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Blood collection is one of the most common forms of diagnostic methods which enables healthcare professionals to efficiently manage, diagnosis and prescribe treatment for a variety of diseases. A number of critical and serious diseases such as diabetes, cardiovascular diseases, and a wide range of cancers can be efficiently managed, diagnosed and treated through blood tests. At the same instance, blood donation can be efficiently conducted with the aid of technologically advanced blood collection devices. In the current scenario, the market has been subjected to the launches of more technologically advanced blood collection devices. Hence, for the availability and presence of sophisticated blood collection devices is critical for a number of healthcare processes such as blood collection and blood testing.
The blood collection devices market is expected to register a strong growth rate during the forecast period due to factors such as increasing geriatric population, increasing prevalence of chronic diseases, increases in technological advancements of blood collection devices, and growing awareness regarding blood tests. However, the lack of adequate testing in the developing regions coupled with some product recalls of blood collection devices are some of the major factors likely to restrict the growth of global market.
Key Market Driver -
Strong Prevalence of Chronic Diseases Coupled with Technological Advancements in Blood Collection Devices
Key Market Restraint -
Product Recalls of Blood Collection Devices
Globally, the Blood Collection Devices market can be segmented on the basis of product, method, end user, and region. Based on product, the market can be segmented into blood collection tubes, needles and syringes, and others. Blood collection tubes can be further sub-segmented into plasma separation tube, heparin tubes, serum separation tubes, EDTA tubes, rapid serum tubes, coagulation tubes, and others. Based on method, the market can be segmented into manual blood collection, and automated blood collection. Based on end user, the market can be segmented into hospitals & clinics, diagnostic and pathology centers, blood banks, and others. Geographically, the blood collection devices market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the blood collection devices market are Becton, Dickinson, and Company (BD), Medtronic, Terumo Medical Corporation, Haemonetics Corporation, Fresenius SE & Co. KGaA, Nipro Medical Corporation, FL MEDICAL s.r.l., GmbHer Bio-One International GmbH, and other prominent players.
Geographically, the blood collection devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to account for highest market revenue share of the global market. The dominance of North America can be primarily attributed to the factors such as strong prevalence of chronic diseases, strong testing numbers amongst the general population, and technological advancements in blood collection devices. For instance, according to the National Cancer Institute, in 2018, an estimated 1,735,350 new cases of cancer will be diagnosed in the United States. Europe is expected to account for the second largest market share in global market. Strong blood testing, strong awareness of chronic diseases, and advanced healthcare infrastructure are primarily responsible for the market expansion in Europe. On the other hand, the market in Asia Pacific is expected to grow with the highest growth which can be attributed to advancing healthcare infrastructure, and growing awareness regarding serious diseases. Latin America and the Middle East & Africa are projected to account for comparatively lower market revenue shares and growth rates. However, significant improvement in healthcare infrastructure coupled with increasing blood testing volume in these regions are likely to aid the market growth in the upcoming years.
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