Needles and syringes remains key market segment

The global blood-collection market size was valued at USD 8.50 billion in 2018 and is projected to register growth at a CAGR of 6.6 percent over the next six years, as per Grand View Research. Increasing prevalence of infectious diseases, mounting number of accident and trauma cases, and non-communicable diseases are the major factors contributing toward the market growth. According to the WHO in 2018, an estimated 1.35 million deaths occurred as a result of road accidents globally. The 2030 Agenda for Sustainable Development set a target to halve the number of deaths as well as injuries caused due to road-traffic crashes globally by 2020.

In 2019, the needles and syringes segment dominated the market with its high adoption, repeat purchase, and high affordability. This segment is projected to maintain its dominance during 2019–2026. The high demand for syringes and needles in surgical procedures and disease diagnosis is another major factor responsible for the segmental growth.

Blood bags segment is expected to grow at a lucrative rate with globally increasing number of surgeries and accidents. According to the American Red Cross, 2018 statistics, it was estimated that the US requires about 36,000 units of RBCs every day. Also, more than 21 million blood components are transfused each year in the US. Thus, the rising number of blood donations and transfusions are expected to fuel segment growth in coming years.

North America dominated the overall market in 2019. Well-developed healthcare infrastructure, an increase in R&D activities, and the presence of leading clinical diagnostics companies in North America have fueled the regional market. For instance, in August 2019, Q-Sera Pty Ltd. announced that the company received Notice of Allowance from the United States Patent & Trademark Office for the patent of Q-Sera’s technology for blood clotting that will be used in blood collection tubes. Moreover, the adoption of innovative and advanced technology and a large focus on clinical research drives the regional growth.

The Asia-Pacific region is projected to showcase the highest growth rate over the next six years with the rising disposable income and escalating prevalence of sepsis and HAI in this region. Also, the growing presence of leading manufacturers in this region is expected to contribute to the growth of this sector in the near future.

Some of the major players operating in this market include Terumo Corp., Abbott Laboratories, Medtronic, Becton, Dickinson and Company, Qiagen N.V., Nipro Medical Corp., Greiner Holding AG, Sarstedt AG & Co., Haemonetics Corp., and FL Medical. The major companies are undertaking several strategic initiatives, such as new product development, collaborations, and regional expansion, to gain maximum share in the industry. For instance, in March 2018, BD announced the launch of a CE-IVD marked PAXgene blood ccfDNA tube within Switzerland and the European Economic Area. The product protects the healthcare worker’s safety and also provides reproducible and accurate results.