Blood Collection Monitor Market size was valued at USD 134.2 million in 2023 and is set to exceed USD 300.6 million by 2036, registering over 6.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of blood collection monitor is estimated at USD 141.07 million. The growth of the market can be attributed to the increasing prevalence of blood disorders, which in turn is evaluated to raise the demand for blood transfusion therapies. In 2019, about 200,000 people in the world were diagnosed with hemophilia and about 81,000 with von Willebrand disease, both of which are common types of bleeding disorders. Along with these, growing number of critical life-saving surgical procedures performed globally, especially among geriatric population who are more prone to various diseases, is also expected to drive market growth in the forthcoming years. Furthermore, escalating technological advancements in the healthcare sector, particularly in developed and developing nations, for blood collection procedures and products is projected to offer profitable opportunities to the blood collection monitor market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
6.4% |
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Base Year Market Size (2023) |
USD 134.2 million |
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Forecast Year Market Size (2036) |
USD 300.6 million |
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Regional Scope |
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The market is segmented by end user into hospitals, research clinics, laboratories, and others, out of which, the hospitals segment is anticipated to hold the largest share in the global blood collection monitor market. This can be accounted to the increasing number of cases of infectious diseases and trauma cases, which in turn is predicted to ensure the demand for blood collection devices and equipment in hospital facilities. Additionally, on the basis of calibration type, the automated weight calibration segment is assessed to observe significant growth during the forecast period, which can be credited to the fact that automating weight calibration minimize errors such as imprecise placement and weight mix-ups.
Our in-depth analysis of the global market includes the following segments:
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By Calibration Type |
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By End User |
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Regionally, the global blood collection monitor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is predicted to hold largest revenue share by 2036, propelled by high geriatric population, along with rising cases of asthma, as older people are more vulnerable to respiratory diseases. According to the World Health Organization (WHO), the percentage of people aged 60 years or above was 9.8% in 2017, which is anticipated to increase to 13.7% and 20.3% by 2030 and by 2050, respectively. Moreover, the market in North America is expected to gather the largest share during the forecast period owing to the large number of people undertaking blood transfusion procedures, and high healthcare spending in the region. In addition, strong presence of prominent market players is also projected to fuel the blood collection monitor market growth in the region in the coming years.
July 2020- Grifols announced the acquisition of 10% stake in Bloodbuy, a cloud-based marketplace that facilitates buying and selling of blood components in the United States.
February 2020- Becton Dickinson, and Company declared a strategic partnership with Babson Diagnostics for enabling small-volume blood collection for diagnostic testing in retail pharmacies.
Author Credits: Radhika Pawar
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