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Blood Collection Tubes Market Growth, Key Insights And Trends Report 2033
Blood Collection Tubes Market Growth
According to The Business Research Company's, The blood collection tubes market size has grown strongly in recent years. It will grow from $6.21 billion in 2023 to $6.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increased prevalence of chronic diseases, growing aging population, rise in blood donation and screening programs, global blood transfusion needs.
The blood collection tubes market size is expected to see strong growth in the next few years. It will grow to $8.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing demand for point-of-care testing (poct), expanding applications in personalized medicine, rapid growth in biotechnology and life sciences, emergence of non-invasive diagnostics, global health crisis preparedness. Major trends in the forecast period include technological innovations in tube design, advancements in healthcare technology, integration of safety features, customization for specific tests, preanalytical automation.
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Market Drivers and Trends:
The increase in the prevalence of chronic diseases is driving the growth of the blood collection tube market going forward. Chronic diseases are long-term medical conditions that usually progress slowly. Some common examples of chronic diseases including diabetes, cancer, and tuberculosis are tested through blood collection and sampling. Due to poor lifestyle and exposer to risk behaviors such as use of tobacco and being around smoke, poor nutrition, including meals heavy in salt and saturated fats and deficient in fruits and vegetables inactivity in the body, there is constant increase in incidences of infectious diseases and their diagnostics activities is expected to boost the utilization of blood collection devices. For instance, according to the world health organization (WHO), in 2021, an estimated of 10.6 million people are infected with tuberculosis globally, and 1.6 million died. Further, 1.5 million people acquired HIV in 2021 while 650,000 people lost their lives due to it. Therefore, the increase in the prevalence of chronic diseases is expected to boost demand for blood collection tubes during the forecast period.
Technology advancement is a key trend gaining popularity in the blood collection tube market. Major companies operating in the blood collection tube market are developing new technologies to meet fast-growing industry demand and enhance their business presence across the globe. For instance, in June 2022, Rhinostics Inc., a US-based medical device manufacturing company, launched an automated sample collection technology with the launch of the patent-pending Veristic collection device focused on small-volume blood collection. The Veristic is ideal for use in at-home and clinician-assisted collection methods and is a highly efficient, high-throughput replacement for antibody, hormone and protein detection, sexually transmitted infections (STIs), dried blood spot (DBS) cards, genetic testing, clinical trials, and other applications enabled by a simple finger prick collection.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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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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Major Key Players of the Market:
Becton Dickinson and Company; Greiner AG; Qiagen NV; Sarstedt AG & Co. KG; Terumo Corporation; FL Medical SRL; AdvaCare Pharma; Cardinal Health Inc.; Haematonics; Narang Medical Limited; Chengdu Rich Science Industry Co. Ltd.; DWK Life Sciences; Fresenius Kabi AG; Grifols S.A.; Hindustan Syringes & Medical Devices Ltd.; Sekisui Chemical Co. Ltd.; InterVacTechnology Inc.; Advin Health Care; MB Plastic Industries; Biota; Nipro Medical Corporation; Bioscientifica Ltd.; CML Biotech Pvt. Ltd.; CDRICH Corporation; Biosigma Srl; VWR International LLC; Abbott Laboratories Inc.; Danaher Corporation; Medline Industries Inc.; Owens & Minor Inc.
Blood Collection Tubes Market 2024 Key Insights:
• The blood collection tubes market will grow to $8.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Chronic Disease Prevalence Drives Surge In Blood Collection Tube Market
• Blood Collection Tube Market Driven By Technological Advancements
• North America was the largest region in the blood collection tube market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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