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Global Blood Collection Market to Grow at a CAGR of 6.5% During 2021-2026, Aided by the Growing Prevalence of Blood-Related Disorders

According to a new report by EMR titled, ‘Global Blood Collection Market Report and Forecast 2021-2026’, the market attained a value of around USD 9.5 billion in 2020. It is further expected to witness a healthy growth in the forecast period, growing at a CAGR of 6.5% between 2021 and 2026 to reach USD 13.9 billion by 2026.

The global blood collection industry is being driven by the increased prevalence of blood-related disorders worldwide, such as blood cancers, namely, lymphoma and leukaemia, among others. Moreover, blood collection is carried out for the purpose of diagnosing various diseases. Recently, due to the insurgence of Covid-19, blood tests are being conducted among patients and other individuals to check for the presence of antibodies in their blood. This antibody test helps healthcare professionals determine whether a person had been infected by the virus in the recent past. Moreover, with the growing geriatric population worldwide, governments are increasingly investing in healthcare infrastructures to reduce the mortality risks associated with chronic illnesses.

The growing product innovations and the increasing focus of leading players on mergers and acquisitions to enhance their market position are predicted to aid the industry. For instance, in July 2021, Becton, Dickinson and Company (NYSE: BDX) announced the acquisition of San Francisco-based Velano Vascular, which created the innovative needle-free blood collection mechanism that facilitates quality blood collection from the peripheral intravenous catheter (PIVC) lines, reducing the discomfort and pain in the drawing procedure. In addition, another leading blood collection products manufacturer Abbott Laboratories (NYSE: ABT), in a press release dated October 2019, announced its collaboration with the Australian Red Cross Blood Service to implement the usage of Abbott's most advanced blood and plasma screening technology, Alinity™ S System, which is expected to improve the operational efficiency of the service that collects 1.5 million blood donations every year. These developments are expected to positively impact the growth of the blood collection industry in the forecast period.
 
Market Breakup by Product, Application, End Use, and Region:

  • The market is categorised based on product into needles and syringes, blood collection tubes, blood bags, and others.
  • Based on application, the market can be bifurcated into diagnostics and treatment.
  • On the basis of end use, the industry can be segmented into hospitals, diagnostic centres, blood banks, and others.
  • Region-wise, the global market for blood collection can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for blood collection is being driven by the increased prevalence of blood-related chronic illnesses worldwide.
  • The rampant spread of Covid-19 is also aiding the market growth with the increased demand for Covid-19 antibody tests.
  • The growing geriatric population with heightened susceptibility to chronic illness has significantly contributed to the market expansion.
  • The growing investments in research and development activities in the field of life sciences are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for blood collection for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the products, applications, end uses, and major regions of blood collection.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global blood collection market are Abbott Laboratories, NIPRO Medical Corp, Becton, Dickinson and Company, Terumo Corp, Medtronic, Qiagen and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players. 

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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