The global blood collection market size is predicted to showcase a growth rate of 4.85% CAGR from 2020 to 2025.
MARKET DRIVERS:
Increasement in chronic diseases and the lifestyle of the citizens where there is a scope of the attacked by the diseases are propelling the demand of the market. There is a rapid increase in chronic diseases globally. Cardiovascular disease is a chronic disease, which is a reason for the deaths of many people; more than half of the population is also a significant cause for the market to grow. Cardiovascular disease affects the population, but diseases like Obesity and Diabetes are also having the trends of the worries due to appear in the early stage of life.
Across the globe, the diseases are prevalent, especially in the emerging countries that are leveling up the market demand. Health checkups are growing among the people personally, contributing to the significant growth in the blood collection market.
The growing prevalence of health disorders worldwide is mainly driving the demand for the global blood collection market. The increasing geriatric population and increased awareness of fitness are boosting up the growth of the market.
Emerging of the latest techniques in collecting the blood samples without any pain and also the implementation of special laboratories to analyze the collection in an advanced way is surging the growth opportunities of the market. The rise in the disposable income in both developed and developing countries is also lavishing the demand for the blood collection market.
MARKET RESTRAINTS:
However, lack of standardization is quietly restraining the demand of the market. Also, the lack of skilled practitioners in collecting blood samples, especially in rural areas, is drowning the global blood collection market's need.
Difficulty in storing the blood samples not only storing but also shipping the samples is a standard challenging factor for the market growth. Storage of the collected samples should be under a strict temperature and maintain the conditions of the environment for the analysis. So, to protect the blood samples, they must be frozen or refrigerate. Negligence in storing the samples as per the guidelines in some countries is impeding the growth rate of the market.
Impact of COVID-19 on the global blood collection market:
The COVID-19 pandemic is having a significant impact on the blood collection market. Both the laboratories and hospitals are in the dilemma of continuing the tests as there is a high-risk profile or discontinuing the tests that are not safe. There is a negative impact on the market due to this confusion for the first few months of the pandemic. However, the market shares to level up in the first half of 2021.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
|
Segments Covered |
By Product, Application, End User and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
This research report on the global blood collection market has been segmented and sub-segmented based on the product, application, end-user, and region.
Blood Collection Market – By Product:
The Needles and syringe segment contributes a significant share in the blood collection market based on the product type. The needles and syringes are having high adoption, repetitive purchase, and can afford highly. Increased demand for the syringes and needles in the procedures are the driving factors in the blood collection market. Moreover, disease diagnosis is also a significant factor in the blood collection market of the product segment.
The Serum separating tubes segment is growing tremendously and fueling the market shares.
Blood Collection Market – By Application:
Based on the application, Venous blood collection has the highest growth rate from the past decade.
Blood Collection Market – By End User:
The largest share is accounting by the hospitals, nursing homes, and ambulatory surgical centers by the end-user segment. The end-user segment is divided into the blood banks, diagnostic & pathology laboratories, hospitals, nursing homes, and ambulatory surgical centers.
Blood Collection Market – By Region:
Regionally, North America is leading the dominant shares of the market with the rise in chronic diseases and also increased capital income.
North American region is dominating the blood collection market for the past few years. Factors like the well-developed infrastructure of the healthcare and increment in the R&D activities are majorly fuelling the growth rate of the market. Many of the leading clinical diagnosis companies are present in the North America region. Primarily the significant growth is contributing by the adoption of innovative ideas and having the technology of advance. Moreover, focusing on clinical research is eventually to fuel the growth rate of the market in North America.
The European Region is having a place of second in the growth of the blood collection market. European Region, including countries like the UK, Germany, Italy, Spain, France, and other countries. During the forecast period, the European Region's compound annual growth rate is 5.9%, which is next to the Region North America. There is an increment in the number of blood donation activities, and numerous key players are the factors which are contributing to the share in the blood collection market.
During the forecast period, the Asia-Pacific region is projecting high growth due to the rise of disposable income and increasing manufactures in this Region. The Asia Pacific, following North America, is holding the market shares due to the adoption of advanced technology and increased support from the government. Europe is elevated to have a significant growth rate in the coming years.
TOP COMPANIES IN THIS MARKET
Companies playing a vital role in the global blood collection market profiled in this report are Becton Dickinson, Terumo, Medtronic, Haemonetics, Fresenius, Nipro Medical Corporation, F.L. Medical, Greiner Holding, Smiths Group, Grifols, Kawasumi Laboratories, Quest Diagnostics, Sarstedt Ag & Co., Retractable Technologies and Ab Medical.
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