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The process of venous blood collection includes the use of tubes, holders, needles, blood bags, and other devices for collecting blood samples. The blood is often collected for diagnostic and experimental purposes. The devices that help in venous blood collection aid in keeping the blood specimen intact from environmental pollution and help to prevent its contamination. These devices are often made using glass, plastic, ceramic, or stainless steel. The major types of venous blood collection devices include micro-container tubes, vacuum blood collection systems, and micro-hematocrit tubes.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
However, with COVID-19, the supply chain of the material required to manufacture venous blood collection devices has been disrupted in many countries. In addition, the market growth of implantable cardiac rhythm management devices is declining, as manufacturers of these devices have slowed down their production because of the pandemic. Therefore, COVID 19 is expected to have a significant impact on the venous blood collection market.
Top Impacting Factors
Rise in demand for screening and diagnostic medical equipment and surge in the number of surgical procedures are the major contributors to the growth of the venous blood collection market.
In addition, increase in awareness regarding the advantages of venous blood collection devices over their alternatives is fostering the market growth of venous blood collection. The key advantage of venous blood collection devices is that they are relatively painless and only a small amount of blood is needed in the procedure.
In addition, increase in cases of chronic and infectious diseases and rise in elderly population who are more susceptible to these diseases have increased the demand for venous blood collection devices, thus boosting the growth of the venous blood collection market.
However, risks associated with contamination and the presence of low-quality venous blood collection devices are some of the factors that impede the market growth.
Key Market Trends
With the presence of local players, the supply chain of these devices has become more penetrative and widespread.
Major players of the venous blood collection market are developing new innovative products for the venous blood collection market to serve and attract a larger customer base across the world.
North America dominated the venous blood collection market, due to the favorable reimbursement scenario in healthcare policies and rise in prevalence of infectious and chronic diseases.
Europe is expected to hold a significant share of the market during the forecast period, owing to high income of the population and deep penetration of the healthcare industry.
On the other hand, Asia-Pacific is projected to undergo a high growth rate, owing to the presence of a large patient pool and increase in awareness regarding blood donation.
Key Benefits of the Report
Questions Answered in the Venous Blood Collection Report
Key Market Segments
Key Market Players