The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Growth Overview
The blood collection, processing, and management devices market has experienced significant growth in recent years. In 2023, the market size reached $3.52 billion and is projected to grow to $3.79 billion in 2024, with a compound annual growth rate (CAGR) of 7.7%. This expansion is driven by various factors, including:

• Rising prevalence of chronic diseases
• Development of automated and safer devices
• Stringent regulations and standards
• Increasing demand for rapid diagnostic tests
• Growing need for point-of-care testing

Future Market Projections
The market is expected to continue its upward trajectory, reaching $5.12 billion by 2028 at a CAGR of 7.8%. Key drivers for this growth include:

• Growing aging population
• Higher rates of surgeries and medical procedures
• Focus on patient comfort and safety
• Increasing awareness and education
• Continued regulatory emphasis on safety standards

Key Trends Shaping the Future
Several major trends are expected to define the market during the forecast period:

• Automation and Robotics: Increased use of automated systems to enhance precision and reduce human error.
• Portable Devices: Development of smaller, more portable devices for easier use in diverse healthcare settings.
• Advanced Needle Technologies: Innovations such as thinner needles to minimize patient discomfort.
• Digital Health Integration: Integration with digital health platforms for improved data management.
• Wireless Technology: Incorporation of wireless technology for better connectivity and real-time monitoring.

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Rising Blood Donations Fueling Market Growth
The rising awareness and demand for blood donations are crucial in driving the market. Blood collection, processing, and management devices are essential in streamlining the donation process, ensuring safety, efficiency, and reliability. Several factors contribute to the increasing need for blood donations:

• Advancements in Medical Treatments: More sophisticated treatments and procedures increase the demand for blood transfusions.
• Accidents and Emergencies: A continuous need for blood supplies due to unforeseen events.
• Aging Population: Older populations often require more medical interventions, including blood transfusions.

For instance, in 2022, Statistics Poland reported 1,302.9 thousand whole blood donations, an increase of 41.9 thousand from the previous year, illustrating the growing demand for blood donations.

Leading Companies in the Market
Several key players dominate the blood collection, processing, and management devices market, including:

• McKesson Corporation
• Cardinal Health Inc.
• F. Hoffmann-La Roche AG
• Thermo Fisher Scientific Inc.
• Abbott Laboratories
• Avantor Inc.
• Grifols S.A.

These companies are continuously innovating to meet the evolving needs of the market.

Technological Advancements
Technological innovation plays a pivotal role in the market’s growth. Companies are developing advanced products to enhance precision, efficiency, and patient comfort. An example of this is Becton, Dickinson and Company’s (BD) introduction of the BD Vacutainer UltraTouch Push Button Blood Collection Set in India in March 2024. This device, equipped with BD’s RightGauge technology, uses a thinner needle to ensure continuous blood flow, reducing patient discomfort. The push-button mechanism for needle retraction further enhances safety for healthcare professionals.

Strategic Acquisitions
Strategic acquisitions also contribute to the market’s expansion. For instance, in July 2021, Becton, Dickinson and Company acquired Velano Vascular to improve patient comfort and blood collection efficiency. This acquisition reflects the market’s focus on reducing patient discomfort and enhancing the overall blood collection experience.

Market Segmentation
The blood collection, processing, and management devices market can be segmented by:

• Product: Devices, Consumables, Software, Servicing
• Application: Diagnostics, Therapeutics, Research, Other Applications
• End-user: Hospitals, Diagnostic Laboratories, Academic and Research Laboratories, Blood and Blood Component Banks, Ambulatory Surgical Centers, Other End-Users

Regional Insights
North America was the largest region in the blood collection, processing, and management devices market in 2023, driven by advanced healthcare infrastructure and a high demand for blood collection devices.

Conclusion:
The blood collection, processing, and management devices market is poised for robust growth in the coming years, driven by technological advancements, increasing awareness about blood donation, and strategic initiatives by leading companies. With the continuous rise in demand and ongoing innovations, this market will likely remain a critical component of the global healthcare industry.

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