Blood Collection Tubes Market is Expected to Excellent 8.6% CAGR from 2023
The market for blood collection tubes in North America features an extreme level of consolidation, with the leading company, Becton Dickinson and Company, accounting for over 90% share in the market in 2014, states TMR in a recent market research report. Despite the dominance of Becton Dickinson and Company in the North America market for blood collection tubes, the market is ripe for the growth of product/technology specialists. Other prominent vendors in the market are Terumo Corporation, Qiagen N.V, Medtronic (Covidien), and Greiner Bio One.
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The demand for new, safe, and improved blood collection technologies is on a constant rise in the region, an opportunity that could bring specialty products and technologies companies to the forefront of the market. In the past few years, the demand for effective serum collection tubes has seen a significant rise owing to the huge surge in serum samples being collected for a number of diagnostic purposes in the region. Companies specializing in this area have the potential of carving their separate growth path and gather sustainable share in revenues in the overall market.
Rising Geriatric Population to be Key Enabler of Growth
The population of people more than 65 years of age is rising at an alarming rate in North America. Analysts suggest that the region presently has more number of people aged than 65 years than any other time in the history of the region. As this demographic is more prone to a number of chronic diseases such as several cardiovascular conditions and cancers, the numbers of diagnostic tests and complex surgeries has also surged in the past few years.
Affordable healthcare services and favorable medical reimbursement policies have also led to an increase in the number of people gaining access to advanced medical treatments and undergoing advanced surgeries. Continued advancements in blood safety procedures, rising numbers of blood donors, and a surge in infectious diseases in the region have also accentuated the need for sophisticated blood handling equipment in the past few years. These factors have consequently boosted the demand for blood collection tubes in the region.
U.S. Market for Blood Collection Tubes to Emerge as Most Promising Regional Market
By accounting for a share of over 80% in the North America market for blood collection tubes in 2014, U.S. strengthened its position as the most promising regional market. The U.S. market is at the forefront of the North America blood collection tubes market owing to the vast and rising population of people aged above 65 years in the country.
Additionally, government initiatives, such as the Patient Protection Affordable Care Act (PPACA), which provides healthcare coverage to more than 90% of the country’s population, have also enabled U.S. to be a major hub of healthcare practices in North America in the past few years. These factors have collectively encouraged the increased consumption of a variety of blood collection tubes in the U.S. market, allowing the country to take the top spot in the North America market.
On a whole, the North America market for blood collection tubes is expected to rise at an excellent 8.6% CAGR over the period between 2015 and 2023. The market, which had a valuation of US$300.8 mn in 2014, is expected to rise to US$632.1 mn by 2023.
This review of the North America blood collection tubes market is based on a recent market research report, titled “Blood Collection Tubes Market – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”
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