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Blood Collection Market Expected to Reach $7.9 Billion by 2031—Allied Market Research

 
2022
Blood Collection Market

Report Code : A04011

quote An alarming rise in the prevalence of infectious diseases, growing demand for advanced diagnosis, rise in the number of blood donations, and increase in the number of diagnostic centers contribute toward the growth of the global blood collection market during the forecast period. quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Blood Collection Market," The blood collection market was valued at $4.8 billion in 2021 and is estimated to reach $7.9 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.

Blood collection involves the procedure in which a needle is used to take blood from a vein usually for laboratory testing. It may also be done to remove extra red blood cells from the blood to treat certain blood disorders. This is also called phlebotomy and venipuncture. 

The key Blood Collection Market Trends such as the increase in the incidence of trauma & accidents, increase in the number of surgical procedures performed, the surge in the prevalence of chronic diseases such as blood cancer, and rise in government expenditure on healthcare drive the Blood Collection Market Growth.  For instance, according to the data by World Health Organization in July 2021, there were estimated 37.7 million people living with HIV at the end of the year 2020 and over two-thirds of them were from African region. Moreover, WHO stated that there were estimated 7 million new cases of syphilis in 2020. However, the risks related to blood transfusion procedure is expected to hinder the growth of this market. Conversely, the high growth potential in untapped emerging economies is anticipated to create lucrative opportunities for the Blood Collection Industry.

The blood collection market is segmented on the basis of product, application, end user, and region. On the basis of product, the market is fragmented into needles & syringes, blood collection tubes, blood lancets, blood bags, and others. On the basis of application, the market is bifurcated into diagnostics and treatment. On the basis of end user, the market is classified into hospitals & diagnostic centers, blood banks, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of product, the market is classified into needles & syringes, blood collection tubes, blood lancets, blood bags, and others. The blood collection tubes segment is projected to exhibit the fastest market growth during the forecast period, owing to increase in the prevalence of chronic diseases such as cancer among the population, increase in the healthcare expenditure, and surge in adoption of blood collection products for screening.

On the basis of application, the market is classified into diagnostics and treatment. The diagnostics segment is anticipated to have largest Blood Collection Market Share, owing to upsurge in number of patients of infectious diseases,  increase in the number of diagnosis procedures of the diseases, and rise in the number of research and development activities for the diagnostics. Moreover, the surge in blood testing facilities, the widespread use of new technology in blood testing, and the availability of on-the-spot testing help in the growth of the market.

On the basis of end user, the market is segregated into hospitals & diagnostic centers, blood banks, and others. The hospitals & diagnostic centers segment is anticipated to have largest Blood Collection Market Size, owing to surge in the number of hospitals & diagnostic centers increase the research activities of blood transfusion therapy. Moreover, the rise in number of blood banks contributes to the growth of the market.

On the basis of region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA). In 2021, Asia-Pacific was the dominant region and is expected to remain dominant throughout the forecast period, owing to high prevalence rate of chronic diseases, increase in the number market players and surge in the testing facilities in the region. 

KEY FINDINGS OF THE STUDY

  • By product, the needles and syringes segment accounted for major share of the blood collection market in 2021.
  • By application, the diagnostics segment is anticipated to grow with the highest CAGR throughout the forecast period.
  • By end user, the others segment is anticipated to grow with the highest CAGR throughout the forecast period.
  • By region, Asia-Pacific occupied major share of the blood collection market in 2021.

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quote Blood Collection Market by Product (Needles and Syringes, Blood Collection Tubes, Blood Lancets, Blood Bags, Others), by Application (Diagnostics, Treatment), by End User (Hospitals and Diagnostic Centers, Blood Banks, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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