The Asia Pacific blood collection devices market is expected to reach US$ 2,795.94 million by 2027 from US$ 1,702.82 million in 2019; it is estimated to grow at a CAGR of 6.5% from 2020 to 2027.Growing number of accidents and trauma cases, rising incidence of infectious diseases, and developing liquid biopsy technologyin the Asia Pacific region are the key factors driving the growth of the market. Factors such as shortage of skilled professionalsare leading to the slow growth of the market. Additionally, technological developments in blood collection techniques and productsand growth opportunities among emerging nationsare likely to fuel the growth of the blood collection devices marketduring the forecast period.
Blood collection devices help in safe withdrawal of blood. Blood is collected from donor to perform various diagnostic tests. Needles & syringes, lancets, and other devices are used for arterial and venous blood collection. Arterial blood collection has various advantages such as arterial blood gas sampling, and intraoperative blood salvage.
Cancer is the leading cause of mortality across Asian countries. The incidence rate of cancer remains highest in developed regions. However, the mortality is higher in lower middle-income countries. The factor contributing to high mortality in these countries is low awareness and limited healthcare facilities.
Lung cancer, colorectal cancer, breast cancer, and prostate cancer account for the majority of cancer incidences among population. Lung cancer is the leading cause of mortality among all cancers. Over traditional cancer diagnostics techniques, liquid biopsy holds several benefits, such as reduced cost, early prognosis, therapy monitoring, tumor heterogeneity detection, and acquired drug resistance.
Liquid biopsy is done after taking a sample of blood to identify cancer cells from the tumor. This helps in detecting cancer at an early stage. To understand the molecular level changes, the doctors usually take multiple samples over a period of time. The rising liquid biopsy test for screening, surveillance, and disease monitoring is expected to drive the blood collection device market growth.
Countries in AsiaPacific are witnessing huge challenges due to growing COVID-19 cases. To prevent the spread of disease, restrictive measures have been taken in countries such as India, South Korea, Singapore, Malaysia, and the Philippines. According to WHO, due to the outbreak of COVID-19, any additional health measures are likely to significantly interfere with international travel and trade. This has adversely affected all industries including blood collection and its accessory equipment. In India, the number of voluntary blood donations has reduced as the government excludes people from donating blood showing cold, fever and cough symptoms. The drastic dip in blood donation is likely to hamper the blood collection devices market in AsiaPacific.
Based on product, the blood collection devices market is segmented into blood collection tubes, blood collection needles/holders, blood collection sets, and others. In 2019, the blood collection needles/holders segment accounted for the largest share of the blood collection devices market. The growth of this segment attributes to the high adoption of the products in various medical diagnostic and treatment procedures. On the other hand, blood collection tubes are anticipated to witness fastest growth in the market owing to rising number of diseases that demands multiple blood-testing methods and technological advancements in blood collection tubes.
World Health Organization (WHO), Japanese Society for Dialysis Therapy, National Blood Authority (NBA), and Red Cross Society are a few of the significant secondary sources associated with the Asia Pacific blood collection devices market report.