Blood Collection Market

Blood Collection Market Research, 2031

The global blood collection market was valued at $4.8 billion in 2021 and is projected to reach $7.9 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031. Blood collection is a process applied when withdrawing blood samples from patients before they get tested in the laboratory. It uses the principle that is most commonly known as the “order of draw.” It is used to measure or examine cells, chemicals, proteins, or other substances in the blood. It is one of the most common types of lab tests that is often included as part of a regular checkup. The different tests and biochemical assays require varying types of sample collection tubes. The performance of multiple collections of venous and arterial blood samples in a single patient, a color sequence of withdrawal, and its indications based on the Clinical & Laboratory Standards Institute (CLSI) is the recommended procedure. The first step in the collection is to positively identify the patient by two forms of identification such as asking the patient to state and spell the name and give the birth date. Blood samples are usually taken from the arm, figure, ear, and hand, depending on the analysis to be made. This medical procedure is highly used in various end-user industries such as hospitals, blood banks, academics, and home care.

The COVID-19 pandemic had a slight positive impact on the blood collection industry owing to the increase in governments support for exploring the possibilities of allowing laboratories to increase the blood testing processes. In addition, increase in the prevalence of trauma & accidents along with the chronic diseases like cancer also helped in the growth of the market during the pandemic.

The growth of the Blood Collection Market Size is driven by increase in incidence of trauma & accidents, surge in number of surgical procedures performed, increase in prevalence of chronic disease like blood cancer and rise in government expenditure on healthcare. Moreover, prevalence of infectious diseases & non-communicable diseases and increase in the number of approvals for technologically advanced products also helps in the growth of the market. However, the risks related to blood transfusion procedure such as allergic reactions, blood-borne infections, fever, and acute immune hemolytic reaction are expected to hinder the Blood Collection Market Growth. Conversely, the high growth potential in untapped emerging economies is expected to create lucrative Blood Collection Market Opportunity for the market.

The COVID-19 pandemic affected the blood collection industry in a positive way, like various other medical devices industries were affected. The COVID-19 pandemic has disrupted virtually each aspect of healthcare provision including diagnostic procedures. However, as the number of COVID-19 cases were increasing, the governments were exploring the possibilities of allowing laboratories to increase the blood testing processes. This leads to the increased demand for blood collection products. For Instance, according to the data of World Health Organization (WHO), the importance of being prepared and responding quickly and outlined key actions and measures that the blood services should take to mitigate the potential risk to the safety and sufficiency of the blood supplies during the pandemic. Furthermore, in 2020, the Indian Government too specifically government of Maharashtra used social media initiatives to increase the number of blood donations. Such programs have positively impacted the blood collection market globally during the pandemic. Moreover, the increased prevalence of trauma and accidents have helped the growth of the market. For instance, approximately 1.3 million people die each year as a result of road traffic crashes as per the data by World Health Organization in June 2022.

The blood collection market is segmented into Product, Application, and End User.

The needles and syringes segment accounted for the major Blood Collection Market Share of the market in 2021 and is anticipated to continue this trend throughout the forecast period, owing to the increasing use of needles and syringes in the blood collection for diagnosis of various chronic diseases and the increased in the prevalence of infectious diseases. The phlebotomist must be completely aware of the wide range of needles, tubes, and syringes that may encounter in the procedure of the blood collection. Sub-optimal samples can occur when the needle and syringe method of collection is used.

The diagnostics segment accounted for the major Blood Collection Market Size of the market in 2021 and is anticipated to continue this trend throughout the forecast period, owing to a surge in the adoption of blood collection products for the diagnostic application in laboratories and a rise in the number of research and development activities for the study of diagnosis of the diseases. Moreover, a  rise in preference for blood collection for the treatment of the disease also helps in the growth of the market. For instance, individuals with an illness such as leukemia or kidney disease that causes anemia are often the recipients of blood transfusions. In addition, blood transfusion is used for patients who have experienced serious injuries from car crashes or natural disasters.

The others segment accounted for the major share of the market in 2021 and is anticipated to continue this trend throughout the Blood Collection Market Forecast period, owing to the surge in the number of hospitals & diagnostic centers globally, which is mainly due to an increase in the prevalence of the chronic diseases. The increased prevalence of chronic diseases like blood cancer or kidney disease can increase the hospital admissions of patients for the nosis and treatment by using the options like blood collection and blood transfusion.

Asia-Pacific was the dominant region and is expected to remain dominant throughout the forecast period, owing to high prevalence rate of chronic diseases, an increase in the number of market players, and a surge in the testing facilities in the region. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to the presence of high populace countries such as India and China, which in turn increases the incidents rate of accidents and trauma and the increasing number of strategies and trends adopted by the market players.

The key market players operating in this market include Abbott Laboratories, Becton, Dickinson and Company, FL Medical S.R.L, Greiner Holding AG, Medtronic plc, Narang Medical Limited, Nipro Corporation, Qiagen N.V., Sarstedt AG & Co. KG, Terumo Medical Corporation.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the blood collection market analysis from 2021 to 2031 to identify the prevailing blood collection market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the blood collection market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global blood collection market trends, key players, market segments, application areas, and market growth strategies.

 Blood Collection Market Report Highlights