The global blood collection devices market is poised for significant growth, with projections indicating a CAGR of 6.5% during the forecast period. In 2023, the market is expected to be valued at USD 7.7 billion, and by 2033, it is forecasted to surpass USD 14.4 billion, according to a recent study by Future Market Insights (FMI).
The primary drivers of this market expansion include increasing healthcare awareness, the rising prevalence of chronic diseases, and the growing demand for efficient blood collection methods. Blood collection devices are integral to various diagnostic and therapeutic procedures, making them critical to modern healthcare systems. The demand for these devices is expected to be fueled by advancements in technology, the growing number of diagnostic tests, and the increasing need for blood transfusions in medical emergencies.
Additionally, the rise in minimally invasive blood collection techniques and the growing adoption of safety-engineered devices are anticipated to contribute to market growth. These innovations are addressing concerns related to needle-stick injuries, enhancing the safety and comfort of both patients and healthcare professionals. Furthermore, improvements in blood collection accuracy and efficiency are expected to drive the adoption of more sophisticated devices in hospitals, clinics, and diagnostic centers.
The market is also expected to benefit from the increasing investment in healthcare infrastructure, particularly in emerging economies. As access to healthcare improves globally, there is a growing need for reliable and easy-to-use blood collection devices. This is particularly important in regions where healthcare accessibility remains a challenge, and efficient blood testing is crucial for early diagnosis and treatment.
Key Takeaways:
- Market Growth: The global blood collection devices market is projected to grow from USD 7.7 billion in 2023 to USD 14.4 billion by 2033, registering a CAGR of 6.5%.
- Technological Advancements: The adoption of minimally invasive and safety-engineered devices is expected to drive market growth by improving patient safety and ease of use.
- Rising Healthcare Demand: Increasing healthcare access and the prevalence of chronic diseases are boosting the need for more efficient blood collection methods.
- Market Expansion: Enhanced healthcare infrastructure and growing diagnostic needs, particularly in emerging markets, will further fuel demand for blood collection devices.
The blood collection devices market is poised for robust growth as technological innovations and increasing healthcare demand continue to shape its future.
Key Growth Drivers
- Increasing Prevalence of Blood-Related Disorders: The rising incidence of chronic diseases requiring regular blood testing, such as diabetes and cardiovascular diseases, is driving demand for efficient blood collection devices.
- Technological Advancements: Innovations in blood collection technologies, including automated systems and safety features, are enhancing the efficiency and safety of blood collection procedures.
- Growing Healthcare Infrastructure: Increased investments in healthcare infrastructure globally are facilitating better access to blood collection services and devices.
Market Dynamics
- The market encompasses various types of blood collection devices, including blood collection tubes, lancets, and vacuum systems, with vacuum blood collection devices holding a significant share.
- The demand for minimally invasive techniques is also contributing to market growth, as they reduce patient discomfort and improve recovery times.
Key Manufacturers deep dive into Intricates, work on Cellular Level
The market players operating in the market are working in the gene therapies space. They are formulating new strategies to develop and commercialize advanced therapies. In December 2022, Cardinal Health’s highly innovative cell and gene therapy was recognized by the innovations issue of PM360.
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.
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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
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 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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