According to the latest report by Reports and Data, the global blood collection market size was USD 4.86 Billion in 2020 and is expected to reach USD 7.82 Billion in 2028 and register a revenue CAGR of 6.2% during the forecast period, 2021-2028.
Reports and Data has published its latest report titled “Blood Collection Market, By Product (Needles & Syringes, Blood Collection Tubes, Blood Bags, Lancets, Blood Collection Systems & Monitors), By Application (Diagnostics, Therapeutics), By End-Use (Hospitals & Nursing Homes, Blood Banks, Diagnostics Centers & Laboratories, Others), and By Region Forecasts To 2028”
According to the latest report by Reports and Data, the global blood collection market size was USD 4.86 Billion in 2020 and is expected to reach USD 7.82 Billion in 2028 and register a revenue CAGR of 6.2% during the forecast period, 2021-2028.
Increasing prevalence of chronic diseases, rising blood donation programs, and growing awareness regarding regular health checkups are some key factors expected to drive market growth
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Drivers, Restraints, and Opportunities
Specific diagnostic tests necessitate blood collection in order to determine the most effective treatment alternatives. Depending on the analysis to be performed, blood samples can be obtained from the fingertip, arm, ear and other parts of the body. The three most common methods of blood collection are arterial sampling, fingerstick sampling, and venipuncture sampling. Venipuncture is the most common way of drawing blood from adult patients. The blood is drawn from a superficial vein in the upper limb, most commonly the median cubital vein, which is close to the skin and free of significant nerves. For blood sample, cephalic veins and the median cubital are preferable, but other hand veins can also be used. On the lateral (radial) side of the arm, the cephalic vein is found, while the basilic vein is found on the medial (ulnar) side. Technological advancements in blood collection process is a key factor expected to drive market revenue growth over the forecast period. For instance, vein finder, a vein lighting and visualisation method, is one of the most recent advancement in safe blood collection techniques. It is also used to assist healthcare staff in discovering eligible veins for venipuncture.
In addition, wide scale adoption of advanced diagnostic techniques, increasing government and nonprofit organizations initiatives to promote blood donation in developed and developing countries and growing awareness regarding regular health checkups especially for the diabetic patients are some factors expected to boost market revenue growth. However, risks associated to blood transfusion, and lack of awareness regarding preservation and delivery of whole blood samples are factors expected to restrain blood collection market revenue growth over the forecast period. If blood samples are not properly cooled or refrigerated, their properties begin to change within hours of collection.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Needles & Syringes Segment to Lead in Terms of Revenue Share:
Needles & syringes segment is expected to account for largest revenue share in the global market over the forecast period owing to increasing number of surgeries and diseases diagnostics, growing demand for numerous blood testing procedures due to increasing number of patients suffering from chronic diseases, high affordability and ease of use.
Diagnostics Segment to Register Significant Revenue Growth:
Diagnostics segment is expected to register significant revenue growth over the forecast period attributable to growing need for diagnostic and screening tests, especially during COVID-19 pandemic and rising prevalence of chronic diseases including obesity, cancer, diabetes, and cardiovascular diseases. Blood collection procedures are first used in diagnostic laboratory, as blood samples are required to determine the source of life-threatening microorganism infections and to detect changes in the amounts of specific blood components.
North America to Register Robust Revenue Growth:
North America is expected to register robust revenue growth over the forecast period attributable to technological advancements in healthcare facilities, growing number of chronic diseases such as cancer, and heart attack, increase in R&D activities, and presence of clinical diagnostic companies in the region.
Asia Pacific Accounted for Largest Revenue Share in 2020:
Asia Pacific is expected to account for largest revenue share in the global market in 2020 over the forecast period attributable to increasing number of accidents, rising government initiatives towards advancements in the field of medical devices, and increasing blood donation programs by NGOs. In addition, increasing demand for blood collection due to huge population, especially in emerging economies including China, Malaysia, Thailand and India, drive revenue growth of the APAC market.
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Major Companies in the Market Include:
- Fresenius Kabi AG
- Becton
- Dickinson and Company
- Haemonetics Corporation
- Grifols, S.A.
- TERUMO BCT, Inc.
- Smiths Medical, Inc.
- Macopharma S.A.
- Retractable Technologies, Inc.
- Kawasumi Laboratories Incorporated
- Greiner Holding AG
Market Segmentation:
For the purpose of this report, Reports and Data has segmented global blood collection market based on product, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Needles & Syringes
- Blood Collection Tubes
- Heparin Tubes
- EDTA Tubes
- Serum Tubes
- ESR Tubes
- Vacuum Tubes
- Coagulation Tubes
- Vacuum Tubes
- Non-vacuum Tubes
- Glucose Tubes
- Blood Bags
- Lancets
- Blood Collection Systems & Monitors
Application Outlook (Revenue, USD Billion; 2018-2028)
- Diagnostics
- Therapeutics
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals & Nursing Homes
- Blood Banks
- Diagnostics Centers & Laboratories
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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