According to TMR, the global blood collection market is projected to reach a revenue of US$9.8 bn by garnering a CAGR of 4.70% over the forecast period from 2017 and 2022.
Based on the product, the needles and syringes segment is dominated by the global blood collection market and is expected to remain dominant with a share of 29.4% by the end of the forecast period. The segment is expected to rise with a revenue of US$0.08 bn per year over the forecast period from 2017 to 2022.
Based on the region, North America dominated the global blood collection market and is expected to expand with a CAGR of 4.90% over the forecast period. However, the Asia Pacific is expected to witness a number of lucrative opportunities for growth over the forecast period.
Growing Prevalence of Range of Diseases and Surgeries to Impel Market Growth
The global blood collection market is gaining traction due to the rising prevalence of a range of diseases, which further creates demand for improved treatments. For treatment of the particular disease, a collection of blood samples and the basic laboratory examination plays a vital role in recognizing the way of treatment. Thus, demand for the advanced blood collection and examination technique is growing significantly, and driving growth of the global blood collection market.
The rising number of accidental cases, chronic diseases, and trauma cases is propelling demand for advanced detection methods and fuelling the growth of the blood collection market. Additionally, a growing number of surgical procedures and organ transplant and cancer surgeries that require the blood transfusion, is boosting demand for the blood collection techniques and devices. This is a key factor boosting demand for needles, tubes, and syringes, and propelling the growth of the blood collection market.
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The growing number of blood components tests, as well as liquid biopsy tests, is supporting the growth of the blood collection market.
Absence of Skilled Professionals and High Cost Crimping Market Growth
Despite these growth prospects, the blood collection market is facing some challenges such as lack of skilled professionals and the high cost of automated blood collecting devices. These challenges are posing as major restraints to the growth of the global blood collection market.
Nonetheless, growing advancements in the products and introduction of the numerous FDA- cleared products is offering lucrative opportunities for the growth of the global blood collection market.
Transparency Market Research (TMR) witnesses that the global blood collection market has a highly fragmented and competitive vendor landscape. Some of the companies operating in the global blood collection market are Dickinson and Company, Abbott Laboratories, Inc., Greiner Holding AG, Terumo Corporation, and Sarstedt AG & Co. The presence of a plethora of small and local vendors in the market is increasing the level of the competition and fragmentation of the market.