The global blood collection market is anticipated to expect promising growth opportunities arising from the surge in the number of surgical procedures performed globally, including cancer and organ transplant surgeries. Most of these surgeries require blood transfusion, which could up the demand for target products of the market such as blood bags, tubes, syringes, and needles. End users such as hospitals and diagnostic centers could significantly add to the growth of the market with rising healthcare awareness to prevent and control infectious diseases. More number of government and non-government organizations are participating in such causes with their initiatives.
The global blood collection market, as per Transparency Market Research (TMR), is foretold to rise at a 4.7% CAGR to reach a valuation of US$9.8 bn by the end of 2022. In 2017, the market attained a valuation of US$7.7 bn.
Global Blood Collection Market: Major Insights
The international blood collection market is projected to gain a strong impetus on the back of the elevating number of trauma incidences and accidents and rising prevalence of non-communicable and infectious diseases. In the U.S., there are millions of adults still diagnosed with cancer and heart disease. Consequently, the diagnostics application could gain pace in its growth with the increasing demand for blood collection products. Product advancement is foreseen to bring in ample of opportunities for players dealing with blood collection tubes. In 2016, Vacutainer Barricor by BD received clearance from the U.S. Food and Drug Administration (FDA).
The international blood collection market is prognosticated to be classified according to product, end user, and application. By product, the market could be divided into vials, blood bags, blood lancets, blood collection tubes, blood collection needles and syringes, and others. Out of these segments, blood collection needles and syringes are anticipated to garner a lion’s share in the market by the end of the forecast timeframe. By 2022, this segment could collect a revenue of US$2.8 bn. In view of end user, the market could be segmented into blood banks, hospitals and diagnostic centers, and other end users. By application, diagnostics and treatment are expected to be critical segments of the market.
Regionally, the international blood collection market is envisaged to testify the lead secured by North America in the coming years. This region could rise at a 4.9% CAGR. However, the Middle East and Africa (MEA) and Japan are prophesied to showcase a sluggish growth in the market. The MEA could be valued at a US$0.4 bn by the end of 2022 while Japan is envisioned to expand at a CAGR of 4.3%. Nevertheless, there could be business opportunities available in Europe expected to expand at a 4.5% CAGR. Asia Pacific except Japan (APEJ) could be a faster growing region of the market.
Global Blood Collection Market: Vendor Landscape
The report offers an analysis of the worldwide blood collection market’s competitive landscape while profiling several key players including 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.