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Blood collection devices are used to collect blood samples from patients or donors for diagnostic and transfusion purposes. These devices help in drawing blood from veins or arteries. Some commonly used blood collection devices include needles, syringes, vacutainers, lancets, micro-collection tubes, holder vials, and blood bags. Blood collection devices enable hassle-free collection of blood samples for testing in laboratories or storing for transfusion purposes. They ensure safe and sterile collection of blood, reducing the risk of infection. The global blood collection devices market has been gaining significant traction owing to the rising burden of chronic and infectious diseases necessitating frequent blood testing.
The global Blood Collection Devices Market is estimated to be valued at US$ 9,244.72 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 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 introduction of blood collection technologies minimizing pain and discomfort associated with collection procedures. Traditional blood collection methods such as venipuncture often cause pain, swelling, and discomfort at the puncture site. To address this issue, manufacturers are focusing on developing advanced blood collection technologies such as microsampling devices, capillary blood collection devices, and blood lancets with personalized depth control. These new generation blood collection devices help minimize pain and discomfort experienced by patients during collection. Furthermore, manufacturers are also integrating safety-engineered blood collection devices with safety-engineered features like needlestick prevention mechanisms and passive retraction to protect healthcare providers from accidental needlestick injuries.
Porter’s Analysis
Threat of new entrants: The threat of new entrants entering the blood collection devices market is moderate. Significant capital investment and strong presence of few large players make it challenging for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate. The growing demand for blood and blood components across healthcare facilities increases buyers’ leverage in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low as the raw materials required are commodity products and available from numerous suppliers.
Threat of new substitutes: There is low threat from substitutes as blood collection is an essential medical procedure with no close substitutes.
Competitive rivalry: The competitive rivalry in the market is high attributed to the strong presence of global as well as regional players. Companies focus on new product development and mergers & acquisitions for competitive advantage.
Key Takeaways
The global blood collection devices market is expected to witness high growth over the forecast period supported by increasing demand for blood and blood-derived products.
North America dominated the market in 2023 and is expected to maintain its leading position throughout the forecast period. This can be attributed to development of advanced blood collection technologies, increasing healthcare spending, and rising prevalence of chronic diseases in the region.
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. Companies focus on strengthening their geographic footprint through acquisitions and partnerships. For instance, in 2021, Teleflex acquired Z-Medica to expand its blood collection product offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
