The global blood collection market size is expected to reach a value of USD 13.99 billion by 2026, expanding at a CAGR of 6.6%, according to a new report by Grand View Research, Inc. Rising incidence of infectious and non-communicable diseases is a major factor anticipated to propel the market growth during the forecast period.
According to the World Health Organization, over 41 million individuals that are equivalent to almost 71% of global deaths were caused due to non-communicable diseases in 2018. Cardiovascular diseases registered the highest mortality rates of over 17.9 million followed by cancer that claimed 9 million deaths and respiratory diseases such as chronic obstructive pulmonary disease & asthma claimed over 3.9 million lives in 2017 globally. These facts are indicative of an increase in the incidence of non-communicable diseases, which is expected to fuel market growth.
An increase in the number of road accidents is anticipated to lead to a rise in demand for blood and its components. According to the National Trauma Institute, trauma injuries account for 30% of lives lost globally. The economic burden due to trauma injuries accounts for nearly USD 671 billion in a year. Statistics from the same source indicate that trauma is the number one cause of death from the age of 1 to 46. These facts are indicative of the rising incidence of trauma injuries that require blood collection products for effective treatment.
The growing rate of novel product launches and investments are anticipated to fuel the market growth during the forecast period. For instance, in August 2019, Velano Vascular announced that the company received an investment of USD 10 million from its strategic investor, Intermountain Healthcare for Velano Vascular’s FDA cleared PIVO needle-free blood collection technology.
PIVO device temporarily attaches itself to a peripheral IV catheter that collects the fresh venous sample. This device uses disposable needle-free that caters to lowered risks, improved quality of care, and increased efficiency. Therefore, the use of such novel technologies to avoid painful blood collection methods is expected to fuel market growth.
Further Key findings from the study suggest:
- Blood collection tubes witnessed huge demand owing to its increasing usage in diagnostics and blood sampling, thus, generated largest revenue in the year 2018
- Treatment application is anticipated to gain significant market share in the near future owing to rising incidence of chronic diseases
- The diagnostics application segment held the largest revenue share in 2018, due to the expanding pool of geriatric population and escalating prevalence of infectious & non-communicable diseases
- In 2018, the hospitals segment accounted for the largest share in the market due to an upsurge in the incidence of trauma & accidental cases along with growing number of surgical procedures
- North America held the largest share of the blood collection market in the year 2018, which can be attributed to the presence of a highly developed healthcare infrastructure and advanced blood collection products.
- Some of the key companies include Abbott Laboratories, NIPRO Medical Corp., Becton, Dickinson and Company, Terumo Corp., Medtronic, Qiagen, and FL MEDICAL s.r.l.