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Blood collection devices are used for blood collection procedure from patients or from donors. These devices are medical consumables that help in extracting blood samples quickly and safely for diagnostic and other medical tests. These devices are utilized in hospitals, blood banks, diagnostic centers, and research laboratories for processes like blood screening and blood transfusions. They are also used for home sample collection for disease monitoring and testing. With the widespread of Covid-19 pandemic, countries adopted stay-at-home policies to curb the spread of virus which resulted in increased demand for home healthcare services. This elevated the demand for blood collection devices to facilitate sample collection from home for conditions like diabetes, cancer, HIV, and cardiac diseases without visiting laboratories or clinics.
The global blood collection devices market is estimated to be valued at US$ 6.89 billion in 2024 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:
The increased preference for home healthcare during the pandemic has propelled the demand for blood collection devices from both hospitals as well as home care settings. Covid-19 compelled healthcare settings to limit in-person visits which promoted the use of blood collection devices for sample collection from home. This helped in reduction of visits to diagnostic centers as well as in avoiding pandemic exposure. In addition to this, rising awareness regarding health checkups coupled with growing incidence of chronic and infectious diseases further raises the need for frequent screening and monitoring of health parameters. Thus, increasing healthcare needs is projected to drive the market growth during the forecast period. Further, technological advancements in blood collection products including development of needle-free and painless collection systems will also contribute to market expansion. However, high costs associated with advanced blood collection devices may restraint its adoption in developing countries to some extent during the forecast period.
Segment Analysis
The blood collection devices market is segmented into needles and syringes, blood bags, venous blood collection devices, microcollection tubes, and lancets. Among these, the needles and syringes segment dominates the market with around 40% share. This segment holds the largest share owing to the high usage of needles and syringes for blood collection across all healthcare facilities.
PEST Analysis
Political: The governments of various countries have established stringent regulations regarding the manufacturing and distribution of blood collection devices to ensure the safety of patients. This supports the growth of quality industry players.
Economic: Rising healthcare expenditure worldwide to increase access to advanced medical products and procedures is fueling market growth. The growing elderly population base also drives demand.
Social: The increasing prevalence of chronic diseases and rising awareness about blood donation and collection are important social factors boosting the market.
Technological: Players are focused on developing innovative smart blood collection devices using IoT and AI. This improves ease of use and safety. Integrating RFID tags allows for improved inventory management.
Key Takeaways
The global blood collection devices market is expected to witness high growth over the forecast period, driven by the increasing demand for blood and blood-derived products. The global blood collection devices market is estimated to be valued at US$ 6.89 billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the market with the largest share owing to high healthcare spending and technologically advanced infrastructure. However, Asia Pacific is estimated to grow at the fastest pace due to improving access to healthcare facilities, rising medical tourism, and growing chronic disease prevalence in developing countries.
Key players: Key players operating in the blood collection devices market are Becton, Dickinson and Company, Terumo Corporation, Greiner Bio-One, Medtronic, Haemonetics Corporation, Fresenius SE & Co. KGaA, Nipro Medical Corporation, FL MEDICAL s.r.l., and Smiths Medical.
*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.
