Blood Collection Devices Market Expected To Reach $8.42 billion by 2027 | At a CAGR of 6.8%

According to a research report Blood Collection Devices Market by Product (Tubes (Plasma (EDTA, Heparin), Serum), Needles & Syringes, Blood Bags, Monitors), Method (Manual, Automated), Application (Diagnostic, Therapeutic), End User (Hospitals, Blood Banks) – Global Forecast to 2027″ published by MarketsandMarkets, the global blood collection devices market is projected to reach USD 8.42 billion by 2027 from USD 6.06 billion in 2022, at a CAGR of 6.8% during forecasted period. 

The new edition of the report provides updated financial information until 2022 (depending on availability). This would help to analyze the present status of profiled companies easily in terms of their financial strength, profitability, key revenue-generating region or country, and business segment focus in terms of the highest revenue-generating segment.

The expansion of this market is due in large part to surging cases of blood transfusions, donations, and blood disorders. However, a lack of skilled labor is one of the challenges that may inhibit the growth of this market. 

The blood collection tubes segment accounted for the largest market share in the Blood Collection Devices Market, product, during the forecast period

The global blood collection devices market, by product is segmented into needles & syringes, blood collection tubes, blood bags, systems/monitors, and lancets. In 2021, blood collection tubes segment held the largest share and is projected to register the highest CAGR during the forecast period. The dominance of segment is attributed by the high prevalence of blood diseases and disorders and high demand of blood transfusions in the emerging economies.

Diagnostic application segment accounted for the largest share of the blood collection devices market, by application, in 2020

The blood collection devices available in the market are based on two major applications—diagnostic, and therapeutic applications. The diagnostics segment is expected to dominate the blood collection devices market in 2020. This is attributed to factors such as the increasing prevalence of chronic diseases, increasing number of corporate and personal check-ups. This segment further witnessed the highest growth in the blood collection devices market in 2020.

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The increasing number of hospitals, ambulatory surgical centers, and diagnostic laboratories all over the world is expected to drive the growth of the global blood collection devices market. The rise in the number of hospitals and other healthcare facilities has increased the demand for blood collection devices.

In addition, the growing awareness about the safety and convenience of using advanced blood collection devices is also expected to fuel the growth of this market. Furthermore, increasing government initiatives to promote the use of advanced medical technologies is also contributing to the growth of this market.

APAC region accounted for the highest CAGR

The global Blood Collection Devices Market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. According to the regional analysis, the North America region is likely to retain a significant market share in 2021 and the future. The North America Blood Collection Devices Market is being propelled by the advanced healthcare infrastructure and presence of leading players. Asia pacific is expected to grow with the fastest CAGR, owing to the improving medical infrastructure and vast population base.

Prominent players in the market are Becton, Dickinson and Company (US), Terumo BCT (US), Fresenius Kabi AG (Germany), Grifols, S.A. (Spain), Nipro Medical Corporation (Japan), Quest Diagnostics (US), SARSTEDT AG (Germany), Haemonetics Corporation (US), Greiner Holding AG (Austria), and Smiths Medical (US).