May 22, 2024

Rising Demand for Blood Collection Devices Market is Driving Growth by 6.1%

The blood collection devices market comprises needles and syringes, blood bags, lancets, blood collection tubes, and collection systems. These devices allow safe and hygienic blood collection to diagnose various medical conditions. Needles and syringes segment dominates the market and they are integral for almost all blood collection procedures like vacuum collection tubes and blood bag system. Blood collection helps in analyzing various health parameters like blood sugar, lipid profile, liver function, kidney function, and hemoglobin count. The demand for blood collection devices is increasing owing to rising prevalence of chronic and infectious diseases requiring regular blood tests and blood donation activities.

The Global Blood Collection Devices Market is estimated to be valued at US$ 9,244.72 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the blood collection devices 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.
The rising prevalence of target diseases and increasing healthcare expenditure are fueling the demand for blood collection devices across major markets. According to the WHO, coronary heart diseases remain the leading cause of death globally in 2019 taking an estimated 7.4 million lives each year. Regular tests are required to diagnose and manage such chronic conditions.
Furthermore, companies are expanding their geographical reach through mergers and acquisitions to leverage demand from emerging economies. For instance, in 2021, Becton Dickinson acquired Velano Vascular to expand its blood collection portfolio and accelerate global clinical trials. The acquisitions helped BD to strengthen its global footprint across major markets like Asia Pacific and Latin America.

Market key trends
A major trend gaining traction in the blood collection devices market is the incorporation of safety-engineered devices to prevent accidental needlestick injuries. To address this issue, device manufacturers are developing passive safety blood collection sets and needles with safety shields. For instance, BD launched its patented BD Nexiva closed iv catheter with needle which retracts and shields immediately after use to reduce risk. Similarly, demand for advanced tubes with advanced clot activators, gels, and separators is increasing to improve sample integrity and turnaround time.

Porter’s Analysis

Threat of new entrants: Developing blood collection devices requires significant investment in R&D. Established players in the market enjoy economies of scale in production and brand loyalty giving them an advantage over new entrants.

Bargaining power of buyers: Many hospitals sign long term contracts with suppliers of blood collection products which reduces buyers power to some extent. However, buyers do have the option to switch to competitor products creating pressure to offer competitive prices.

Bargaining power of suppliers: The blood collection devices market is highly concentrated with a few major players controlling most of the market. This gives suppliers significant bargaining power over buyers.

Threat of new substitutes: There are currently no perfect substitutes that can replace traditional blood collection methods though alternative blood collection technologies are being researched.

Competitive rivalry: The blood collection devices market is highly competitive with major players differentiating based on product innovation, quality, and service. Pricing pressure exists due to the presence of many globals as well as local players.

Geographical regions: North America currently holds the largest share of the global blood collection devices market, primarily driven by increasing healthcare spending, rising number of blood donations, and presence of major market players in the region.

Asia Pacific is expected to be the fastest growing regional market owing to large patient pools, growing medical tourism industry, increasing healthcare budgets, rising burden of chronic diseases, and growing healthcare accessibility in nations such as India and China.

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