iCrowd Newswire – Jun 23, 2020
The blood collection devices market was valued at US$ 9,060.98 million in 2019 and is projected to reach US$ 14,228.70 million by 2027; it is expected to grow at a CAGR of 5.9% during 2020–2027.
Blood collection devices help in safe withdrawal of blood. Blood is collected from donor to perform various diagnostic tests. Needles & rings, lancets, and other devices are used for arterial and venous blood collection. Arterial blood collection has various advantages such as arterial blood gas sampling and intraoperative blood salvage. However, with the growing number of accidents & trauma cases, rising incidence of infectious disease, and developing liquid biopsy technology have improved associated healthcare processes. However, the shortage of qualified personnel will impede the market growth. Furthermore, the growth opportunities among emerging nations are likely to offer significant opportunities for the growth of the global blood collection devices market.
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Leading companies like BD, Terumo Corporation, Cardinal Health, Inc., SARSTEDT AG and Co. KG., Nipro, Thermo Fisher Scientific, Inc., Grenier, Inc., SEKISUI CHEMICAL CO. LTD., Narang Medical Limited, and FL MEDICAL s.r.l are among the prominent players present in the blood collection devices market. The market players are focused on mergers and acquisitions to sustain their position in the market.
For instance, in Jul 2017 Cardinal health acquired Medtronic’s Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency business. The Cost of the acquisition was accounted for about US$6.1 billion. The purchase helps the company to increase the business of its consumable medical products. It also helped the company to expand its business in the geographic scale.
Based on product, the blood collection devices market is segmented into blood collection tubes, blood collection needles/holders, blood collection sets, and others. In 2019, the blood collection needles/holders segment accounted for the largest share of the global blood collection devices market. The growth of the segment attributes to the increasing adoption of the products in various medical diagnostic and treatment procedures. Moreover, repeat purchases and high affordability are some of the primary factors contributing to the dominance of the segment in the global blood collection devices market.
A rise in the number of road accidents, fires, and sports injuries has led to an increase in the incidences of trauma and injuries. According to the Global Status Report on Road Safety, a report published by WHO in 2018, approximately 1.3 billion people die in road accidents each year, and is one of the leading causes of mortality worldwide. Current trend analysis predicts that by 2030, road accidents will become the fifth-leading cause of death globally.
The rising number of accidents and injury cases will propel the demand for blood transfusion in the coming years. As the accident casualties or trauma patients often face blood loss, the transfusion of blood, particularly red blood cells, is required to restore the lost blood volume. Hence, the demand for blood transfusion in trauma patients, coupled with growing incidents of injuries, will stimulate the growth of the blood collection devices market.
Traditionally, antimicrobial therapy was used to cure infectious diseases; however, over the years, microbes have developed resistance against drugs, owing to which antimicrobial agents have failed to deliver the coveted results. Despite significant advancements in sanitation and therapy, there are rising cases of infectious diseases, such as human papillomavirus (HPV), hepatitis, human immunodeficiency virus (HIV), tuberculosis, and malaria. This rising prevalence of diseases will be promising for market growth as blood tests are a primary mode of diagnosing these conditions.
Collaborations and technology partnerships by the operating players in the market to bridge the demand-supply gap are anticipated to play a significant role in the growth of the blood collection device market during the forecast period. Moreover, the growing number of accidents & trauma cases and rising incidence of infectious disease are predicted to accelerate market growth.
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