Blood Collection Market Size (2024 - 2029)

Blood Collection Market Analysis

The Blood Collection Market size is estimated at USD 7.80 billion in 2024, and is expected to reach USD 10.40 billion by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).

The major factors driving market growth include the rising demand for early diagnosis of chronic conditions, increasing incidence of trauma and accidents, and a surge in the number of surgical procedures carried out worldwide. The volume of knee and hip replacement surgeries has increased worldwide in recent years, and this is expected to drive the demand in the blood collection market.

The growing sports or accidental injuries lead to blood loss, and this necessitates blood transfusion to replace the loss of blood and maintain adequate circulation, which is expected to boost market growth. For instance, according to the German Federal Statistics Office data published in May 2023, roughly 21,600 people were injured in road traffic accidents in Germany in February 2023. The number increased by approximately 900, or 5%, compared with the same month of the previous year. Thus, the increasing number of road accidents is expected to increase the demand for blood transfusion to recover the blood loss in the patient, propelling market growth over the forecast period.

Additionally, blood collection also witnessed a great demand due to an increased number of patients suffering from various diseases related to blood, kidney, metabolic diseases, and neurological disorders. For instance, according to 2024 data published by the American Cancer Society, 62.7 thousand leukemia cases have been reported in 2024 in the United States, an increase from 59.6 thousand cases in 2023, thus increasing the burden of blood cancers such as leukemia, which impact the production of blood and require frequent blood transfusions. This, in turn, is expected to increase demand for blood collection bags, thereby boosting the growth of the blood collection market.

Furthermore, the growing fundraising strategies of the key players are expected to drive market growth over the forecast period. For instance, in May 2024, Vitestro raised EUR 20 million (USD 21.47 million) to accelerate the commercialization of its autonomous blood sampling device. With this fund, Vitestro will expand its team and develop additional features for the blood sampling device.

Moreover, the rising product launches by the key players are expected to fuel the availability of blood collection products in the market. For instance, in February 2022, Abacus dx launched the newest addition to Streck's trusted blood collection tube portfolio, RNA Complete BCT. The rise in blood donation and transfusion requires blood collection kits and bags, which are expected to drive market growth over the forecast period.

Similarly, in October 2022, Q² Solutions, a global clinical trial laboratory services organization and a wholly owned subsidiary of IQVIA, launched its first self-collection safety lab panel for clinical trial participants in the United States, a significant achievement for a leading global clinical trial laboratory.

Thus, the growing burden of accidental injuries and blood disorders is expected to increase demand for blood collection products, thereby boosting market growth. However, blood contamination and other complications and injuries caused during blood collection are expected to restrain market growth over the forecast period.

Blood Collection Industry Segmentation

As per the scope of the report, blood specimen collection is a routine procedure performed to obtain blood for various laboratory tests. Blood can be collected from venous access devices and occasionally by fingerstick. However, it is most frequently obtained via a peripheral vein puncture called venipuncture.

The blood collection market is segmented by product, application, end user, and geography. By product, the market is segmented as needles and syringes, tubes, lancets, blood bags, and other products. By application, the market is segmented as diagnostics and treatment. By end user, the market is segmented as hospitals and diagnostic centers, blood banks, and other end users. By geography, the market is segmented as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the market size and forecasts in value (USD) for the above segments.