Saving Life Through Blood Collection
The Global Blood Collection market is expected to grow at a compound annual growth rate of 5.29% over the analyzed period to reach a market size of US$14.068 billion in 2026 from US$9.804 billion in 2019. The prime reason driving the growth of the market is due to surging cases of chronic diseases. Further, technological advancement and awareness have made medical treatment affordable and accessible, increasing the demand for blood to regain the loss during surgeries. Also, a rise in medical tourism significantly increases the demand for blood in the host country, surging the regional market. Furthermore, growing instances of accidents and emergencies result in blood loss and injuries, increasing the market demand exponentially. However, most of the person hesitate to donate blood, fearing weakness, needles, or other reasons, which constraints the market growth.
The Surging Prevalence of Chronic Diseases Around the World Will Boost the Market Growth
One of the prime reasons driving the market for blood collection is surging cases of chronic diseases. Chronic diseases can be explained as a disease that may last more than a year, most of the last a lifetime, requiring continuous medical attention and periodic treatments. Chronic diseases such as cancer, diabetes, and heart disease widely prevail in the US and are the leading cause of death in the country. 6 out of every 10 people in the US suffer from one chronic disease. While 4 in 10 adults have more than 1 disease. The chronic disease health care cost in the country is around US$3.8 trillion, annually. Further, one-third of deaths in the country are caused by some cardiovascular disease, which cost the healthcare system US$214 billion. The cost of cancer treatment in the country was US$174 billion in 2020. Cancer was the second leading cause of death, globally, in 2018, and had caused 9.6 million deaths in the year. Moreover, data from the International Diabetes Federation, the number of diabetes patients will increase from 460 million in 2019 to 700 million in 2045.
The rise in chronic diseases has positively affected the blood collection market. Patients with chronic diseases are required to perform regular check-ups to determine the status of their disease. Check-ups involve blood collection and investigation, for analyzing the disease progress, i.e., to determine whether it can be treated with medicines or an operation and/ or other medical treatment. The blood collection market is segmented, based on application as diagnostics and treatment. The diagnostic blood collection market will have a significant share in the industry owing to regular check-ups by people for keeping a healthy medical track and early detection of disease if they suffer from any. The treatment segment of the market will surge exponentially with rising medical tourism and the affordability of the treatment. Further, technological advancement in the medical industry along with growing awareness will significantly boost the market during the forecasted period.
The Hospital Blood Collection Market Will Have a Significant Share
The blood collection market is segmented on the basis of end-users as hospitals, blood banks, diagnostic laboratories, and others. the hospital blood collection market is predicted to have a significant share of the market during the forecasted period due to the fact that hospitals are the place of treatments and diagnostics are also conduct at hospitals, under the guidance of doctors. Emergencies and accident cases injure a person's life, resulting in the need for blood for treatment and recovery. Hospitals also have their blood banks to meet the demand of emergencies. The blood bank blood collection segment will grow exponentially during the forecasted period owing to the increasing participation of people to donate blood and tie-ups of hospitals and blood banks for blood supply in case of emergencies. At present, India has 2,760 blood banks of which 1,131 are supported by the Ministry of Health and Family Welfare. The American Association of blood banks is the major blood bank association in the US, with more than 2,400 member institutions including hospitals, communities, regional blood centers, and others.
People Hesitation May Constrain the Market Growth
Based on products, the blood collection market is segmented into needles, blood collection tubes, and syringes, blood bags, and lancets. These products are combined to collect blood for donation. However, needles, syringes, and lancets are enough to collect blood for diagnostic purposes. Blood donation helps fulfilling blood requirements during emergencies, having the potential to save the patient’s life. Moreover, the donor is easily able to replenish the lost blood with 24 to 48 hours, without causing weakness or side effects. But people, in general, hesitate to donate blood due to several myths, fear, and other non-medical reasons. This may constrain the market growth during the forecasted period. in the US alone, 40% of the population is eligible to donate blood, but only 5% of them donate. The prime reasons given by eligible people for not donating blood are that they are either feared of needles and donating blood or that they are afraid of catching the disease from the non-sanitized needle or equipment. Further, unsuitable or nutrient deficit blood is ineligible for donation, limiting the market size of the blood collection market.
The Asia Pacific Blood Collection Market Will Grow Significantly During the Forecasted Period
The blood collection market is regionally divided into the Asia Pacific region, the Middle East and African region, the European region, the South American region, and the North American region. The North American blood collection market is predicted to dominate the industry during the forecasted period owing to the region’s state-of-art infrastructure and growing government initiatives for blood supply. Further, the increasing chronic disease instances will significantly boost the market. However, the Asia Pacific blood collection market is expected to grow at an exponential rate. The prime reason driving the market growth in the region is surging chronic disease prevalence and better health cautiousness as a result of increased standard of livings. Moreover, the booming medical tourism industry will considerably support the market growth during the forecasted period.
The coronavirus pandemic has a negative impact on the blood collection market. Fear of the virus refrained people from undertaking regular check-ups. Further physical lockdowns resulted in lower blood donation. However, the market is anticipated to normal growth with recovering activities.
Leave a ReplyWant to join the discussion?
Feel free to contribute!