Blood collection devices are medical tools used to collect blood samples from patients or donors for diagnostic and medical examination purposes. Such devices include needles, blood bags, vials, blood collection tubes, and others used to extract blood from veins or arteries. Blood collection plays a vital role in disease diagnosis and monitoring health changes by analyzing components of the collected blood sample.
The global Blood Collection Devices Market is estimated to be valued at US$ 7.1 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for blood collection test kits is expected to be a major driver for the global blood collection devices market during the forecast period. Blood collection test kits help conduct various tests to check for infections, liver or kidney disorders, electrolyte imbalances, cholesterol levels, and more. The rising cases of diseases like cancer, diabetes, cardiovascular diseases, and infections are increasing the demand for diagnostic tests which require blood collection through these devices. Furthermore, the growing geriatric population who are more susceptible to chronic diseases also contributes to the growing demand. Advanced technologies in blood collection devices with minimally invasive procedures are gaining popularity and helping boost the growth of this market.
SWOT Analysis
Strength: Blood collection devices provide ease of use for collecting blood samples safely and effectively. This ensures efficient blood collection processes.
Weakness: High costs associated with technologically advanced blood collection devices may restrict their adoption in price sensitive markets.
Opportunity: Growing demand for blood and blood components is expected to drive the demand for innovative blood collection technologies. Rising investments in healthcare infrastructure in emerging nations also present an opportunity.
Threats: Stringent regulatory framework and compliance issues governing blood collection products pose a challenge. Intense competition exists among existing players.
Key Takeaways
The global blood collection devices market is expected to witness high growth. The market size for 2024 is estimated to be USD 7.2 billion and it is forecast to reach USD 9.8 billion by 2030, growing at a CAGR of 6.1% during the forecast period.
Regional analysis
North America dominates the global market owing to high prevalence of chronic diseases, growing elderly population and rising healthcare expenditure in the region. Presence of major market players and availability of advanced healthcare facilities also support market growth. Asia Pacific is expected to witness the fastest growth rate over the forecast period due to increasing healthcare awareness, rising disposable incomes and expanding healthcare infrastructure in emerging countries of China and India.
Key players
Key players operating in the blood collection devices market are Becton, Dickinson and Company, Terumo Corporation, Greiner Bio One International GmbH, Medtronic plc, Sarstedt AG & Co, FL Medical srl Unipersonale, and Narang Medical Limited. Becton, Dickinson and Company holds the leading market share in global blood collection devices owing to their diversified product portfolio and strong distribution network globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
