The global blood collection market was around USD 4,854.7 million in 2020 and is expected to reach USD 7,820.5 million by 2028 and is projected to grow at a CAGR of 6.10% during the forecasted year. Doctors use blood tests to diagnose a variety of illnesses and problems. They can also help you figure out how well your organs are working and how well your treatments are working. Blood tests in particular can help doctors figure out how well organs like the kidneys, liver, thyroid, and heart are working. Diagnose cancer, HIV/AIDS, diabetes, anemia (uh-NEE-me-eh), and coronary heart disease, among other illnesses and disorders. Blood tests are used to see if the levels of certain substances in your blood are within normal limits. The normal range for various blood molecules is defined as the set of values found in 95% of healthy people in a given population. Many tests have different normal ranges depending on age, gender, ethnicity, and other factors. Blood test results may go outside of the normal range for a variety of reasons.
Atypical observations could suggest the presence of an illness or condition. Nutrition, menstrual cycle, quantity of physical activity, alcohol usage, and medications (both prescription and over-the-counter) could all contribute to erroneous results. Cancer blood tests and other laboratory tests may be used to aid a doctor's diagnosis of cancer. A typical blood test, the complete blood count (CBC), determines the number of different types of blood cells in a sample of blood. If there are too many or too few of a certain type of blood cell or aberrant cells, this test can discover blood malignancies. A bone marrow biopsy can help confirm a diagnosis of blood malignancy. Global population ageing and socioeconomic risk factors are still key contributors to this increase. In every country on the earth, cancer is a leading cause of death and a major hindrance to improving life expectancy. With an increase in the number of newly diagnosed patients each year, the need for blood tests for diagnosis and prognosis is expected to drive the blood collection market in the future years. The increased occurrence of heart attacks is also fueling the blood collection market. Troponin T is a protein found in the muscle of the heart. Troponin T levels are measured with a high-sensitivity troponin T test, which helps doctors diagnose a heart attack and determine your risk of heart disease. Increased troponin T levels have been linked to a higher risk of heart disease in those who aren't experiencing any symptoms. Several proteins and substances are released into the circulation when the heart muscles are damaged.
The market is highly competitive in nature. in order to extend their product and service portfolio and get a competitive edge in the market, key companies are employing a variety of growth tactics such as new product launches, acquisitions, collaborations, partnerships, and expansion. BD (Becton, Dickinson and Firm) is a medical technology company that develops, manufactures, and sells a variety of medical supplies, devices, laboratory equipment, and diagnostic items around the world. To achieve a strong position in the market, the company relies on new product launches, acquisitions, and partnerships as significant growth tactics. For example, BD received the CE certification in Europe for the BD Vacutainer Ultra Touch Push Button Blood Collecting System in June 2020. Key players operating in the blood collection market are Terumo Corporation, Medtronic, NIPRO Medical Corp., Qiagen N.V., Sarstedt AG & Co., FL MEDICAL s.r.l. and Abbott Laboratories.
Blood Collection Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 4,854.7 million|
|Growth Rate||CAGR of 6.10% during 2021-2028|
|Segment Covered||Product, End-us, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Terumo Corporation, Medtronic, NIPRO Medical Corp., Qiagen N.V., Sarstedt AG & Co., FL MEDICAL s.r.l. and Abbott Laboratories.|
Key Segments of the Global Blood Collection Market
Product Overview, 2021-2028 (USD Million)
- Blood Collection Tubes
- Blood Bags
- Needles & Syringes.
Application Overview, 2021-2028 (USD Million)
End-us overview, 2021-2028 (USD Million)
- Diagnostic center
- Blood Bank
Regional Overview, 2021-2028 (USD Million)
- North America
- Rest of Europe
- Rest of APAC
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
Reasons for the study
- To profile major companies in the market and thoroughly examine their fundamental strengths.
- To offer a thorough competitive landscape of the market, as well as a study of leading market competitors' business and corporate strategies, such as mergers and acquisitions, new product launches and advancements, and expansions.
What does the report include?
- A comprehensive review of the parent and replacement markets
- In-depth market segmentation based on trends, growth, and historical and forecast data.
- The scope of the report includes a market strategic analysis of future prospects, individual growth patterns, and the contributions of important sub-market stakeholders.
- Profiles of key industry players, strategic viewpoints, market positioning, and an examination of essential competencies are also included.
Who should buy this report?
- The precise market valuation, which includes size, share, and revenue, are also addressed for a better knowledge of the market position.
- The analysis of competitive dynamic variables provides a comprehensive market picture.
- In-depth industrial analysis, sales research, and production knowledge throw additional light on the market's future scope and growth rate.
- The report includes regional as well as country-specific trends, as well as information on export and import operations.
