Global Blood Collection market is expected to witness a CAGR of 4.9% during the forecast period. Certain factors that are driving the market growth include rising demand for early diagnosis of chronic conditions, increasing incidence of trauma and accidents, and surge in number of surgical procedures carried out worldwide.
Recently, blood collection has witnessed a great demand, due to an increased number of patients suffering from various ailments related to blood, kidney, metabolic diseases, and neurological disorders. It is also found in patients with autoimmune diseases. Cancers, such as leukemia, lymphoma, myeloma, and myelodysplastic syndromes (MDS), are the type of cancers that can affect the bone marrow, blood cells, lymph nodes, and other parts of the lymphatic system. It has been observed that apheresis technology has been used to reduce the number of white cells, until they can be controlled by other medications. According to the Leukemia and Lymphoma Society (LLS), approximately for every three minutes, one person in the United States is diagnosed with blood cancer. A combined total of 174,250 people in the United States were estimated to be diagnosed with leukemia, lymphoma, or myeloma, in 2018. According to the Cancer Research UK, the incidence rates for leukemia are projected to rise by about 5%, in the United Kingdom, between 2014 and 2035, to 19 cases per 100,000 people by 2035. With the steady increase in the number of patients suffering from these diseases, ailments, the global blood collection market is poised to grow during the forecast period.
Key Market Trends
Needles and Syringes are Expected to Hold Significant Market Share in the Product Segment
The use of a hypodermic needle and syringe is the most common means of blood sampling. Therefore, blood collection needles and syringes are expected to dominate the market owing to its extensive use all across the globe. Nowadays, various advancements in the field of medical devices are also fueling the market growth. For example, siliconised needles are currently being used at multiple instances, in order to minimize trauma and also to minimize risk of vein cross perforation with short Bevel. Owing to the fact that a huge number of injuries occur within seconds after a invasive device is removed from the vein, presently, majority of the marketed needles provide immediate protection at the puncture site. Hence, the concerned segment is expected to retain its dominance in the global market over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America holds the largest share of the market studied which is attributed to the increasing demand for the blood collection products. An increase in the number of road accidents and rising prevalence of chronic diseases are the major factors driving the growth of the market studied. According to the data published by the Insurance Institute for Highway Safety, in 2016, there were 34,439 fatal motor vehicle crashes in the United States, out of which 37,461 deaths occurred. It resulted in 11.6 deaths per 100,000 people. A single car accident victim requires as many as 100 pints of blood. This is expected to augment the demand for blood collection over the forecast period.
The Blood Collection market is highly competitive and consists of a number of major players. Companies like Becton Dickinson and Company, Cardinal Health, F.L. Medical SRL, Greiner Bio One International GmbH, Haemonetics Corporation, Henry Schein, Inc., McKesson Corporation, Medline Industries, Inc., PreQ Systems, Qiagen, among others, hold the substantial market share in the Blood Collection market.
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