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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