Blood Collection Market (Product - Blood Collection Needles and Syringes, Blood Collection Tubes, Blood Lancets, Blood Bags, and Other Products; Application - Diagnostics, and Therapeutic; End User - Hospitals and Diagnostics Centres, Blood Banks, and Other End Users): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on blood collection market provides in-depth analysis of segments and sub-segments in the global as well as regional blood collection market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional blood collection market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global blood collection market.

Market Insight:

The global blood collection market was valued at USD 11.77 billion in 2022 and is expected to reach USD 19.22 billion in 2030, with a CAGR of 6.42% during the forecast period 2023-2030.

Blood collection is a fundamental process that involves the intentional withdrawal of blood from the body for laboratory analysis. Typically conducted in a hospital setting, this procedure serves to identify and diagnose various metabolic, respiratory, and mixed-acid disorders. There are several widely practiced methods of blood collection, including arterial sampling, venipuncture, and fingerstick sampling. These techniques are essential in gaining insights into the functioning of the body, aiding in the prevention, understanding, and treatment of diseases across hospitals and blood bank centers. During the blood collection process, blood is extracted from the individual either manually or through automated equipment. The blood is then separated into its various components utilizing a procedure known as apheresis. This separation allows for the isolation of specific blood components, such as red blood cells, plasma, or platelets, as per the requirements of the analysis or treatment. Furthermore, blood samples can be obtained from different parts of the body, depending on the specific needs and medical conditions. Common sites for blood collection include the arm, ear, hand, or other accessible areas suitable for the procedure. By gathering these vital samples, healthcare professionals can gain valuable insights into the patient's health status, monitor disease progression, assess treatment effectiveness, and guide medical decisions.

The global blood collection market is expected to witness substantial growth in the coming years, primarily driven by the increasing prevalence of chronic diseases According to 2022 statistics from the World Health Organization, non-communicable diseases are responsible for approximately 74% of all deaths globally, resulting in around 41 million fatalities each year. The majority of these deaths (nearly 77%) occur in middle- and low-income countries. Blood collection products are crucial in treating patients with chronic diseases, especially during complex surgeries, dialysis, chemotherapy, tissue, or organ transplantation procedures. These products are also necessary in diagnosing various infectious and non-infectious diseases. As a result, the increased incidence of both infectious and non-communicable diseases has created a significant demand for such products, leading to market growth. Additionally, government initiatives aimed at reducing the incidence of non-communicable diseases have contributed to the demand for blood collection. For instance, in February 2022, the VA collaborated with the American Red Cross, as well as America's Blood Centers' regional blood collection organizations, to establish a comprehensive network of healthcare facilities to promote the country's blood needs. Such initiatives have supported the growth of the market.

Additionally, the growing number of people suffering from blood disorders is supporting the growth of the market. The growth of the blood collection market is being driven by the increasing incidence of blood-related disorders. These disorders encompass a variety of conditions that affect different components of blood, including red blood cells, white blood cells, platelets, and blood proteins involved in clotting. While some blood disorders may not necessitate treatment, others require extensive and prolonged medical interventions. As a result, there is a continuous demand for blood collection to diagnose and treat patients, leading to the expansion of the blood collection market in the projected period. Furthermore, the rising number of patients suffering from non-cancerous blood disorders, such as anemia, is also contributing to market growth. Anemia, the most prevalent type of non-cancerous blood disorder, affects a significant number of individuals. According to estimates from the U.S. Centers for Disease Control and Prevention, some form of anemia, which occurs when healthy red blood cells are deficient, affects approximately 3 million people in the U.S. Additionally, the National Heart, Lung, and Blood Institute states that anemia is the most common blood disorder, impacting more than 3 million Americans.

However, the growth of the market is being hindered due to a shortage of skilled professionals. The process of drawing blood carries a range of risks, varying from minor bruising to more severe complications such as hematoma formation or the development of blood clots beneath the skin. When blood collection is performed incorrectly, it can result in infections and cause considerable pain and discomfort for the individual undergoing the procedure. To minimize these risks, the healthcare professionals conducting blood draws must be highly qualified and adequately equipped. However, in underdeveloped and developing economies, there is often a shortage of skilled professionals to meet the increasing demand for blood collection services. This disparity between the growing number of patients and the limited availability of trained healthcare staff poses a significant obstacle to the expansion and progress of the blood collection market.

Furthermore, an increase in the incidence of trauma cases and road accidents may create a lucrative opportunity for the market. The surge in road accidents has resulted in an upswing in trauma cases. According to a 2022 report published by the World Health Organization (WHO), approximately 1.3 million individuals lose their lives each year due to road traffic crashes. Moreover, an additional 20 to 50 million people suffer non-fatal injuries, many of which lead to long-term disabilities. Disturbingly, trend analysis predicts that by the year 2030, road accidents will become the fifth leading cause of death worldwide. As a consequence of the escalating number of accidents and injuries, the demand for blood transfusions is expected to rise in the coming years. Accident victims and trauma patients often experience significant blood loss, necessitating the transfusion of blood components, particularly red blood cells, to restore the depleted blood volume. Additionally, trauma cases frequently require emergency surgical interventions that rely on the availability of blood for life-saving procedures. Consequently, the growing need for blood transfusions in trauma patients, in conjunction with the increasing incidence of injuries, is anticipated to drive the expansion of the blood collection devices market.

The blood collection market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is valued at about USD 4.40 billion in 2022 and is expected to reach nearly USD 7.49 billion in 2030, with a project to experience growth at a CAGR of 6.98% during the projected period of 2023-2030. The Asia-Pacific region comprises a mix of developed and developing countries, including notable economies like China and India. This region is witnessing steady economic growth, accompanied by a gradual rise in disposable income among its population. As a result, numerous multinational corporations are making substantial investments in this thriving market. North America is showing promising growth potential for the blood collection market, due to the rising prevalence of diseases such as HIV, and hepatitis B. According to the U.S. Department of Health & Human Services supported approximately 1.2 million individuals in the United States are living with HIV, and around 13% of them are unaware of their status and require testing.

Report Scope of the Blood Collection Market:

Segment Covered

The report on global blood collection market covers segments such as product, application, and end user. On the basis of product, the sub-markets include blood collection needles and syringes, blood collection tubes, blood lancets, blood bags, and other products. On the basis of application, the sub-markets include diagnostics, and therapeutic. On the basis of end user, the sub-markets include hospitals and diagnostics centres, blood banks, and other end users.

Companies Profiled:

The report provides profiles of the companies in the market such as Terumo Medical Corporation, Greiner Bio-One International GmbH, FL MEDICAL s.r.l., Improve Medical, Medline Industries, Inc., Abbott Laboratories, ICU Medical, BD, Nipro Medical Corporation, and SARSTEDT AG & Co. KG.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the blood collection market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.