Blood Collection: Crucial Step to Diagnose

Blood Collection: Crucial Step to Diagnose

By Knowledge Sourcing Intelligence Blog

The chronic diseases are rapidly increasing globally which is acting as they key driver of the blood collection market. Almost half of the chronic disease death are due to the cardiovascular death. For instance, according to the American Heart Association, the prevalence of the cardiovascular disease is projected to increase to 38.7% by 2020 and 40.5% by 2030 from 36.9% in 2010. Obesity and diabetes affect the large population and have started to affect the individuals in early in their life Further the rise in the number of surgeries, health check-ups, number of emergency & accidental cases, and the growing demand for the blood components are expected to have a positive impact and to fuel the market growth during the forecasted period. According to the WHO report in 2020 every year approximately 1.35 million people died because of road accidents, and 20 to 50 million have suffered from non-fatal injuries.

blood collection market

Some of the players of the blood collection market are Becton, Dickinson, and Company, Cardinal Health, Medtronic, TERUMO BCT, INC.,   Haemonetics Corporation, NIPRO Medical Corporation, Greiner Bio-One International   GmbH, SARSTEDT AG & Co., KG Retractable Technologies, Inc., ABMEDICAL. The Blood Collection market is evaluated at US$9.804 billion for the year 2019 and is anticipated to grow at a CAGR of 5.29% reaching the market size of US$14.068 billion by the year 2026.

Market Restraints & Challenges of the Market

However, the high cost of automated blood collection devices is affecting the market. For instance, the capital investment in the automated blood collection using an apheresis device is higher compared to the whole-blood collection. The cost of apheresis therapy is almost a universal concern Thus, the demand for the automated blood collection is lower especially in regions such as India and China.  The lack of skilled professionals and the complexities of the shipping and storage are posing a challenge for the market growth of the blood collection market during the forecasted period. After the collection, the whole blood must be used immediately or be stored and maintained under strict environmental conditions and temperature for analysis or other applications. For instance, the US FDA recommends that whole blood samples held in specialized containers should only be kept refrigerated for 42 days.  According to the National Institute of Health and Welfare in Finland, the whole blood samples refrigerated at 4° C (or about 39° F) should only be held for up to seven days before discarding.

North America to Hold the Major Share

The blood collection market is segmented by region as North America, South America, Europe, Middle East and Africa, Asia Pacific. North America is expected to hold the largest market share of the blood collection and is expected to remain dominant during the forecasted period. The rise in the government initiatives for the blood safety, increase in the prevalence of the lifestyle disease and increasing demand for the blood collection production are driving the market growth during the forecasted period. Further, the surge in the number of road accidents is the major factor that is boosting the market demand. The covid-19 impact is highest in United States and it is expected to have positive impact on the market during the forecasted period. According to American National Red Cross report in 2021 in USA approximately 36,000 units of red blood cells are required every day, and nearly 21 million blood components are transfused every year.

Meanwhile Asia Pacific region is expected to witness substantial growth during the forecasted period.

COVID-19 Impact

The outbreak of the Covid-19 pandemic negatively impacted the global economy with a global GDP contraction of more than 3% (source: IMF). The pandemic and its subsequent lockdown affected every sector of the economy. The blood collection market was affected during the early stage of the covid-19 pandemic as the consumers avoided stepping out of their home for general health check-up and further the government regulation for priority to the emergency supplies and needs further led to the change in consumer demand for the blood check-up to only when it is an absolute necessity. However, on the later period as the blood testing involved diagnosis of the infectious diseases such as covid-19 led to an augment of the market demand.  Many governments across the world are taking initiatives to help increase the blood donation. For instance, State Government of Maharashtra in India used social media to increase the number of blood donation during June 2020. This was due to the shortage of the blood in the region.