As per the reports by Transparency Market Research, the global blood collection market is prognosticated to see a remarkable growth owing to the technological advancements and medical improvements in the field all over the world. The competitive landscape of the market is projected to be highly fragmented. The market could witness a massive influence of both small and large players. It is estimated that the entry of small players into the market could make the competition very intense.
Important players of the global blood collection market are Dickinson and Company, Greiner Holding AG, Abbott Laboratories, Inc., Terumo Corporation, Sarstedt AG & Co., Haemonetics Corporation, Nipro Corporation, and Medtronic Plc. Major companies are also focusing on merger and acquisition strategies in order to gain a competitive edge. The rise in the number of these collaborations are acting as a boost to the market during the forecast period, as they are most likely to create substantial opportunities for both small and large players. Moreover, innovation and advancement in the field of blood collection is further envisioned to give a new direction to the growth of the overall market in the future.
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According to the reports by TMR, the global blood collection market is estimated to reach a value of US$9.8 bn by 2022. The market is anticipated to exhibit a healthy CAGR of 4.70% within the forecast period of 2017 to 2022. As per the segmentation by product, the market is estimated to be dominated by blood collection needles and syringes with a lion’s share of 29.4% towards the end of the forecast period. The annual growth revenue of the blood collection needles and syringes product is estimated to increase at US$0.08 bn per year within 2017 and 2022.
In terms of geographical segmentation, the global blood collection market is projected to be dominated by the North American region with a CAGR of 4.90% within the forecast period. This is owing to the fact that the developed nations of Canada and the U.S. are more advanced in terms of adopting new technology as compared to the rest of the world. Apart from that, Asia Pacific is further expected to offer lucrative growth opportunities in the years to come with the increasing number of diseases and their necessary treatment.
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Rise in Number of Accidents to Boost Market Growth
One of the main factors to boost the global blood collection market worldwide is the rising number of diseases and their further demand for treatment. In order to treat a particular disease, it is important that blood samples be collected and send to the laboratory for examination so that doctors can recognize the problem and treat accordingly. Thus, in order to maintain the blood samples and treat patients accordingly, the blood collection market comes to the rescue generating a lot of revenue in the global market as well.
The rising number of accidents and trauma cases, along with chronic diseases all around the world is also expected to increase the demand for blood collection in the world. The blood collection market is ensured higher demand in the coming years due to this reason. Besides, the increase in the number of blood components and liquid biopsy tests are also encouraging further growth of the blood collection market in the long run.
Lack of Skilled Professionals to Hamper Market Growth
The blood collection market could witness growth restrictions in terms of lack of skilled professionals in terms of blood sampling and collection. Apart from that, higher cost of automated blood collecting devices in the market may also hamper the overall growth of the blood collection market in the long run.
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