Diagnostic testing of blood has been a highly prevalent procedure and is considered as the cornerstone of healthcare delivery in modern times. Albeit the blood draw technology has remained unchanged since past couple of years, few companies are involved in paving inroads into easier, efficient, and safe methods of blood collection. Against this background, there has been a significantly growing trend towards innovation of blood collection. Innovations in this industry are regulated by the US FDA (Food and Drug Administration) and require FDA 510(k) clearances for blood collection devices and blood collection monitor is no exception. The blood collection monitor market is dominated by few large players. Although innovations are not expected to transform the sector overnight, applications of new blood collection monitors and other devices can include chronic disease management, reproductive health, and wellness testing among others. This aspect continues to influence the growth of the blood collection monitor market and companies can expect a volley of opportunities in the years to follow.
Growing Incidence of Chronic Diseases to Drive Growth of the Blood Collection Monitor Market
Increasing prevalence of chronic and infectious diseases such as Hepatitis C, Human Immunodeficiency Virus (HIV), brucellosis, malaria, Hepatitis B (HBV), and syphilis is driving the demand for blood collection monitor in order to eliminate the risk of disease transmission or infection during blood transfusion. For instance, according to the World Health Organization, in 2020, around 37.7 million people were diagnosed with HIV. Same year, about 680,000 individuals died from HIV associated causes. On the other hand, WHO analysis reflects that around 7 million new cases of syphilis infections were observed in 2020. The increasing burden of such chronic ailments has become a subject of concern worldwide and almost half of the mortalities are specifically attributed towards cardiovascular diseases (CVD). For example, according to American Heart Association (AHA), CVD prevalence is expected to increase significantly, from 38.7% in 2020 to 40.5% by end of 2030. This concerning scenario has translated into growing adherence to regular health checkups, consequently boosting the use of effective markers to diagnose the disease conditions via blood collections. Gaining popularity at both corporate as well as personal levels, health checkups are expected to drive the growth of the blood collection monitor market, blood test being the primary method of disease diagnosis.
Advanced Blood Collection Monitor to Gain High Traction
Advanced blood collection monitor is likely to gain high traction on the back of increasing adoption of technology and its integration into the product that has enhanced the usability and efficiency of the blood collection. New features including large matrix colour display, portable and lightweight, high durability, less maintenance, and other visual indicators and displays reflecting volume, weight, status of the collection process, flow rate (high/normal/low indication), status of batteries and time of collection have been incorporated in advanced blood collection monitor, which is expected to largely contribute to the valuation of the blood collection monitor market.
North America Poised to Hold a Lion’s Share in the Blood Collection Monitor Market
North America is expected to showcase significant growth potential apropos to use of blood collection monitors. This is mainly due to increasing need for blood draws per day in the region that has elevated the use of blood collection monitor to reduce transfusion related diseases. For instance, according to the American Red Cross, United States needs around 29,000 red blood cell units, 6,500 plasma units and 5,000 platelet units every day stressing on the blood donation aspect that increases the probability of patient success in case of blood loss. However, with increasing blood donation activities, chances of disease transmission are also high, particularly in the pandemic times. This factor is expected to increase the demand of efficient blood draw procedures, in turn influencing the growth of the blood collection monitor market in the region.
Blood Collection Monitor Market: Competitive Landscape
Major players in the blood collection monitor market are involved in various growth strategies such as partnerships, collaborations and mergers and acquisitions. For instance, in 2021, Becton Dickinson acquired Vesper Medical to enhance its market position. With this acquisition it will be possible to provide effective blood draws eliminating need of multiple needle sticks. Same year, CSL Plasma, Cell Technologies and Terumo Blood collaborated to deliver a novel platform for plasma collection. On the other hand, Nationwide Laboratory Services (NLS) was acquired by Quest Diagnostics. This acquisition will amplify Quest’s access in South Florida, serving more communities in the region.
Few of the companies involved in the blood collection monitor market are Terumo Penpol, Delcon, REMI ELEKTROTECHNIK LIMITED, Accurate Scientific Instruments, Haemonetics Corporation, Bioelettronica and Labtop Instruments Pvt. Ltd.
Global Blood Collection Monitor Market is Segmented as Below:
Key Elements Included In The Study: Global Blood Collection Monitor Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.Read more