May 27, 2024

Blood Collection Devices Market Insights: Advancing Phlebotomy Technologies for Precision Blood Sampling

Blood Collection Devices Market

Blood collection devices are widely used for the collection, separation and storage of blood and its components. These devices are critical in the healthcare system for timely diagnosis of various disease conditions and blood collection during surgical procedures or donate blood. Blood collection devices consist of needles, lancets, blood bags, vials, blood collection tubes and other accessories. Needles and syringes are the key equipment used for collecting venous or arterial blood samples from patients. Similarly, blood bags and tubes are predominantly adopted for collecting and separating whole blood into various components like plasma, platelets and red blood cells. The rising prevalence of chronic and infectious diseases has significantly increased the demand for blood collection globally.

The global Blood Collection Devices Market is estimated to be valued at US$7.2 billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the blood collection devices market is the shift towards needle-free and minimally invasive blood collection systems. Several companies are developing needle-free blood collection technologies such as lancets, finger pricks and laser-based systems to make blood collection painless. These needle-free systems use advanced mechanisms like hydrogel puncture technology, pneumatic systems or laser puncture to pierce the skin and collect blood samples without using needles. They offer significant advantages over conventional blood collection methods like reduced pain, less chances of infection and minor trauma to veins or capillaries. Their growing adoption is expected to revolutionize the blood collection process in the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low in the blood collection devices market as it requires high R&D investments and strict regulatory approvals.

Bargaining power of buyers: The bargaining power of buyers is moderate as the market has the presence of several global players however buyers have limited purchasing power and switching options.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material suppliers and easy availability of materials required.

Threat of new substitutes: There is low threat of new substitutes as blood collection devices have applications in core medical procedures where alternatives are limited.

Competitive rivalry: The competitive rivalry is high among the top players to gain major market share through new product launches, partnerships, and regional expansion.

Key Takeaways

The global blood collection devices market is expected to witness high growth over the forecast period. The global Blood Collection Devices Market is estimated to be valued at US$7.2 billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2030.

The Asia Pacific region is expected to be the fastest growing market for blood collection devices owing to rising healthcare spending, increasing per capita income, and growing demand for diagnostics procedures in countries such as China and India. The North American region currently dominates the market holding the largest market share. This is attributed to factors such as advanced healthcare infrastructure, availability of reimbursements, rising demand for blood transfusions and blood components, and increasing adoption of technologically advanced products.

Key players operating in the blood collection devices market are Becton, Dickinson and Company, Terumo Corporation, Greiner Bio One, Medtronic, and Sekisui Medical. Terumo Corporation is one of the leading players in the blood collection devices market and offers a wide range of blood collection devices such as vacuum blood collection tubes, needles and syringes for blood collection.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low in the blood collection devices market as it requires high R&D investments and strict regulatory approvals. Additionally, existing key players have established brand names and distribution networks.

Bargaining power of buyers: The bargaining power of buyers is moderate as the market has the presence of several global players however buyers have limited purchasing power and switching options. Additionally, the devices are medical necessities.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material suppliers and easy availability of materials required. Additionally, suppliers do not have a significant influence on pricing.

Threat of new substitutes: There is low threat of new substitutes as blood collection devices have applications in core medical procedures where alternatives are limited. Existing alternatives such as manual methods are being replaced by advanced automated devices.

Competitive rivalry: The competitive rivalry is high among the top players to gain major market share through new product launches, partnerships, and regional expansion. Players compete on the basis of pricing, quality, and innovation.

Key Takeaways
The global blood collection devices market is expected to witness high growth over the forecast period. The global Blood Collection Devices Market is estimated to be valued at US$7.2 billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2030.

Regional analysis: North America dominates the market with the largest share owing to high healthcare spending and technologically advanced infrastructure. However, Asia Pacific is estimated to grow at the fastest pace due to improving access to healthcare facilities, rising medical tourism, and growing chronic disease prevalence in developing countries.

Key players: Key players operating in the blood collection devices market are Becton, Dickinson and Company, Terumo Corporation, Greiner Bio-One, Medtronic, Haemonetics Corporation, Fresenius SE & Co. KGaA, Nipro Medical Corporation, FL MEDICAL s.r.l., and Smiths Medical.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it