The global blood collection devices market is set to achieve remarkable growth, according to the latest market analysis by Future Market Insights (FMI). By 2023, the market is expected to reach USD 7.7 billion, with a projected compound annual growth rate (CAGR) of 6.5% through the forecast period. By 2033, market valuation is anticipated to exceed USD 14.4 billion.
The surge in infectious diseases, exacerbated by factors like rapid urbanization and the lingering effects of COVID-19, has heightened the demand for blood collection devices among healthcare providers worldwide. These devices play a crucial role in diagnostic procedures, allowing healthcare workers to assess and monitor patient conditions effectively.
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The prevalence of lifestyle disorders and chronic diseases, such as cancer and diabetes, further underscores the importance of blood collection devices. These devices facilitate the collection of essential blood samples, enabling accurate diagnosis and treatment planning. As the incidence of these conditions rises globally, so does the demand for reliable blood collection solutions.
Technological advancements in the sector have led to the development of innovative capillary blood collection systems, designed to minimize procedural errors and enhance sample integrity. Such innovations are expected to drive market growth significantly over the forecast period.
Despite these advancements, the market faces challenges, including competition from alternative healthcare technologies and concerns regarding the cost-effectiveness and sample preservation capabilities of existing blood collection devices. Devices typically range between USD 45,000 and USD 55,000 and may struggle to maintain sample freshness over extended periods, posing constraints to market expansion.
As the global healthcare landscape continues to evolve, stakeholders in the blood collection devices market are urged to innovate further, addressing these challenges to capitalize on emerging opportunities and meet the escalating demand for reliable diagnostic solutions.
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 USD 7.7 billion.
- By 2033, the market value is expected to cross USD 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 developments in the market:
- In September 2022, Cardinal Health introduced new solutions to improve financial health for specialty practices.
- In January 2023, Greiner announced that it had maintained its sustainable transformation process despite challenges in 2023.
Top Players in the Market:
- Quest Diagnostics
- Cardinal Health
- Greiner AG
- Haematonics corporation
- Sarstedt AG & Co. KG
- Fresenius Kabi
- Grifols S.A.
- Macopharma
- Nipro Corporation
Blood Collection Devices Market 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
- Others
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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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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