SAN FRANCISCO, Feb. 13, 2020 /PRNewswire/ -- The global blood collection market size is expected to reach a value of USD 13.99 billion by 2026, expanding at a CAGR of 6.6%, according to a new report by Grand View Research, Inc. Rising incidence of infectious and non-communicable diseases is a major factor anticipated to propel the market growth during the forecast period.
According to the World Health Organization, over 41 million individuals that are equivalent to almost 71% of global deaths were caused due to non-communicable diseases in 2018. Cardiovascular diseases registered the highest mortality rates of over 17.9 million followed by cancer that claimed 9 million deaths and respiratory diseases such as chronic obstructive pulmonary disease & asthma claimed over 3.9 million lives in 2017 globally. These facts are indicative of an increase in the incidence of non-communicable diseases, which is expected to fuel market growth.
Key suggestions from the report:
- Blood collection tubes witnessed huge demand owing to its increasing usage in diagnostics and blood sampling, thus, generated largest revenue in the year 2018
- Treatment application is anticipated to gain significant market share in the near future owing to rising incidence of chronic diseases
- The diagnostics application segment held the largest revenue share in 2018, due to the expanding pool of geriatric population and escalating prevalence of infectious & non-communicable diseases
- In 2018, the hospitals segment accounted for the largest share in the market due to an upsurge in the incidence of trauma & accidental cases along with growing number of surgical procedures
- North America held the largest share of the blood collection market in the year 2018, which can be attributed to the presence of a highly developed healthcare infrastructure and advanced blood collection products.
- Some of the key companies include Abbott Laboratories, NIPRO Medical Corp., Becton, Dickinson and Company, Terumo Corp., Medtronic, Qiagen, and FL MEDICAL s.r.l.
Read 107 page research report with ToC on "Blood Collection Market Size, Share & Trends Analysis Report By Product (Needles & Syringes, Blood Collection Tubes, Blood Bags, Others), By Application (Diagnostics, Treatment), By End-Use, And Segment Forecasts, 2019 - 2026'' at: https://www.grandviewresearch.com/industry-analysis/blood-collection-market
An increase in the number of road accidents is anticipated to lead to a rise in demand for blood and its components. According to the National Trauma Institute, trauma injuries account for 30% of lives lost globally. The economic burden due to trauma injuries accounts for nearly USD 671 billion in a year. Statistics from the same source indicate that trauma is the number one cause of death from the age of 1 to 46. These facts are indicative of the rising incidence of trauma injuries that require blood collection products for effective treatment.
The growing rate of novel product launches and investments are anticipated to fuel the market growth during the forecast period. For instance, in August 2019, Velano Vascular announced that the company received an investment of USD 10 million from its strategic investor, Intermountain Healthcare for Velano Vascular's FDA cleared PIVO needle-free blood collection technology.
PIVO device temporarily attaches itself to a peripheral IV catheter that collects the fresh venous sample. This device uses disposable needle-free that caters to lowered risks, improved quality of care, and increased efficiency. Therefore, the use of such novel technologies to avoid painful blood collection methods is expected to fuel market growth.
Grand View Research has segmented the global blood collection market report on the basis of product, application, end use, and region:
- Blood Collection Product Outlook (Revenue, USD Million, 2015 - 2026)
- Needles and Syringes
- Blood Collection Tubes
- Blood Bags
- Blood Collection Application Outlook (Revenue, USD Million, 2015 - 2026)
- Blood Collection End-Use Outlook (Revenue, USD Million, 2015 - 2026)
- Diagnostics centers
- Blood banks
- Blood Collection Regional Outlook (Revenue, USD Million, 2015 - 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
Find more research reports on Clinical Diagnostics Industry, by Grand View Research:
- Sepsis Diagnostics Market – The global sepsis diagnostics market size was valued at over USD 502.0 million in 2018 and is expected to witness a CAGR of 9.8% over the forecast period.
- Blood Culture Tests Market – The global blood culture tests market size was valued at over USD 3.7 billion in 2018 and is anticipated to expand at a CAGR of 9.1% over the forecast period.
- Blood Preparation Market – The global blood preparation market size was valued at USD 36.7 billion in 2018and is projected to expand at a CAGR of 5.6% from 2019 to 2026.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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