Large paragraph: Blood collection devices are used for collecting blood samples from veins or arteries of patients or donors. These devices help in collecting blood safely and preventing the transmission of infectious diseases. With the increasing number of hospital visits and prevalence of chronic diseases, the demand for blood collection is rising significantly. The global Blood Collection Devices Market is estimated to be valued at US$ 9,244.72 Mn 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 growing demand for safe blood collection is one of the major factors propelling the growth of the blood collection devices market. Blood collection devices minimize the risk of needlestick injuries and contamination of blood samples, which is important for both healthcare workers collecting samples and patients. These devices help isolate needles after blood withdrawal, thereby reducing the risk of accidental needlestick injuries. They also prevent backflow or reflux of blood which can cause contamination. With rising awareness about infectious diseases and focus on biosafety, the demand for advanced blood collection devices is increasing significantly among healthcare facilities worldwide.
Strength: Blood collection devices have high demand from diagnostic centers and hospitals. Advances in products like butterfly needles and vacutainers offer better comfort and safety to patients.
Weakness: Low affordability of advanced blood collection products in developing nations pose a challenge. Stringent regulatory approval process increases costs of new product launches.
Opportunity: Rising cases of blood disorders, HIV/AIDS and growing geriatric population drives the need for frequent blood collection procedures. Developing economies offer scope to lower-priced products.
Threats: Alternative sample collection methods and presence of local players increase competition. Supply chain disruptions due to pandemic affected production volumes of major players initially.
The global blood collection devices market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for blood collection devices was valued at US$ 9,244.72 Mn in 2023 and is projected to reach US$ 15,696.47 Mn by 2030 at a CAGR of 6.1%.
North America dominates the global blood collection devices market currently due to favorable reimbursement policies and prevalence of chronic diseases in the region. The Asia Pacific region is expected to witness fastest growth fueled by rising healthcare infrastructure, expanding patient pool and increasing penetration of private players in developing nations like India and China.
Key players operating in the blood collection devices market are Becton Dickinson and Co, Terumo Corp, Cardinal Health Inc, SARSTEDT AG & Co KG, Nipro Corp, Thermo Fisher Scientific Inc, Sekisui Chemical Co Ltd, Greiner Bio-One International GmbH, FL Medical SRL, and IntervacTechnology OU. Becton Dickinson and Company leads the market with products like Vacutainer blood collection tubes and needles used widely in sample collection procedures.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it