The blood collection tubes market in North America was worth US$300.8 mn in 2014, and is estimated to reach a valuation of US$632.1 mn by 2023, expanding at a robust CAGR of 8.6% during the forecast period of 2015 to 2023.
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Favorable Government Initiatives to Back Dominance of U.S.
On the basis of product, the serum separating tubes segment will continue to be at the forefront of the North America blood collection tubes market until 2023. Rapid serum tubes will expand at a CAGR higher than any other segment during the review period, owing to the introduction of advanced technologies.Geographically, the U.S. will account for the lion’s share in the market throughout the forecast horizon.
The growth of the region can be attributed to the widening base of geriatrics and introduction of conducive government initiatives.
Rapid Growth in Geriatric Population to Spur Adoption of Blood Collection Tubes
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Over the past few years, there has been a dramatic rise in the population of people more than 65 years of age. “Since aged people are more susceptible to a number of chronic diseases such as cardiovascular conditions and cancers, the number of surgeries and diagnostic tests performed has also increased,” says a TMR analyst.
The rapidly growing geriatric population in North America is, therefore, stoking the growth of the blood collection tubes market.
The presence of favorable medical reimbursement policies and advanced healthcare services is playing a vital role in increasing the accessibility to advanced surgeries and treatments. This is likely to boost the collection of blood samples, thereby augmenting the adoption of blood collection tubes in North America.
Besides this, constant advancements in blood safety procedures along with the advent of automation in the process of blood collection are providing a fillip to the market. Furthermore, surging number of blood donors is allowing the market to gain significant momentum.
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Shift towards Alternate Samples for Diagnostic Tests to Hamper Growth Prospects
Blood is one of the primary samples used for diagnostic tests. However, medical practitioners are shifting towards other bodily parameters such as urine, owing to the high risks associated with blood transfusions.
In addition, governments have also imposed stringent regulatory guidelines and healthcare policies pertaining to the blood collection and handling. These factors are, collectively, acting as a stumbling block in the growth of the North America blood collection tubes market.
Nevertheless, these regulations and policies are encouraging manufacturers to come up with new and sophisticated blood collection technologies, which are likely to create lucrative growth opportunities for the market. The introduction of advanced screening tests in the near future are also likely to open new avenues for manufacturers in North America.
The North America blood collection tubes market is highly consolidated in nature, with Becton, Dickinson, and Company being the torch bearer in the arena. According to a study by Transparency Market Research (TMR), the market in the region is highly lucrative for players with strong product/technical expertise.
The soaring demand for new, improved, and safe blood collection technologies are encouraging market players to pay high attention towards product innovation and technological advancements.
“Companies operating in the serum samples segment are likely to register greater profit and rake in a sustainable share of the overall market revenue,” says TMR’s lead analyst. Some other prominent companies operating in the North America market for blood collection tubes are Medtronic, Qiagen N.V, Terumo Corporation, and Greiner Bio-One.
The market is poised to rise to a valuation of US$632.1 mn by 2023, progressing at an 8.6% CAGR from 2015 to 2023.
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