Blood Collection Tubes Market Size

Blood Collection Tubes Market Analysis

The Blood Collection Tubes Market size is estimated at USD 2.24 billion in 2024, and is expected to reach USD 3.13 billion by 2029, growing at a CAGR of 6.85% during the forecast period (2024-2029).

The pandemic had an effect on the market. In February 2021, the WHO emphasized the importance of being prepared and responding quickly and outlined key actions and measures that the blood services should take to mitigate the potential risk to the safety and sufficiency of blood supplies during the pandemic. Additionally, as per an April 2022 study published in the National Library of Medicine blood centers should focus more on launching initiatives and policies that would increase their countries' blood supply as the virus has no direct threat to blood safety. Similarly, initiatives such as increasing product launches such as blood collection home tubes are expected to increase market growth during the forecast period. For instance, in December 2021, Ethos Laboratories launched Tru-Immune, a finger prick, self-collection kit for its COVID-19 neutralizing antibody test. Such product launches provide a safe procedure of blood collection at home which is expected to increase the adoption of such products, however, currently as the pandemic has subsided the market has lost some traction, thus the market is expected to have a stable growth during the forecast period of the study.

The major factor attributing to the growth of the market is the increase in the geriatric population and the increasing incidence of chronic diseases. Furthermore, the rising number of surgeries due to various conditions and accidents boosts the market. The rising burden of these diseases is expected to have a significant impact on the market as with the rising burden of inflammatory and infectious diseases, the awareness about these diseases is also increasing in demand for blood collection which is expected to have a significant and positive impact on the segment's growth. For instance, as per the October 2022 update of the World Health Organization, the incidence of tuberculosis (TB) was estimated to be around 10.6 million people in 2021, globally, of which 1.2 million were children. Similarly, the increasing number of surgeries is expected to increase the market growth. According to the Organization for Economic Co-operation and Development updated in August 2022, the number of surgeries (in thousand) performed in some European countries such as Portugal, Denmark, Ireland, and Norway in 2021 include 94.87, 49.33, 32.84, 21.5., respectively. Such a huge number of surgeries in developed European countries will lead to increased demand of blood collection tubes, driving market growth. Thus, the abovementioned factors are expected to increase the market growth.

Furthermore, agreements between market players are another factor in market growth. For instance, in November 2021, Q-Sera Pty Ltd entered an exclusive agreement with Terumo Corporation to manufacture and market Q-Sera's RAPClot rapid serum blood collection tube technology in Japan. Such agreements are expected to increase the availability of products in the market which is expected to increase market growth over the forecast period.

However, the risk of acquiring infections due to unhygienic blood transfusion is a drawback of market growth.