Blood Collection Devices Market to Cross a Valuation of US$ 11 Billion By the Year 2032
The blood collection devices market is poised to attain a CAGR of 6.3% during the forecast period 2022-2032, as per the blood collection devices market analysis by Future Market Insights (FMI).
The rising number of accidents and trauma cases, the emergence of liquid biopsy tests, and the demand for blood donations and blood components are some pivotal factors driving the demand for blood collection devices and propelling the market.
A major factor shaping the demand for blood collection devices is the rising prevalence of infectious diseases such as hepatitis B (HBV), hepatitis C (HCV), human immunodeficiency virus (HIV), malaria, syphilis, and brucellosis.
A greater emphasis and adherence to health checkups and awareness of disease conditions via blood collection/blood drawing device ensued from burden of various chronic diseases, prevalence of lifestyle diseases around the globe, especially in emerging countries.
As blood tests are the primary mode of diagnosing these diseases, this will flourish the blood collection devices market growth and act as a significant contributor to the adoption of blood collection devices.
The global outbreak of COVID-19 is expected to have a positive impact on the blood collection devices adoption trends since blood testing involves the testing of various blood samples, which aids in the diagnosis of infectious diseases such as COVID-19.
Testing is still an important step in combating the COVID-19 pandemic. As the number of COVID-19 cases grows worldwide, governments around the world are looking into the possibility of allowing private laboratories to ramp up blood testing and in turn booming the market.
Taking into account all the aforesaid factors, the blood collection devices market is forecasted to reach US$ 8 Bn by 2026.
Key Takeaways:
· Capital investments in automated blood collection using apheresis devices range between USD 45,000 and USD 55,000.
· By end user, the segment of hospitals, ASCs and nursing homes held a major blood collection devices market share in the recent past.
· North America has been at the forefront of the sales of blood collection devices owing to presence of key players in the region.
· The anticipated blood collection devices market size is US$ 11 Bn by 2032.
· By method, the segment of manual blood collection is expected to dominate the global market in the coming years.
· By application, the diagnostics segment is anticipated to be at the forefront of the blood collection market.
"Whole blood sample storage and shipping present significant challenges and costs as it must be used immediately after collection or stored & kept under strict temperature and environmental conditions for analysis or other applications. If blood samples are not refrigerated or frozen, their properties begin to change within hours of collection and this is a prime challenge that the blood collection devices market is confronted with." points an FMI researcher.
Comparative View of Adjacent Blood Collection Devices Market
Competitive Landscape:
A few of the major players are Smiths Medical (US), Dickinson and Company (US), Terumo BCT (US), Retractable Technologies (US), Fresenius Kabi AG (Germany), Becton, Grifols S.A.(Spain), Terumo BCT (US), Haematonics (US), Greiner Holding (Austria), Quest Diagnostics (US), Nipro Medical Corporation (Japan), SARSTEDT AG & Co. (Germany), Macopharma (France), and Cardinal Health (US).
To increase their share, major corporations are pursuing a variety of organic and inorganic strategies such as collaborations, new product development, acquisitions, and regional expansion.
Key Developments:
· Greiner Bio-One International GmbH acquired VacutteEspana and Vacuette Portula. This acquisition was made to strengthen Greiner Bio-One International's distribution and commercial network for blood collection products.
· Drawbridge Health, a person diagnostic testing startup developing proprietary technology designed to integrate blood draw, collection, and sample stabilization into a single device, has been announced by GE Ventures. Healthcare providers will be able to provide a better patient experience by utilizing the new blood sample collection devices and technology.
This integrated technology is also being developed to support room temperature shipping and streamlined downstream processing, ensuring consistent and accurate results.
