vycor plus needle which claims to be sharps injury free while collecting blood samples. Thermo Fisher Scientific provides integrated tube strapping solutions to streamline workflow and automation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. 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, chemicals and materials, defense and aerospace, consumer goods, etc.
