Blood Collection Market Growth – at a CAGR of 5.8% During Forecast Period 2020-2028
Rising prevalence of chronic and infectious diseases, increasing public awareness about importance of blood donation and regular health checkups, and rising number of organ transplantations are key factors expected to drive global market growth
According to Emergen Research, the global blood collection market size was USD 4.79 billion in 2020 and is expected to reach USD 7.58 billion in 2028 and register a steady CAGR of 5.8% during the forecast period, 2021-2028.
Market Dynamics:
Blood collection is a process that involves removal of blood from a person’s body that can be used to perform laboratory tests or donate blood. Blood plays an important role in understanding, preventing, and treating disease. Arterial, venipuncture, and fingerstick are the three most popular and widely used blood collection methods. Over the recent years, technological advancements in blood collection systems have resulted in emergence of different types of blood collecting tubes, needles & syringes, blood bags, manual and automated blood collection systems/monitors, and lancets that are easily available in the market under various brand names.
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Factors such as rapidly expanding global population, constant need for blood in hospitals, nursing homes, and ambulatory care centers, increasing incidence of blood disorders, road accidents and trauma cases worldwide, and increasing number of surgeries are expected to drive global market revenue growth. In addition, government initiatives to promote blood donation, increasing demand for advanced systems for collecting and storing blood, growing inclination towards liquid biopsy tests, and rising number of product approvals are expected to fuel global market growth going ahead. However, high costs of automated blood collection devices, inaccessibility to latest blood collection systems due to budget constraints in small to medium hospitals, especially in developing countries, and rising concerns about whole blood storage and shipping are some key factors that can hamper market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Automated Segment To Register Rapid Revenue CAGR:
The automated segment revenue is expected to expand at a rapid CAGR over the forecast period. Revenue growth can be attributed to constant need for blood due to increasing road accidents, surgeries, and emergencies, improving overall healthcare infrastructure, and growing demand for automated blood collection devices for better traceability, efficiency and reduction in manual documentation.
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Hospitals and Nursing Homes Segment to Account for Largest Revenue Share:
The hospitals and nursing homes segment is expected to account for largest revenue share between 2021 and 2028. High number of patient admissions for surgeries, organ donations, trauma, and emergencies, increasing number of diagnostic & screening tests, and availability of advanced blood collection systems and devices in medium to large hospitals and nursing homes are some key factors expected to drive revenue growth of the segment during the forecast period.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period attributable to increasing prevalence of chronic disorders and infectious diseases, rising cases of trauma and road accidents, rising shortage of blood in hospitals, and technological advancements in blood collection devices. Other factors such as presence of well-developed healthcare facilities and research centers, rising number of product approvals, and increasing awareness about importance of blood donation are expected to fuel market growth in North America during the forecast period.
Major Companies in the Market Include:
- Becton, Dickinson and Company
- Haematonics
- Terumo BCT
- Fresenius Kabi AG
- Grifols
- Nipro Medical Corporation
- Quest Diagnostics
- SARSTEDT AG & Co.
- Macopharma
- Smiths Medical
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For the purpose of this report, Emergen Research has segmented the global blood collection market based on product, method, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018–2028)
- Needles
- Tubes
- Blood Bags
- Monitors
- Others
Method Outlook (Revenue, USD Billion; 2018–2028)
- Automated
- Manual
Application Outlook (Revenue, USD Billion; 2018–2028)
- Therapeutic
- Diagnostics
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Hospital and Nursing Home
- Diagnostic & Pathology Laboratories
- Blood Banks
- Others
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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