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Retinal Biologics Market Is Expected to Grow at A Robust CAGR Of 11.1% During the Forecast Period 2022-2028
Retinal biologics market value surpassed US$ 19.96 billion in 2021 and projected to grow at 11.1% y-o-y in 2028, as per a new FMI study. The projected growth of the market can be attributed to,
Increasing prevalence of diabetic eye diseases and age-related macular degeneration (AMD)
Significant R&D investments engaged in developing biologics for infectious and non-infectious retinal diseases
Growing application of specific biologic molecules as a promising drug target
Development of gene therapy as retinal biologics in the wake of large number of monogenic retinal disorders
"Higher specificity of retinal biologics as compared to other traditional therapies has escalated R&D efforts in the retinal drug delivery field. Rising burden of diseases as well as treatment on the back of ageing population and spread of diabetes epidemic have increased efforts in finding the cure of untreatable diseases. Greater strides to develop long-acting therapeutics in a bid to reduce disease burden is set to augur well for the retinal biologics market and generation of US$ 41.92 billion market value is projected in 2028," says FMI report.
Promising Treatment of VEGF-A Antagonist Drug Translates to Hefty Revenue Generation
The FMI study estimates that adoption of VEGF-A antagonist class of drugs remains higher as compared to TNF-α inhibitor. In 2021, VEGF-A antagonist drugs witnessed significant penetration while accounting for a hefty 93% revenues of the retinal biologics market. Significant advances in developing biologics for VEGF-A antagonist therapy and their delivery to posterior ocular tissues are underway.
Ubiquitous acceptance of VEGF-A antagonist therapy has led manufacturers to invest in the development of retinal biologics in a similar area. For instance, Eylea by Regeneron and Lucentis by Roche are VEGF-A antagonist drugs available in the market.
The study finds that despite lower revenues, penetration of TNF-α inhibitor drugs is likely to increase at a rapid pace in the coming years. In 2028, annual revenues of TNF-α inhibitor drug class is expected to grow at an impressive rate of 11.6%.
Retinal Biologics Find Prominent Use in Macular Degeneration Treatment
The study opines that over 35% of the retinal biologics revenues were consolidated in the treatment of macular degeneration. Highest revenue growth of 12.3% is also expected in macular degeneration as compared to other indications where retinal biologics are used in 2028.
Macular degeneration (MD) remains the leading cause of vision loss wherein it affects over 10 million Americans, the prevalence is higher than the combined incidences of cataract and glaucoma, as per the American Macular Degeneration Foundation (AMDF). As macular degeneration mainly affect people of age 50 years or more, with the ageing population, the prevalence of MD continues to rise despite improved treatment options.
Diabetic retinopathy and diabetic macular edema treatments also significantly include retinal biologics in therapy. FMI shows that collectively both the disorders accounted for over 43% of the retinal biologics market revenues in 2021. Annual revenue growth in these two disorders is estimated to remain above 10% in 2028. Increasing incidences of diabetes complications on the back of growing epidemic of diabetes will continue to increase cases of diabetic retinopathy and diabetic macular edema, thereby generating demand for retinal biologics in the coming years.
Retinal Biologics Distribution in Specialty Clinics and Hospitals Prominent
Manufacturers in the retinal biologics market distribute the products through institutional and retail distribution channels. The FMI study finds that institutional sales will garner higher revenues in the retinal biologics market wherein retinal biologics are distributed in specialty clinics and hospitals. Sales in hospitals accounted for over 35% of the market revenues in 2021.
The study estimates that retail sales of retinal biologics will garner similar revenues as that of hospitals and grow at 11.9% in 2028. Retail distribution occurs through retail pharmacies and mail order pharmacies of which retail pharmacies will register higher revenues as compared to its counterparts in the coming years.
Penetration in North America Higher, APEJ's Attractiveness to Increase
North America continues to hold leading revenues in the retinal biologics market. According to FMI valuation, North America held over 46% of the global retinal biologics market revenues in 2021. Revenues in North America are expected to grow at 10.4% y-o-y in 2028 on the back of increasing prevalence of retinal disorders, steady growth of the healthcare infrastructure and favorable reimbursement scenario.
Europe garnered nearly one-fourth revenues in the retinal biologics market, wherein a bulk of demand penetration was observed in Western European countries such as Germany, the UK, France, Italy, Spain and others. The attractiveness of the APEJ retinal biologics market is expected to rise at the rate of 11.1% in 2028, wherein China and India remain the most lucrative markets.
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https://www.futuremarketinsights.com/reports/retinal-biologics-market