Rising Demand of Blood for Medical Operation and Transfusions Propels Blood Collection Market Through 4.7% CAGR
Albany, New York, Nov. 12, 2018 (GLOBE NEWSWIRE) — Expert analysts predict the Blood Collection Market to register revenue worth US$9.8 bn by the end of 2022. This indicates a splendid growth as compared to an earlier revenue figure of US$7.7 bn registered by the global blood collection market in 2017. Such a fantastic progress is prophesized to occur at a steady CAGR of 4.7% during the forecast period ranging from 2017 to 2022. Geography-wise, the market is spread across North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of these, North America holds a leading position owing to a strong medical infrastructure existing in the region.
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Increasing Demand for Fresh Blood during Operations Stokes Growth
Rising instances of blood collection procedures all over the world is a key factor driving growth in the global blood collection market. This is mainly due to a high demand for fresh blood existing owing to an increasing number of accidents, ailments, and other such health issues wherein a dire need for blood transfusion may exist. Moreover, a rising need for surgeries might exist due to an surging awareness for prevention and control of infectious diseases. With a large number of government and non-governmental organizations participating in such causes, the market is expected to witness extensive growth in the next few years. A rise in the number of trauma incidences too is driving growth in the global blood collection market.
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Lack of Adequate Services Provided in Remote Regions Stunts Progress
However, lack of professionals working in this domain mainly in remote and underdeveloped regions is restraining the global blood collection market. This is majorly hindering the market’s growth as shortage of regulations and standard procedures is a crucial factor in terms of implementing the blood collection processes. Moreover, less awareness regarding the need for blood donation activities is stunting the market’s progress too. In addition, carrying out blood transfusion and donation activities might be substantially expensive. This might make it difficult for those healthcare centers having less disposable income to thrive in the market, consequently posing as a key obstacle to the global blood collection market’s expansion. Nonetheless, numerous players operating in this market are gradually regulating their service costs. This could certainly offset most restraints affecting the blood collection market’s expansion from a global perspective.
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The global blood collection market depicts the presence of a substantially fragmented vendor landscape, says Transparency Market Research on the basis of a newly published report. Such a diverse competitive scenario is mainly present due to the existence of innumerable small, mid, as well as large-scale players in the market. Most companies are participating in important mergers & acquisitions, partnerships, collaborations, and joint ventures, in order to thrive in the global blood collection market. Many businesses are also vying towards bringing forth improvement in their service quality.
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The companies also are expected to expand their regional boundaries, enhance blood collection mechanisms, and launch new services on a regular basis to thrive in the market. These are the prime strategies implemented by most players operating in the global blood collection market. Abbott Laboratories, Inc., Medtronic Plc., Becton, Dickinson and Company, Terumo Corporation, Nipro Corporation, QIAGEN N.V., F.L. Medical SRL, Greiner Holding AG, Haemonetics Corporation, and Sarstedt AG & Co., are some of the key players operating in the global blood collection market.
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The information presented in this review is based on a TMR report, titled, “Blood Collection Market (Product – Blood Collection Needles and Syringes, Blood Collection Tubes, Blood Lancets, Blood Bags, and Vials; End User – Hospitals and Diagnostic Centers and Blood Banks; Application – Diagnostics and Treatment) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022”
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