The "Blood Collection Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The blood collection market was valued at approximately USD 10,150 million in 2020, and it is expected to reach USD 14,520 million by 2026, registering a CAGR of nearly 6.2% during the forecast period, 2021-2026.
Becton, Dickinson and Company
Henry Schein Inc.
Medline Industries Inc.
Nipro Medical Corporation
Key Market Trends
Needles and Syringes are Expected to Hold a Significant Market Share
The immediate detection of COVID-19 cases requires the wide availability of diagnostics to control the rapid spread of the virus. A public health emergency was determined, justifying the authorization of emergency use of in vitro diagnostics (IVDs) for the diagnosis of COVID-19, which ultimately drives the blood testing market growth across the world. Hence, the needles and syringes segment is expected to see healthy growth over the forecast period. The use of hypodermic needles and syringes is the most common means of blood sampling. Therefore, blood collection needles and syringes are expected to dominate the market owing to their extensive use all across the globe.
Apart from the pandemic, many other infectious diseases are prevalent, increasing the demand for blood specimen collection for diagnosis, thereby boosting the demand for needles and syringes for blood collection.
Various advancements in the field of medical devices are also fueling the market growth. For example, siliconized needles are currently being used in multiple instances to minimize trauma and minimize the risk of vein cross perforation with a short Bevel. Owing to the fact that a huge number of injuries occur within seconds after an invasive device is removed from the vein, presently, the majority of the marketed needles provide immediate protection at the puncture site. Hence, this segment is expected to retain its dominance in the global market over the forecast period.
North America Dominates the Market and is Expected to do the Same in the Forecast Period
North America holds the largest share of the market studied, which is attributed to the increasing demand for blood collection products. An increase in the number of road accidents and the rising prevalence of chronic diseases are the major factors driving the growth of the market studied. With the COVID-19 impact being the highest in the United States, the region foresees good growth in the market during the forecast period.
According to the latest WHO data published in 2018, road traffic accident deaths in Mexico reached 15,292, or 2.70% of the total deaths. The high burden and number of accidents in this country boost the need for blood collection in the region.
As per the estimates of the American National Red Cross, 2021 updated, approximately 36,000 units of red blood cells are needed every day, and nearly 21 million blood components are transfused each year in the United States.
As per the Diabetes Research Institute Foundation, in 2018, an estimated 1.5 million new cases of diabetes were diagnosed among US adults aged 18 years or older, which accounts for approximately 210,000 children and adolescents younger than age 20 years. The growing number of chronic diseases and lifestyle-related disorders requires blood collection for their diagnosis, and this boosts the market growth in the region.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Demand for Early Diagnosis of Chronic Conditions
4.2.2 Increasing Incidence of Trauma and Accidents
4.2.3 Surge in the Number of Surgical Procedures Carried Out Worldwide
4.3 Market Restraints
4.3.1 Blood Contaminations and Other Complications
4.3.2 Injury Caused During Blood Collection
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION (Market Size by Value)
5.1 By Product
5.1.1 Needles and Syringes
5.1.2 Tubes (Plasma-separating Tubes, Serum-separating Tubes, etc.)
5.1.4 Blood Bags
5.1.5 Other Products
5.2 By Application
5.3 By End User
5.3.1 Hospitals and Diagnostic Centers
5.3.2 Blood Banks
5.3.3 Other End Users
5.4.1 North America
5.4.4 Middle-East and Africa
5.4.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Becton, Dickinson and Company
6.1.2 Cardinal Health
6.1.3 Terumo Corporation
6.1.4 FRESENIUS KABI
6.1.5 Haemonetics Corporation
6.1.6 Henry Schein Inc.
6.1.7 McKesson Corporation
6.1.8 Medline Industries Inc.
6.1.9 PreQ Systems
6.1.12 Smiths Medical
6.1.13 Quest Diagnostics
6.1.14 Nipro Medical Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210413005593/en/
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