Global Blood Collection Market: Snapshot
The global blood collection market is foretold to grow on the back of leading growth factors such as the elevating prevalence of infectious diseases in developed regions such as North America that spur the adoption of blood collection products. More opportunities could take shape in the market owing to the faster growth of developing regions such as Asia Pacific. This growth could be supported by the rise of emerging markets, increasing disposable income, rising count of hospitals, growing medical tourism, and advancing development of healthcare infrastructure. The application of blood collection in diagnostics could gain strength with the increasing cases of blood-related disorders which require blood for their treatment.
The global blood collection market is forecast to achieve a revenue earning of US$9.8 bn by the completion of 2022 after progressing from a US$7.7 bn earned in 2017. During the forecast period 2017–2022, the market could rise at a 4.7% CAGR.
Global Blood Collection Market: Dynamics
The world blood collection market is prognosticated to be boosted for attaining an enduring growth in the coming years due to the surging count of surgical procedures performed globally. Another factor that could be deemed important for the growth of the market is the increase in the number of accidents and trauma incidences. The demand for blood collection could be hampered by risks associated with blood transfusion, mostly in underdeveloped nations. However, there are several awareness plans and campaigns conducted by governments and foreign entities to tackle this issue.
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Moreover, improving healthcare infrastructure and the mandate of hiring responsible and qualified healthcare professionals could create favorable prospects in the world blood collection market.
Global Blood Collection Market: Segmentation
The international blood collection market is predicted to be segmented as per three categories, i.e. product, end user, and application. In terms of segmentation by product, the market could be encouraged for more growth due to the larger share earned by blood collection needles and syringes. In 2017, this segment collected a revenue of US$2.4 bn. However, there could be more products such as vials, blood bags, blood lancets, blood collection tubes, and others creating opportunities in the market. By end user, the market is anticipated to be divided into hospitals and diagnostic centers, blood banks, and other end users. In terms of application, there could be segments such as diagnostics and treatment showing face in the market.
On the basis of region, North America is predicted to take the lead in the international blood collection market while growing at a 4.9% CAGR between 2017 and 2022. Asia Pacific except Japan (APEJ) could be a faster growing segment, whereas the Middle East and Africa (MEA) and Japan are expected to showcase a lackluster growth. Other regions such as Latin America and Europe could also make their contribution in the market.
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.
The information presented in the review above is based on the findings of a research report, titled, “Blood Collection Market (Product – Blood Collection Needles and Syringes, Blood Collection Tubes, Blood Lancets, Blood Bags, and Vials; End User – Hospitals and Diagnostic Centers and Blood Banks; Application – Diagnostics and Treatment) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022”.
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This post was originally published on The Market Plan