Blood Collection Market Trend – Shortage of Blood in Hospitals and Blood Banks Across the Globe
High prevalence of chronic diseases and infections, rising number of surgeries, increasing need for constant blood supply in health centers, and rapid advancements in blood collection devices are some key factors expected to drive global blood collection market revenue 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 plays a vital role in understanding and revealing specific diseases and conditions. Blood collection is one of the most commonly used methods in the healthcare sector for diagnosing various health conditions. It is a procedure in which blood is drawn from a person’s body that can be used for performing laboratory tests or blood donation. Fingerstick, venipuncture, and arterial are the most common and widely used blood collection methods. Factors such as increasing awareness about blood donation, high prevalence of blood disorders such as sickle cell anemia, leukemia, lymphoma, myeloma, and blood clots, rising number of accidents and trauma cases across the globe, and government initiatives for promoting blood donation are expected to drive global market revenue growth over the forecast period.
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However, high costs associated with automated blood collection devices, rising concerns about storing and shipping whole blood, and inaccessibility to latest blood collection devices and systems due to lack of sufficient funds are some key factors that can hamper overall 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
Blood Bags Segment to Account for Significantly Larger Revenue Share:
The blood bags segment is expected to account for significantly larger revenue share over the forecast period. Constant demand for high-quality blood bags across hospitals, blood banks, and blood donation camps, growing awareness about the importance of blood donation, and increasing number of surgeries and blood transfusions across the globe are some key factors expected to drive revenue growth of the segment during the forecast period.
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Blood Banks Segment To Register Rapid Revenue Growth:
The blood banks segment revenue is expected to expand at a rapid growth between 2021 and 2028. This can be attributed to factors such as increasing number of blood banks across the globe to cater to rising shortage of blood storage and supply, and rising number of accidents, trauma cases, and surgeries.
Asia Pacific to Register Robust Revenue CAGR:
Asia Pacific is expected to register robust revenue CAGR over the forecast period owing to factors such as rising prevalence of chronic diseases and infections, increasing shortage of blood in hospitals, improving overall healthcare infrastructure, and rising number of surgeries and blood transfusions. In addition, government initiatives to promote blood donation, rising number of blood donation camps by various organizations, and increasing awareness about early diagnosis and routine health checkups are expected to drive Asia Pacific market growth 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
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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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