In 2023, the United States is expected to materialize as one of the most lucrative markets, accounting for a market share of over 87.3 % across North America.
The Vacuum Blood Collection Devices Market is forecast to expand at 6.3% CAGR over the estimated period, as per FMI's analysis. The industry's size is predicted to reach a market value of US$ 2.6 billion in 2023, and US$ 4.79 billion by 2033.
A pool of patients has led to a peak in laboratory diagnostic tests. These tests necessitate Vacuum Blood Collection Devices to proceed with medical treatment. Since blood bank centers and hospital facilities require modern equipment to expedite positive patient outcomes, the deployment of Vacuum Blood Collection Devices is projected to surge.
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Widely spreading healthcare system across the globe is fueling the uptake of advanced medical equipment like Vacuum Blood Collection Devices. Healthcare professionals are realizing the convenience and safety associated with these devices. As a result, they are pursuing the use of Vacuum Blood Collection Devices.
The market is further armed with government support in the form of different initiatives extended to increase the adoption of advanced medical technologies. In tandem with this, soaring rates of blood-borne diseases or hematological disorders like anemia, blood cancer, etc., are boosting the demand for blood collection devices. Whereas, transplantation procedures, surgeries, and transmissible transfusion infections, etc., are building up the market value.
Manufacturers are flocking to emerging economies to gain a foot in the lucrative market. Appealing factors like favorable policies for MNCs and an enormous population with poor lifestyle habits are favoring the incoming companies.
Businesses, however, should be wary of top challenges to sustain their position in the market. The first is the rising complexities of storing and shipping these devices. Another factor that might pose a market disrupter is the difficulty in maintaining the sterility of these devices. The vendors might also incur high costs while procuring and maintaining the temperature-regulated storage. Strict regulatory mandates have also made it difficult for manufacturers to enter the market.
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Top Highlights from the FMI’s Analysis of the Vacuum Blood Collection Devices Market:
Exclusive from FMI: News Reporting Competitive Scenario of the Market in Focus
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 04, 2023