Report : Blood Collection Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Blood Collection Tubes, Blood Collection Needles/ Holders, Blood Collection Sets, Others); Method (Manual Blood Collection, Automated Blood Collection); End User (Hospitals and Pathology Laboratories, Blood Banks, Others); and Geography
Blood Collection Needles/ Holders segment is expected to drive the growth of the global Blood Collection Devices market by product
According to the latest study on ‘Blood Collection Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product, Method, and End User,’ the global blood collection devices market was valued at US$ 9,060.98 million in 2019 and is projected to reach US$ 14,228.70 million by 2027; it is expected to grow at a CAGR of 5.9% during 2020–2027. The report highlights the trends prevailing in the global Blood Collection Devices market and the factors driving the market along with those that act as deterrents to its growth.
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 global blood collection devices market. The growth of the segment attributes to the increasing adoption of the products in various medical diagnostic and treatment procedures. Moreover, repeat purchases and high affordability are some of the primary factors contributing to the dominance of the segment in the global blood collection devices market.
Factors such as the growing number of accidents & trauma cases and developing liquid biopsy technology are driving the market growth. However, the shortage of qualified personnel will impede the market growth. Furthermore, growth opportunities among emerging nations is likely to offer significant opportunities for the growth of the global blood collection devices market.
BD, Terumo Corporation, Cardinal Health, Inc., SARSTEDT AG and Co. KG., Nipro, Thermo Fisher Scientific, Inc., Grenier, Inc., SEKISUI CHEMICAL CO. LTD., Narang Medical Limited, and FL MEDICAL s.r.l are among the prominent players present in the blood collection devices market. The market players are focused on mergers and acquisitions to sustain their position in the market. For instance, in Jul 2017 Cardinal health acquired Medtronic's Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency business. The Cost of the acquisition was accounted for about US$6.1 billion. The purchase helps the company to increase the business of its consumable medical products. It also helped the company to expand its business in the geographic scale.
The report segments the global Blood Collection Devices market as follows:
By End User