Blood Collection Market to Reach $7.9 Bn, Globally, by 2031 at 5.2% CAGR: Allied Market Research

Rise in the incidence of trauma & accidents, increase in number of surgical procedures performed, growing prevalence of chronic diseases such as blood cancer, and surge in government expenditure on healthcare drive the global blood collection market.

PORTLAND, Ore., Dec. 7, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Blood Collection Market by Product (Needles and Syringes, Blood Collection Tubes, Blood Lancets, Blood Bags, Others), by Application (Diagnostics, Treatment), by End User (Hospitals and Diagnostic Centers, Blood Banks, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global blood collection industry was estimated at $4.8 billion in 2021, and is anticipated to hit $7.9 billion by 2031, registering a CAGR of 5.2% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

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Determinants of growth-

Rise in the incidence of trauma & accidents, increase in number of surgical procedures performed, growing prevalence of chronic diseases such as blood cancer, and surge in government expenditure on healthcare drive the global blood collection market. On the other hand, certain risks related to blood transfusion procedure such as blood-borne infections, fever, acute immune hemolytic reaction, and allergic reactions impede the market growth to some extent. However, high growth potential in the emerging economies have been beneficial for the industry.

Covid-19 scenario-

• Rise in government support for exploring the possibilities of allowing laboratories to amplify blood testing processes had a positive impact on the global blood collection market during the Covid-19 pandemic.
  
  
• This drift has retained even after the pandemic is gone.

The needles and syringes segment to rule the roost-

By product, the needles and syringes segment contributed to the highest share in 2021, accounting for nearly two-fifths of the global blood collection market revenue and is anticipated to dominate by 2031. This is due to rise in the prevalence of infectious diseases and increasing use of needles & syringes in the blood collection for diagnosing various chronic diseases. The blood collection tubes segment, simultaneously, would cite the fastest CAGR of 6.0% from 2022 to 2031. This is owing to rise in healthcare expenditure and surge in adoption of blood collection products for screening.

The diagnostics segment to maintain the highest share-

By application, the diagnostics segment held around three-fourths of the global blood collection market share and is anticipated to dominate by 2031. The same segment would also portray the fastest CAGR of 5.3% during the forecast period. Rise in blood testing facilities, widespread use of new technology in blood testing, and the availability of on-the-spot testing help fuel the segment growth.

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The hospital and diagnostic centers segment to dominate by 2031-

By end-user the hospitals and diagnostic centers segment garnered the major share in 2021, contributing to more than two-fifths of the global blood collection market revenue, and is projected to maintain the lion's share during the forecast period. This is due to surge in the number of hospitals & diagnostic centers and increase in research activities of blood transfusion therapy. The others segment, however, would manifest the fastest CAGR of 5.7% from 2022 to 2031. This is attributed to rise in the number of blood banks across the world.

Asia-Pacific grabbed the lion's share-

By region, the market across Asia-Pacific held the major share in 2021, accounting for nearly two-fifths of the global blood collection market revenue. The same region would also cite the fastest CAGR of 6.1% during the forecast period. This is owing to the high prevalence rate of chronic diseases, increase in the number of market players, and surge in the testing facilities in the region.

Key players in the industry-

• Medtronic, Inc.
• Becton Dickinson and Company
• Abbott Laboratories Inc.
• Nipro Medical Corporation
• Qiagen NV
• F.L. Medical SRL
• Terumo Corporation
• greiner holding ag
• Haemonetics Corporation
• Sarstedt AG

The report analyzes these key players in the global blood collection market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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