Quality blood collection products, including needles, collection tubes and disposable tourniquets, are essential achieve the best possible blood test results. According to a new research from Report Linker, the global blood collection market is expected to reach USD 10.59 billion by 2022 from USD 8.10 billion in 2017. Estimated to grow at a compound annual growth rate of 5.50 percent, this market’s growth is fuelled by factors such as
- increasing prevalence of various diseases
- rising number of surgeries, and
- growing number of accidental and trauma cases
However, the high cost of automated blood collection devices is expected to restrain market growth to a certain extent.
The report classifies the market on the basis of product, method, and region. Based on product, the market is segmented into blood collection tubes, needles and syringes, blood bags, blood collection device, and lancets. The blood collection devices segment is expected to grow at the highest CAGR during the forecast period owing to factors such as the growing prevalence of blood disorders, increasing demand for plasma from biopharmaceutical companies for plasma fractionation, and rising demand for apheresis and whole blood collection devices in blood banks in emerging countries.
The market includes manual and automated blood collection methods. The automated method segment is expected to grow at the highest CAGR based on the increasing demand for safer procedures to withdraw and separate blood components for transfusion, availability of advanced blood collecting products, and the rising demand for plasma by biopharmaceutical companies. While North America held the largest market share in 2016, Asia Pacific (APAC) is predicted to have the highest growth during the forecast period.
Key manufacturers of blood collection products include BD (US), Medtronic (US), Haemonetics (US), Fresenius (Germany) Nipro Medical (US), Kawasumi Laboratories (Japan), F.L. Medical (Italy), Greiner Holding (Austria), and Grifols (Spain). The large population base, improving healthcare infrastructure, growing medical tourism, increasing number of hospitals, and rising disposable incomes in the APAC region are expected to offer significant growth opportunities for the key players in the market.