The blood collection devices market demonstrates growing prominence of blood collection technology in modern healthcare. Blood collection devices help in pain-free collection of blood samples for various diagnostic tests in minimal time, ensuring safety of patients and healthcare professionals. The automated features, precise vein detection, and ease of use offered by advanced blood collection solutions enable efficient collection of quality samples.
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 market 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. These leading players are focusing on developing advanced blood collection solutions integrated with vein detection technology, safety-engineered designs and automation for high quality blood samples collection.
The key opportunities in the blood collection devices market include growing demand for blood collection procedures from diagnostic laboratories, rising number of blood donations and blood banks, and increasing investments by national governments to modernize healthcare infrastructure in developing regions. With rapid technology advancements, novel blood collection devices with vein illumination features, contactless design and artificial intelligence are being introduced to gain competitive edge.
Technological developments in blood collection devices include integration of AI and automation for accurate vein detection, pain-free blood draw and automatic sorting of blood samples. Wearable blood collection devices and mobile phlebotomy units are also emerging to facilitate on-site sample collection. Major players are focusing on developing safe, single-use blood collection tubes, needles and syringes using advanced plastic materials to minimize biohazard risks.
Market Drivers
Growing prevalence of chronic diseases globally is a major market driver for blood collection devices. Diseases like cancer, diabetes, cardiovascular illnesses require frequent blood tests for diagnosis and disease management. Rising number of surgical procedures also contributes to increased demand for blood collection kits. According to the World Health Organization, over 234 million major surgical procedures were performed globally in 2020. Favorable governmental regulations and investments to modernize healthcare infrastructure especially in developing countries will further support the market growth over the forecast period.
Current Challenges in Blood Collection Devices Market
The blood collection devices market is facing challenges due to stringent regulations. Devices must comply with various sterility, safety and performance standards set by regulatory bodies like the FDA and EU MDR before commercialisation. This increases compliance costs for manufacturers. Other issues include pain and anxiety faced by patients during blood draws. Technological innovations are helping address this by developing automated, pain-free collection methods. However, such advanced solutions also boost production costs, impacting affordability.
SWOT Analysis
Strength: Advanced technology to improve safety, automation and patient experience. Wide product portfolio catering to varied collection needs.
Weakness: High R&D investment needs to develop innovative solutions. Stringent regulatory approvals defer time to market.
Opportunity: Growing healthcare expenditure worldwide. Rising prevalence of chronic diseases boosting diagnostic blood collection. Demand in developing nations with improving access and infrastructure.
Threats: Threat of substitutes like liquid biopsy for specific diagnostic tests. Price control policies can impact profit margins. Intense competition among established global players.
Geographical Regions with high Market Value
North America dominates the blood collection devices market currently in terms of value owing to advanced healthcare systems and widespread diagnostic testing in the region. It is estimated that North America will account for over 35% market share by 2030. Asia Pacific is anticipated to be the fastest growing regional market due to rising medical tourism, increasing disease awareness and improving access to healthcare in major countries like China and India.
Fastest Growing Geographical Region
Asia Pacific region is projected to witness the highest CAGR in the blood collection devices market during the forecast period. This is attributed to growing medical infrastructure, diagnostic testing capabilities and expanding healthcare coverage in developing Asian countries. Rising affluence has boosted access to advanced hospital care in the region. Additionally, progressive government initiatives are facilitating foreign investments and innovations in APAC's healthcare sector. These factors are expected to drive widespread adoption of blood collection devices in Asia Pacific.
