Blood collection products including blood collection needles, syringes, tubes, and heparin tubes play critical role in accurate diagnosis of various diseases. According to a Transparency Market Research report, the global blood collection market is expected to achieve revenue growth of US$9.8 billion by the end of 2022, after progressing from a US$7.7 billion earned in 2017. During the forecast period 2017-2022, the market is expected to expand at a CAGR of 4.7%. The report notes that this growth could be supported by factors such as
- rise of emerging markets
- increasing disposable income
- rising count of hospitals
- growing medical tourism, and
- advancing development of healthcare infrastructure
The increasing prevalence of infectious diseases in developed regions such as North America and the faster growth of developing regions such as Asia Pacific are also key factors that support the growth.
End users of this market include blood banks, hospitals and diagnostic centers, and others. On the basis of application, the market could see a classification into diagnostics and treatment. It is predicted that the global blood collection market will classified into vials, blood bags, blood lancets, blood collection tubes, blood collection needles and syringes, and others. The report highlights the following trends:
- Of these products, blood collection needles and syringes could grasp a huge share of 29.4% by the end of the forecast period.
- The annual absolute growth attained by blood collection needles and syringes is predicted to be greater than that of any other product.
- This segment could grow at a US$0.08 billion annually between 2017 and 2022.
Based on region, the market includes North America, Asia Pacific except Japan (APEJ), and Europe.
- The report predicts the market to be dominated by North America with revenue earning of US$3.2 billion by the end of 2022.
- Europe could expand at a slightly lower CAGR than that of North America to reach a valuation of US$2.4 billion by 2022.
- APEJ could exhibit a faster growth while growing at a CAGR of 5.1%.
The report identifies the key manufacturer as: Abbott Laboratories, Inc., Medtronic Plc., Becton, Dickinson and Company, Terumo Corporation, Nipro Corporation, QIAGEN N.V., F.L. Medical SRL, Greiner Holding AG, Haemonetics Corporation, and Sarstedt AG & Co.