During the forecast period, the Blood Collection Devices Market is expected to grow at a 6.5% CAGR. The market is expected to be worth US$ 7.7 billion in 2023. The figures are expected to exceed US$ 14.4 billion by 2033.
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.
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.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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