Traditional forecasting methods fall short in today's quickly changing corporate environment, which is fueled by technological advancements. Each market has its own set of traits and hazards, which affect it in different ways. To detect true patterns, we are looking for commonalities and irregularities. As a result, we use unique forecasting models that combine classic time series forecasting approaches with adjustments to account for the influence of current circumstances that may affect the market's current and future perspective. To connect our predictive analysis with recent trends and fast changing business, we employ a combination of regression analysis and exponential smoothening approaches. Blood tests aid doctors in the detection of various illnesses and disorders. They also aid in determining how effectively your organs operate and how well therapies are functioning. Blood tests, in particular, can assist doctors in determining how effectively organs such as the kidneys, liver, thyroid, and heart are functioning. Cancer blood tests and other laboratory tests may be used to aid a doctor's diagnosis of cancer. A typical blood test, the complete blood count (CBC), determines the number of different types of blood cells in a sample of blood.
If there are too many or too few of a certain type of blood cell or aberrant cells, this test can discover blood malignancies. A bone marrow biopsy can help confirm a diagnosis of blood malignancy. According to the International Agency for Research on Cancer, one out of every five people will develop cancer at some point in their lives, with one out of every eight men and one out of every eleven women dying from it. The increased occurrence of heart attacks is also fueling the blood collection market. Troponin T is a protein found in the muscle of the heart. Troponin T levels are measured with a high-sensitivity troponin T test, which helps doctors diagnose a heart attack and determine your risk of heart disease. Increased troponin T levels have been linked to a higher risk of heart disease in those who aren't experiencing any symptoms. Several proteins and substances are released into the circulation when the heart muscles are damaged. The level of these substances in the blood is determined by blood tests, which may indicate the severity of the injury. Apheresis is increasingly being used in clinically unwell patients to treat a number of disorders, including thrombotic thrombocytopenic purpura, hemolytic uremic syndrome, drug toxicities, autoimmune disease, sepsis, and fulminant liver failure, as a primary or adjunctive therapy. According to a 2019 study by the Centers for Illness Control and Prevention (CDC), chronic renal disease affects roughly 37 million (15%) people in the United States (CKD).
The global blood collection market by product is categorized into blood collection tubes, blood bags, needle and syringes and others. The needles and syringes sector are expected to retain its dominance during the research period. Another important element driving industry expansion is the increased demand for syringes and needles in surgical operations and illness diagnostics. The key elements driving the segment's growth are the growing older population and the increased prevalence of chronic disorders. Furthermore, the market is being driven by the increasing number of procedures conducted as a result of various diseases and accidents. The COVID-19 public health emergency has raised the need for blood bags. Many people with weakened immune systems have been infected with COVID-19 and hospitalized, and many of them require blood transfusions.
The global blood collection market by application is categorized into diagnosis and treatment. In 2018, the diagnostics market accounted for 67.69% of the worldwide diagnostics market. The industry is being driven by the rising incidence of chronic illnesses such as cancer, diabetes, and cardiovascular disease. Because samples are required to detect the source of infectious germs, blood collecting equipment are frequently used in diagnostics. The treatment segment is expected to grow as the number of people diagnosed with cancer, cardiovascular disease, CNS disorders, and other chronic diseases rises, necessitating long-term care and monitoring. Regular blood drawing procedures are expected to fuel the segment over time as the number of patients diagnosed rises.
The global blood collection market by end-use is categorized into hospital, Diagnostic center, blood bank and Others. Hospitals are the most common locations for disease treatment and diagnosis. Life-saving blood transfusions are necessary every day in hospitals all over the world. The market is predicted to rise because to the presence of well-established hospitals in developed economies that use blood collection tubes, syringes, and bags. The recent COVID-19 outbreak has resulted in an increase in the number of blood tests performed, which drives up demand for blood collection supplies such as blood bags, tubes, and other such items. Tropical diseases such as malaria, dengue fever, and yellow fever have become far more common. A blood bank gathers blood from donors, divides it into components, stores it, and prepares it for transfusion. Blood bags and collecting tubes are in high demand in these facilities.
The greatest proportion of the market examined is held by North America, which can be attributable to rising demand for blood collection products. The primary drivers driving the market's growth are an increase in the number of traffic accidents and the rising incidence of chronic disorders. Because the United States has the biggest COVID-19 impact, the area expects strong market growth during the projection period. According to the most recent WHO data from 2018, road traffic accidents claimed the lives of 15,292 people in Mexico, accounting for 2.70 percent of all deaths. The high frequency of accidents and the high burden of disease in this country increase the demand for blood collection in the region.
According to the Diabetes Research Institute Foundation, 1.5 million new cases of diabetes were diagnosed in individuals in the United States aged 18 and above in 2018, accounting for about 210,000 children and adolescents under the age of 20. Blood collection is required for the diagnosis of an increasing number of chronic diseases and lifestyle-related disorders, which promotes market growth in the region.