Report Code: A04011 | Pages: 236 | Oct 2022 | 7567 Views | ||
Author(s) : Prathmesh B , Onkar S | Tables: 147 | Charts: 60 |
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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.
Blood Collection Market Report Highlights
Aspects | Details |
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Market Size By 2031 | USD 7.9 billion |
Growth Rate | CAGR of 5.2% |
Forecast period | 2021 - 2031 |
Report Pages | 236 |
Product |
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Application |
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End User |
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By Region |
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Key Market Players | Abbott Laboratories Inc., Medtronic, Inc., Becton Dickinson and Company, Terumo Corporation, Nipro Medical Corporation, Qiagen NV, F.L. Medical SRL, greiner holding ag, Haemonetics Corporation, Sarstedt AG |
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This section provides opinions of the top-level CXOs in the blood collection market. In accordance with several interviews conducted; the blood collection is a procedure of taking blood samples from the donor for performing laboratory diagnostic tests for the treatment of patients. It is a very crucial part of the blood management procedure in hospitals and blood banks centers. This medical procedure is highly used in various end user industries such as hospital, blood bank center, academics, and home care.
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 prevalence rate of blood related diseases, increase in awareness about blood transfusion procedures, and rise in government expenditure on healthcare, and other trends adopted by the market players.
A. The total market value of the blood collection market is $4775.55 million in 2021.
A. The forecast period in the report is from 2022 to 2031.
A. Asia-Pacific is the largest regional market for Blood Collection
A. The market value of the blood collection market in 2022 was $4980.9 million.
A. The top companies that hold the market share in the blood collection market are 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.
A. The base year for the report is 2021.
A. Yes, blood collection market companies are profiled in the report.
A. The key trends in the blood collection market are an increase in the number of blood donations, a rise in awareness about blood donations and increase in prevalence of infectious diseases.
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