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Report Overview
2023
Base Year
2017-2023
Historical Year
2024-2032
Forecast Year
Global Blood Collection Market Outlook
The global blood collection market value in 2023 was USD 8.49 billion, driven by the increasing prevalence of infectious and non-communicable diseases across the globe. The global blood collection market size is anticipated to grow at a CAGR of 6.1% reaching USD 14.46 billion by 2032.
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Increased Demand for Needles and Syringes to Catalyse the Market Growth of the Global Blood Collection Industry
Based on product, the needles and syringes segment is expected to hold a significant share in the global blood collection industry during the forecast period. This growth can be attributed to the heightened utilisation of hypodermic needles for drawing blood worldwide. Moreover, the increased siliconisation of needles increases their durability while reducing the friction caused by the hypodermic needles due to the force required to puncture the skin and drag the needle out, which makes it more comfortable for the patient. These factors are estimated to drive the market growth in the forecast period.
North America to Possess a Substantial Market Share in the Global Blood Collection Industry
North America is predicted to hold a substantial market share in the global blood collection industry. This surge can be attributed to the rising demand for blood collection and blood transfusion owing to the rapid spread of chronic illnesses and the growing rates of road accidents in the region. According to the Leukaemia and Lymphoma Society statistics, approximately a total of 178,520 individuals in the US were predicted to be diagnosed with leukaemia, lymphoma, or myeloma in 2020. In addition, the thriving healthcare industry and the increased research and development activities in the region are also expected to contribute to the market growth in the coming years.
Blood Collection: Market Segmentation
Blood collection, also known as venipuncture or phlebotomy, refers to the process of drawing blood from a vein, usually for lab testing purposes. Another reason for drawing could be to reduce the excess red blood cells in order to treat certain blood-related disorders. In addition, the popular modes of drawing blood are arterial sampling, fingerstick sampling, heel stick sampling, mainly for infants, and venipuncture sampling. The major purpose of the blood collection process is to identify respiratory, metabolic, and mixed acid-base that is where the CO2 levels of the patient require monitoring. While generally, the process is safe, it may adversely result in the risk of infection and excessive bleeding for people with coagulopathy.
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By product, the market is distributed into:
- Needles and Syringes
- Blood Collection Tubes
- Blood Bags
- Others
On the basis of application, the industry can be bifurcated into:
- Diagnostics
- Treatment
Based on end use, the market can be segmented into:
- Hospitals
- Diagnostic Centres
- Blood Banks
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Heightened Prevalence of Blood-Related Disorders and the Rampant Spread of Covid-19 to Augment the Growth of the Global Blood Collection Industry
The rising prevalence of chronic blood disorders is expected to drive the growth of the global blood collection industry in the coming years. According to the World Cancer Research Fund statistics, approximately 18 million cancer cases were recorded in 2018 worldwide, out of which non-Hodgkin lymphoma accounted for 3%, while leukaemia and multiple myeloma accounted for 2.6% and 0.9%, respectively. The diagnosis of these diseases requires blood collection, while in the treatment procedure, blood transfusion is conducted periodically to replace the red blood cells and other blood components with that of healthy individuals who volunteer to donate blood. Moreover, with the rampant spread of Covid-19, many governments are devising strategies to support the research for utilising routine blood tests to detect Covid-19 infection among patients. Furthermore, blood tests are already being readily used in the Covid-19 antibody tests. These developments are expected to drive the market growth in the forecast period.
Key Industry Players in the Global Blood Collection Market
The report gives a detailed analysis of the following key players in the global blood collection market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Abbott Laboratories
- NIPRO Medical Corp
- Becton, Dickinson and Company
- Terumo Corp
- Medtronic
- Qiagen
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
|
| Breakup by Application |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Supplier Landscape |
|
| Companies Covered |
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Blood Collection Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The blood collection Market was valued at USD 8.49 billion in 2023.
The market is expected to grow at a CAGR of 6.1% from 2024 to 2032 to reach a value of USD 14.46 billion by 2032.
The major drivers of the industry, such as the increased prevalence of chronic illnesses worldwide such as blood cancer, rapidly growing geriatric population, and increasing initiatives by international organisations to raise awareness about blood collection and blood donation drives, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the ongoing research and development activities around COVID-19, such as the increasing focus on routine blood tests as a potential COVID-19 detection test and the increasing demand for plasma donations and COVID-19 antibody testing.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different blood collection products include needles and syringes, blood collection tubes, blood bags, and others.
The significant applications considered within the market report include diagnostics and treatment.
The significant end use segments considered within the market report include hospitals, diagnostic centres, blood banks, and others.
The major players in the industry are Abbott Laboratories, NIPRO Medical Corp, Becton, Dickinson and Company, Terumo Corp, Medtronic, Qiagen, and others.
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