Increasing prevalence of diseases, demand for liquid biopsy, growing demand for blood components, and increasing number of surgeries and accidental cases are the factors driving the growth of the market.
Blood collection is the process of acquiring blood samples from the donor for performing laboratory diagnostic tests and treating patients. This is an integral part of the blood management procedure in hospitals and blood banks centers.
The global blood collection market is expected to reach USD 10.59 Billion by 2022 from USD 8.10 Billion in 2017, at a CAGR of 5.5%.
Market Dynamics
+ Drivers
+ Increasing Disease Incidence and Growing Number of Accident & Trauma Cases
+ Emergence of Liquid Biopsy Tests
+ Rising Demand for Blood Components
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The blood collection tubes segment to account for the largest share of the market in 2017
The market is broadly segmented into blood collection tubes, needles and syringes, blood bags, blood collection devices, and lancets. The blood collection tubes segment is expected to hold the largest share of the blood collection market in 2017. Blood collection tubes enable the easy collection and multiple sample collection from a single venipuncture; this is driving its adoption in a wide range of applications.
The manual blood collection method is expected to hold the largest share of the market in 2017
The market is classified into manual blood collection and automated blood collection. The manual blood collection is expected to dominate the market in 2017. Lower costs (as compared to automated blood collection), high demand for whole blood transfusions, and the availability of a wide range of products for this method are the major factors driving market growth in this segment.
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Geographically, the global blood collection market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North America is expected to account for the largest share of the global market in 2017. The large share of the North American region is mainly attributed to factors such as government initiatives for blood safety, increasing prevalence of lifestyle diseases, the presence of key players, and increasing adoption of automated blood collection devices in this region. The APAC region is expected to grow at the highest CAGR over the next five years. A large population base, improving healthcare infrastructure, growing medical tourism, increasing number of hospitals, and rising disposable incomes in the region are expected to offer significant growth opportunities for key players operating in the market.
Some of the key players in the blood collection market are BD (US), Medtronic (US), and Terumo (Japan).
