The blood collection devices market involves products that are used to collect blood samples from patients or donors for diagnostic and forensic purposes. Blood collection devices include needles, lancets, syringes, blood bags, blood collection tubes, winged infusion sets, and holders. Conventional needles and syringes are the most widely used blood collection devices. Lancets are commonly used for small volume collections such as capillary or venous blood sampling. Winged blood collection sets are mostly used for blood donation or blood banking purposes. Vials and tubes are available in various sizes and compositions for serum, plasma, whole blood and urine collection. The advantages of blood collection devices include safety, speed, minimization of contamination risk, patient comfort, and reliability. The rising prevalence of chronic diseases like cancer, diabetes and cardiovascular diseases is fueling the need for frequent blood testing procedures, thereby driving the demand for blood collection devices.
The Global blood collection devices market is estimated to be valued at US$ 9,244.72 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the blood collection devices are Becton Dickinson and Co, Terumo Corp, Cardinal Health Inc, SARSTEDT AG & Co KG, Nipro Corp, Thermo Fisher Scientific Inc, Sekisui Chemical Co Ltd, Greiner Bio-One International GmbH, FL Medical SRL, and IntervacTechnology OU. Key opportunities in the blood collection devices market include lucrative opportunities in emerging markets like Asia Pacific and Latin America owing to increasing healthcare investments and escalating demand for blood collection procedures in these regions. With regard to global expansion, market players are focusing on new product launches, mergers & acquisitions and strategic collaborations to expand their presence and achieve geographic diversification.
Market Drivers
The rising prevalence of chronic and infectious diseases is a major driver for the blood collection devices market. According to WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Also, diabetes is on the rise with over 463 million adults suffering from the condition worldwide. This growing disease burden has greatly increased the requirement for diagnostic blood tests and consequently fueled the demand for blood collection devices. Blood collection devices offer accurate and safe blood sampling, thereby enhancing influenza screening and managing communicable disease outbreaks.
PEST Analysis
Political: The blood collection devices market is regulated by various government authorities like the FDA in the US and EMA in Europe. Stringent regulations to ensure safety, accuracy and precision of products impact the market.
Economic: Rising healthcare spending, growing aging population and rising prevalence of chronic diseases drive the demand for blood collection devices. Reimbursement policies influence the market.
Social: Growing awareness regarding blood donation and transfusion has increased the demand for blood collection. Demand for continuous innovation regarding user-friendly, accurate and painless collection devices impact the market.
Technological: Advancements in material science, miniaturization and automation has led to the development of advanced safety blood collection sets, needles and syringes. Companies focus on R&D to develop improved products.
North America accounts for the largest share of the global blood collection devices market in terms of value, followed by Europe. This is attributed to well-established healthcare systems, rising prevalence of chronic diseases, technological advancements and awareness regarding blood donation. Asia Pacific is the fastest growing regional market for blood collection devices due to rising healthcare expenditure, increasing number of blood donation camps, growing geriatric population and increasing incidence of diseases.
The blood collection devices market in Asia Pacific region is growing at the fastest rate in terms of value. Factors such as rising healthcare spending, improving healthcare infrastructure, growing focus on quality healthcare, increasing disposable incomes and expanding medical tourism industry are boosting market growth in Asia Pacific region. Growing awareness regarding blood donation and rising demand for advanced medical devices also support market growth. China and India represent major markets due to large population base and rapid economic development.
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