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Blood Collection Devices Market Report 2024 - Blood Processing Devices Market Share And Trends
Blood Collection Devices Market
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According to The Business Research Company's, The blood collection, processing, management devices market size has grown strongly in recent years. It will grow from $3.52 billion in 2023 to $3.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to rise in chronic diseases, development of automated and safer blood collection and processing devices, implementation of stringent regulations and standards for blood collection, growing need for rapid diagnostic tests, demand for point-of-care testing.
The blood collection, processing, management devices market size is expected to see strong growth in the next few years. It will grow to $5.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growing aging population, higher rates of surgeries and medical procedures, focus on patient comfort and safety, increasing awareness and education, stringent regulatory standards for blood collection. Major trends in the forecast period include automation and robotics, development of smaller, portable devices, advanced needle technologies, integration with digital health platforms, incorporation of wireless technology.
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Market Drivers and Trends:
The rising awareness and demand for blood donation are expected to propel the growth of the blood collection, processing, and management devices market going forward. The increasing awareness and demand for blood donations have multiple interconnected factors, such as advancements in medical treatments, accidents, and emergencies, and the need for blood transfusions due to more sophisticated procedures and treatments for chronic diseases, particularly in aging populations. Blood collection, processing, and management devices are crucial in supporting the blood donation sector. The device streamlines the entire process, ensuring safety, efficiency, and reliability from donor recruitment to the delivery of blood products to patients. For instance, in 2022, according to Statistics Poland, blood donors donated 1,302.9 thousand whole blood donations, which is 41.9 thousand more donations than in 2021. Therefore, the rising awareness and demand for blood donations will drive the blood collection, processing, and management device market.
Major companies operating in the blood collection, processing, and management devices market are developing innovative products with advanced technologies, such as RightGauge technology, to enhance precision and efficiency in blood collection processes. RightGauge technology is a creative approach to blood collection that ensures precise needle placement and minimizes patient discomfort. For instance, in March 2024, Becton, Dickinson and Company (BD), a US-based medical technology company, introduced the BD Vacutainer UltraTouch Push Button Blood Collection Set in India. This innovative device, utilizing BD RightGauge technology, employs a thinner needle to ensure continuous blood flow, thereby reducing patient discomfort. It has a push-button mechanism for needle retraction post-collection, enhancing safety for healthcare professionals.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
McKesson Corporation, Cardinal Health Inc., F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Fresenius SE & Co. KGaA, Becton, Dickinson and Company, Medline Industrie LP, Avantor Inc., Grifols S.A., Terumo Corporation, PerkinElmer Inc., bioMérieux SA, Nipro Corporation, Sysmex Corporation, Bio-Rad Laboratories, Inc., Haemonetics Corporation, Sarstedt AG & Co. KG, Greiner Bio-One International GmbH, Macopharma, Immucor, Trivitron Healthcare, HemoCue AB, EKF Diagnostics, Sebia
Blood Collection, Processing, Management Devices Market 2024 Key Insights:
• The blood collection, processing, management devices market size is expected to see strong growth in the next few years. It will grow to $5.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Rising Blood Donation Fuels Growth in Blood Collection, Processing, and Management Devices Market
• Technological Advancement in Blood Collection, Processing, and Management Devices
• North America was the largest region in the blood collection, processing, management devices market in 2023
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