Blood Collection Devices Market Predicted to reach $8.42 billion by 2027

The global blood collection devices market worth $8.42 billion by 2027, growing at a CAGR of 6.8% in the upcoming years.

Market is driven by factors such as rising global prevalence of infectious diseases such as pathogenic diseases and lifestyle disorders and increasing volume of blood infusions. On the other hand, challenges of the issues in the shipping and dearth of skilled professionals, are expected to limit market growth to a certain extent in the coming years.

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The blood collection tubes segment accounted for the largest market share in the Blood Collection Devices Market, product, during the forecast period

The global blood collection devices market, by product is segmented into needles syringes, blood collection tubes, blood bags, systems/monitors, and lancets. In 2021, blood collection tubes segment held the largest share and is projected to register the highest CAGR during the forecast period. The dominance of segment is attributed by the high prevalence of blood diseases and disorders and high demand of blood transfusions in the emerging economies.

Diagnostic application segment accounted for the largest share of the blood collection devices market, by application, in 2020

The blood collection devices available in the market are based on two major applications—diagnostic, and therapeutic applications. The diagnostics segment is expected to dominate the blood collection devices market in 2020. This is attributed to factors such as the increasing prevalence of chronic diseases, increasing number of corporate and personal check-ups. This segment further witnessed the highest growth in the blood collection devices market in 2020.

APAC region accounted for the highest CAGR

The global Blood Collection Devices Market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. According to the regional analysis, the North America region is likely to retain a significant market share in 2021 and the future. The North America Blood Collection Devices Market is being propelled by the advanced healthcare infrastructure and presence of leading players. Asia pacific is expected to grow with the fastest CAGR, owing to the improving medical infrastructure and vast population base.

Prominent players in the market are Becton, Dickinson and Company (US), Terumo BCT (US), Fresenius Kabi AG (Germany), Grifols, S.A. (Spain), Nipro Medical Corporation (Japan), Quest Diagnostics (US), SARSTEDT AG (Germany), Haemonetics Corporation (US), Greiner Holding AG (Austria), and Smiths Medical (US).

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