Blood collection devices are medical devices designed to collect blood samples from the donors or patients for various diagnostic tests. These devices are simple to use, reliable, and help in collection of safe blood from donors during blood donation drives and transfusions. The growing prevalence of lifestyle diseases, increased number of surgical procedures, rising awareness about blood donation, and increased investments by manufacturers to improve blood collection safety are key factors driving the growth of the blood collection devices market.
The global Blood Collection Devices Market is estimated to be valued at US$ 6.25 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing awareness about the importance of blood donation among growing population is a major opportunity fueling the growth of the blood collection devices market. Various awareness campaigns conducted by governments and non-profit organizations especially in developing nations are encouraging people to donate blood voluntarily. This is increasing the volume of blood collection and demand for reliable, easy to use and safe blood collection devices. The growing responsibility among citizens to help others in need by blood donation is presenting lucrative growth opportunity for manufacturers in this market. With continued efforts to educate people, the blood collection devices market is expected to witness steady demand over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the blood collection devices market. Existing key players hold majority share and it requires large investments and regulatory approvals to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers have many alternatives and can negotiate on price and demand additional services from suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. There exist many suppliers for raw materials used in blood collection devices but suppliers of certain key components have some influence over pricing.
Threat of new substitutes: The threat of new substitutes is low. There are few alternatives to blood collection devices for collecting blood samples effectively.
Competitive rivalry: The competitive rivalry is high among key players. Players compete on the basis of product innovation, quality, and pricing.
SWOT Analysis
Strengths: Wide range of product offerings, strong brand reputation and global presence of key players like Becton, Dickinson and Company.
Weaknesses: High R&D costs, stringent regulatory norms and susceptibility to price erosion.
Opportunities: Growing demand from diagnostic centers and hospitals, increasing incidence of chronic and infectious diseases.
Threats: Threat from counterfeit products, rising raw material costs.
Key Takeaways
The global blood collection devices market is expected to witness high growth over the forecast period of 2023 to 2030. The global Blood Collection Devices Market is estimated to be valued at US$ 6.25 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030.
Regional analysis: North America is currently the dominant region for blood collection devices market owing to increasing prevalence of chronic disorders and rising healthcare spending in the US and Canada. Asia Pacific is expected to be the fastest growing region majorly driven by growing medical tourism, healthcare infrastructure development and expanding patient base.
Key players: Key players operating in the blood collection devices market are Becton, Dickinson and Company, Terumo Corporation, Greiner Bio One International GmbH, Fresenius Kabi AG, Nipro Medical Corporation, Gong Dong Medical Technology Development Co. Ltd.
