Global Blood Collection Market is expected to grow at a CAGR of 6.6% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Blood Collection Market By Type (Needles And Syringes, Blood Collection Tubes, Blood Bags, And Others), Applications (Diagnostics And Treatment), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, And Forecast 2020 To 2027.
The Global Blood Collection Market is expected to grow from USD 9.06 billion in 2019 to USD 15.10 billion by 2027, at a CAGR of 6.6% during the forecast period 2020-2027. North America accounts for the largest market share. This is mainly owing to factors such as government initiatives, availability of medical infrastructure, growing health awareness among consumers, and the emergence of high technology products. After North America, Europe is the second-largest blood collection market. The increasing awareness about blood donation and the presence of key market players is the reason behind the growth of the market in this region. Asia-Pacific region is anticipated to witness highest growth rate attributed to growing disposable income, increasing cases of chronic diseases, and people shifting towards a healthier lifestyle from the hectic urban lifestyle.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the key players in the blood collection market are Abbott Laboratories Inc., Grifols, Becton Dickinson and Company, Kawasumi Laboratories, Quest Diagnostics, Nipro Medical Corporation, Qiagen, F.L. Medical SRL, Ab Medical, Greiner Holding AG, Haemonetics Corporation, and Sarstedt AG & Co., Medtronic, Fresenius, Smiths Group, Medtronic, Sarstedt, Retractable Technologies, and Terumo Corporation.
By the type of products, the market is segmented into needles and syringes, blood collection tubes, blood bags, and others. The blood collection tubes segment is further divided into serum-separating, EDTA, heparin, and plasma-separating. The needles and syringes segment accounts for the largest market share attributed to its necessary application, its repeat purchase, its high adoption, and low price. It is also anticipated to be the segment with the highest growth rate, it’s a high demand for surgical procedures, and disease diagnosis is another factor responsible for the growth of this market. By the type of application, the market is segmented into diagnostics and treatment. The diagnostics segment dominates this market, due to the increasing prevalence of chronic diseases including diabetes, cancer, malaria, dengue, other viral diseases, and cardiovascular diseases. This segment is also expected to grow at the highest growth rate owing to the growing health awareness for regular check-ups. Based on the type of end-user segment, the market is bifurcated into hospitals & clinics, diagnostics centres, blood banks, and others. The hospitals & clinics segment holds the largest market share as they serve as primary centres for treatment and diagnosis of diseases. The diagnostics centres segment is also expected to grow at a high growth rate owing to the availability of technology that enables faster results.
In August 2019, Q-Sera Pty Ltd. received Notice of Allowance from the US Patent & Trademark Office for the patent of Q-Sera’s technology for blood clotting, which will be used in blood collection tubes. Moreover, the adoption of innovative & advanced technology and focus on R&D drives the growth of this market.
In 2020, due to the coronavirus pandemic (COVID-19), the demand for blood collection market has surged on a massive rate.
About the report:
The global Blood Collection market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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