New Delhi: Rise in demand for serologic analysis and biopsy is evident due to high prevalence of numerous chronic diseases in the geriatric population. Changing demographics (ageing population) across developed regions is the requirement for medical equipment & devices at healthcare centres.
Vacutainer manufacturers are concentrating on improving shelf life and production output to cater the growing market demand, globally. Increase in liquid biopsy analysis for non-invasive diagnostic applications and growing importance of pre-donation screening in blood transfusion are key enablers driving demand for vacutainers (vacuum-based blood collection tubes).
At present, North America holds the largest (over 50%) revenue in the global vacutainer market, owing to well-established healthcare facilities in the region since decades, especially in United States. As per the report published by an ESOMAR-certified market research and consulting firm the global vacutainer market is anticipated to exceed a valuation of US$ 2.4 Bn by 2021, and is expected to expand at an impressive CAGR of more than 7% over the forecast period of 2021 to 2031.
Key Takeaways from Market Study
In 2020, one-half of market revenue was generated solely by North America.
Vacutainers with additives account for more than 80% of global sales, and are utilised at large in North America.
In 2020, North America and Europe together accounted for three-fourth global market share. The European market is expected to offer more than US$ 440 Mn absolute dollar opportunity over the next ten years.
The market is highly concentrated in nature, with companies such as Becton, Dickinson & Company and Medtronic PLC holding around 33% of the global market share.
In terms of buyer, hospitals and clinics held around 38% of overall market share in 2020.
Application in venous blood collection amounts for over 65% overall demand.
The market in East Asia is projected to expand at a CAGR of around 11% throughout 2021-2031, while that in China at 14.5%.
“Large number of regional players in East Asia offering vacutainers at significantly lower cost makes it difficult for international players to expand in the region,” says a research analyst.
Advancements in technology related to medication and new ways of drawing blood for biopsy are likely to impact the current medical equipment market in the near future. Devices such as Velano Vascular’s PIVO, which provided a new approach to draw blood and made it easier to avoid acute pain through its needle-less blood drawing system, are the future of blood drawing systems. Owing to the needs of end users, innovation in vacutainers that allow an individual to collect blood (with less penetration of needles) without the support of doctors or clinical staff can be a key winning strategy for manufacturers.
These insights are based on a report on Vacutainer Market by Fact.MR.