According to a recent Grand View Research report, the global blood collection market, which was valued at USD 7.6 billion in 2015, will grow at a CAGR of 6.1% to reach USD 13.3 billion by 2025. Blood collection products include blood collection needles and syringes, tubes, heparin tubes, serum-separating tubes, plasma-separating tubes, blood bags and more.
The major factors contributing towards the growth of the market are identified as:
- Increasing prevalence of infectious and non-communicable diseases
- Mounting number of accident and trauma cases
- Increasing number of surgical procedures
The product segment of the market comprises blood collection needles and syringes, EDTA tubes, bags, and others. The high demand for syringes and needles in disease diagnosis and surgical procedures is the major factor contributing to the growth of this segment.
Owing to the increase in the prevalence of diseases that drive the demand for blood testing and product advancement, the blood collection tube segment is expected to show profitable growth during the forecast period.
Among the end users, hospitals dominated the market in 2015 due to the growing number of surgical procedures and accidental cases. With the rise in healthcare awareness as well as initiatives by the government and non-government organizations to control and prevent infectious diseases, hospitals are also anticipated to grow at fastest rate over the forecast period.
Region-wise, North America dominated the overall market in 2015. Due to the increasing geriatric population and rising prevalence of infectious diseases such as HIV infection, tuberculosis, and malaria in the region, the Asia Pacific region is expected to grow at the highest rate during the forecast period. Rapidly developing healthcare infrastructure in the Asian countries such as India and China are also expected to drive the growth of the blood collection market.
Depending on their major competencies, the market is dominated by several key players Abbott Laboratories, Terumo Corp, Becton, Dickinson and Company, NIPRO Medical Corp, Medtronic, and Qiagen among others. Most manufacturers are undertaking several organic as well as inorganic strategies such as collaborations, new product development, acquisitions, and regional expansion to gain maximum share in the industry.