Global Blood Collection Market size to touch US$ 12.6 Bn by 2025 at a CAGR of 7%
Noida,Uttar Pradesh, India,Mar 04 2021 (WiredRelease) Report Ocean Pvt Ltd–:Global Blood Collection Market is estimated to see healthy growth, pegged at a CAGR of ~7% during the forecast period 2020-2025. The increasing prevalence of infectious diseases, a mounting number of accident & trauma cases, and non-communicable conditions are the major factors contributing to the market growth. According to the World Health Organization (WHO) 2018 statistics, approximately 15 million mortality cases of the age group 30 to 69 years arise owing to non-communicable diseases. About 85% of these premature deaths occur in middle and low-income countries.
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The American Stroke Association states that in 2018, around 836,546 deaths were recorded due to cardiovascular diseases. Also, it stated that approximately 2,300 US individuals die owing to cardiovascular diseases every day. Also, about 92.1 million US individuals are estimated to be diagnosed with some form of a heart ailment.
Vast growth in the number of trauma and accident cases worldwide is another significant factor driving the market. It is considered that the blood collection products are required for the patient’s treatment that is primarily suffering from injuries due to trauma or accidents. According to the WHO, there are estimated 1.35 million deaths in 2018 occurred globally due to road accidents. The 2030 Agenda for Sustainable Development is predicted to set a target to reduce the number of deaths and injuries caused due to road traffic crashes globally.
An increase in the number of approvals for technologically advanced products is anticipated to propel the forecast period’s market growth. For example, in February 2017, Seventh Sense Biosystems revealed the FDA 510(k) clearance of TAP, a push-button blood collection solution used for testing HbA1c levels in patients diagnosed with diabetes and prediabetes.
According to the latest Asthma Global Report, it is estimated that asthma may kill over 1000 individuals every day across the globe. Also, it stated that about 329 million individuals are estimated to be affected by asthma globally in 2018. Furthermore, the WHO report stated that around 9.6 million deaths due to cancer were recorded in 2018. These facts indicate an increase in the incidence of non-communicable diseases, which is expected to fuel the blood collection market growth.
Blood collection products treat patients suffering from chronic diseases, especially during complex surgeries, chemotherapy, dialysis, and organ or tissue transplantation procedures. Also, these blood collection products are used during the diagnosis of various non-infectious and infectious diseases. Thus, the increase in the incidence of non-communicable and communicable diseases globally will result in huge demand for these products, further resulting in the overall market’s growth.
Terumo Corp., Medtronic, Abbott Laboratories, Becton, Dickinson and Company, NIPRO Medical Corp., Qiagen N.V., Greiner Holding AG, Haemonetics Corp., Sarstedt AG & Co., and FL MEDICAL s.r.l., among others, are the prominent companies involve in the global blood collection market research study.
Segmentation Overview of the Global Blood Collection Market
The blood collection market has been segmented into Product, Application, and End-Use. These major market segments are further categorized into various sub-segments to study the market in detail.
By Product Outlook (Needles and Syringes, Blood Collection Tubes, Blood Bags, Others)
By Application Outlook (Diagnostics, Treatment)
By End-Use Outlook (Hospitals, Diagnostics Centers, Blood Banks, Others)
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