Blood Collection Market is anticipated to grow at a CAGR of ~5.2% from 2020 to 2030.

Market Industry Reports (MIR) has published a new report titled “Blood CollectionMarketGlobal Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global blood collection market accounted forover US$ 8.9 billion in 2019. It is anticipated to grow at a CAGR of ~5.2% from 2020 to 2030.

The first step in acquiring a quality lab test result for any patient is the specimen collection or blood collection procedure. The global blood collection market is growing at a stable pace and is expected to continue growing steadily during the forecast period. The factors which can be attributed to the growth of this market are rising incidences of accidents & trauma cases globally, increasing cases of ailments that require blood diagnosis, initiatives by both private & public bodies to promote blood donations, rising demand for blood components, among others. However, factors such as the outbreak of infectious diseases, such as the current global COVID-19 pandemic, is expected to hamper the growth of this market immensely.

One of the primary factors contributing to the growth of the global blood collection market is the rising cases of accidents & trauma worldwide. Accidents & trauma cases require immediate administration of blood or blood products. The treatment of such cases compulsorily involves the employment of blood collection products such as needles & syringes, blood bags, blood collection devices, among others. According to The Association for Safe International Road Travel (ASIRT), approximately 1.35 million people die in road crashes each year, and on an average, 3,700 people lose their lives every day on the roads. Moreover, an additional 20-50 million individuals suffer non-fatal injuries, often resulting in long-term disabilities.

Similarly, surgeries have always been a critical constituent of the global healthcare system. In the past few decades, the number of surgical procedures being conducted worldwide for diverse ailments has witnessed a significant surge. In 2017, the European Union alone accounted for 1.4 million caesarean sections. In the US, according to theNational Center for Health Statistics, the total number of inpatientsurgical procedures conducted in 2009, stood at a staggering 48 million. One of the essential requirements for performing any surgical procedures is blood. The majority of surgical procedures require an additional supply of patient’s blood types incase of any complication during the procedure. Hence, blood collection as well as transfusion methods are of utmost importance for any surgical procedure.

Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Blood Collection Market by Product (Blood Collection Tubes, Needles & Syringes, Blood Bags, Blood Collection Devices, and Lancets),Method(Manual Blood Collection and Automated Blood Collection),and End Users (Hospital & Pathology Laboratories and Blood Banks)- Global Analysis & Forecast 2020-2030 in detail along with the table of contents:

However, high costs associated with automated blood collection devices may hamper the growth of the global blood collection market to a certain extent. Moreover, recently another factor, which has significantly hindered the growth of the global market, is the proliferation of the Coronavirus disease 2019 (COVID-19). Blood collection services in the midst of this crisis have been severely impacted as blood banks, and other centers responsible for collecting blood are facing shortages of blood donations. The COVID-19 pandemic has claimed more than 1,78,371 lives & infected more than 2.5 million individuals globally. The impact of the crisis has been single-handedly responsible for a significant shortage of blood supply and a drastic decline in the number of blood donations. Thereby, directly contributing to the imbalance in the supply & demand side for blood, and blood components required for treating several forms of illness.

North America registered the largest market share in the global blood collection market in 2019 owing to factors such asrising adoption of automated blood collection devices, government initiatives for blood safety, increasing number of daily accidents & trauma cases, and high prevalence of diseases that require removal of blood for therapeutic purposes.

The prominent players operating in the global blood collection market are Terumo Medical Corporation, Medtronic, BD, Fresenius Kabi AG (Fresenius Health Care Group), Grifols, S.A., FL MEDICAL s.r.l., Haemonetics Corporation, Greiner Bio One International GmbH, Smiths Medical (Smiths Group plc.), KAWASUMI LABORATORIES. INC., among others.

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