A compound annual growth rate of 6.5% is anticipated in the blood collection devices market sales throughout the forecast period. The market valuation is projected to reach US$ 7.7 billion in 2023. The numbers are predicted to surpass US$ 14.4 billion by 2033.
These devices, integral to the healthcare ecosystem, play a crucial role in the collection, storage, and transportation of blood specimens for diagnostic and therapeutic purposes. With the increasing prevalence of chronic diseases, a growing emphasis on early disease detection, and advancements in medical testing technologies, the demand for efficient and reliable blood collection devices is on the rise. Innovations such as safety-engineered needles, vacuum blood collection systems, and user-friendly devices contribute to enhanced patient experience and healthcare practitioner safety. As the global healthcare landscape continues to evolve, the Blood Collection Devices Market stands at the forefront, ensuring the integrity and efficiency of blood collection processes and supporting various medical disciplines in delivering quality patient care.
There has been an increase in infectious illnesses. Many factors like rapid urbanization which has led to an increase in construction, the effects of COVID-19, etc. have led to this. Owing to this, healthcare workers are making use of blood collection devices to analyze the condition of patients.
There has been an increase in lifestyle disorders owing to the prevalence of a sedentary lifestyle. In extreme cases, this has led to cancer. There has also been an increase in diabetic patients across the world. The intensity of diabetes can only be understood through a blood sample. Consequently, doctors are making use of blood collection devices to collect blood samples.
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The blood collection devices market stands at the forefront of healthcare innovation, playing a pivotal role in the accurate diagnosis, treatment, and monitoring of a wide range of medical conditions. These devices form an essential link between patients and healthcare providers, facilitating the collection of vital blood samples for various diagnostic and therapeutic purposes. As technology continues to evolve, the market is experiencing dynamic growth, reshaping the way blood is collected, processed, and analyzed.
The market has been going through a slew of technological innovations. This has led to the development of capillary blood collection systems, which minimize processing mistakes. This might increase the demand for blood collection devices during the forecast period.
However, the market has been going through certain challenges. One of them is the advancements in the healthcare sector, which have led to the development of better alternatives. Moreover, the cost associated with these devices ranges somewhere between US$ 45,000 and US$ 55,000. These devices can’t retain the freshness of the sample in case of longer durations, which might restrain the market growth.
Thus, as per the insights provided by the FMI researchers, increasing infectious illnesses, exponential increase in the lifestyle diseases like diabetes, surging cancer cases, and among factors that are expected to drive the blood collection devices market growth during the forecast period.
Key Takeaways:
- The market is expected to advance at 6.5% during the forecast period.
- In 2023, the estimation is expected to be at US$ 7.7 billion.
- By 2033, the market value is expected to cross US$ 14.4 billion.
- As per the regional analysis, North America is projected to hold the dominant market share.
- The United States market is expected to surge at 6.3% during the forecast period.
- The United Kingdom market is anticipated to grow at 5.5% during the forecast period.
- China’s market is projected to advance at 5.9% during the forecast period.
- Japan’s market is expected to record a CAGR of 5% during the forecast period.
- The South Korean market is anticipated to post a CAGR of 4.5% during the forecast period.
- Based on the product type, the blood collection tube is projected to be the dominant segment and is expected to grow at 6.2% during the forecast period
- Based on the end user, the diagnostic and pathology laboratories segment is projected to be dominant and is anticipated to surge at 6.2% during the forecast period.
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Competitive Landscape
The key players operating in the blood collection devices market are expected to make huge investments in research and development. This comes at a time when the market has been facing a slump owing to supply chain disruption. The manufacturers are also expected to make massive investments in the process of mergers and acquisitions. Strategic partnerships are very much on cards as this would allow the manufacturers to broaden their portfolio.
Key Segmentation
By Type:
- Blood collection tubes
- Needles & syringes
- Blood bags
- Blood collection systems or monitors
- System type
- Lancets
- Others
By End User:
- Hospitals
- Ambulatory Surgical Centre & Nursing Homes
- Blood Bank
- Diagnostic & Pathology Laboratories
- OthersUnlock Tailored Insights: Customize Your Report for Maximum Impact:
By Method:
- Manual Blood Collection
- Automated Blood Collection
By Application:
- Diagnostic
- Therapeutic
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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