Global Blood Collection Market - Increasing Cases of Cancer to Boost Growth | Technavio

Technavio has published a new market research report on the global blood collection market from 2018-2022. (Graphic: Business Wire)

LONDON--()--The latest market research report by Technavio on the global blood collection market predicts a CAGR of over 6% during the period 2018-2022.

The report segments the global blood collection market based on end-user (hospitals and diagnostic centers, blood banks, and others), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global blood collection market, according to Technavio researchers:

  • Rising aging population: a major market driver
  • Increasing cases of cancer: emerging market trend
  • The Americas dominated the global blood collection market with over 42% share in 2017

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Rising aging population: a major market driver

Rising aging population is one of the major factors driving the global blood collection market. The rise in median age due to increasing life expectancy has resulted in a vast aging population globally. The cause of death has shifted from acute to chronic diseases such as arthritis, diabetes, high cholesterol, and hypertension, which have increased the life expectancy of the aging population.

The growing aging population has resulted in the increased expenditure on healthcare for health checkups, disease diagnosis, and treatment. Hence, countries such as Japan and Italy that have high population densities experience a high demand for blood testing techniques for diagnosing several diseases, thereby driving the growth of the market in the countries.

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Increasing cases of cancer: emerging market trend

Globally, the prevalence of cancer has increased due to various reasons such as unhealthy diet, lack of physical activity, tobacco use, and excessive alcohol consumption. With an increase in the incidence of cancer, there is a proportional increase in diagnostic and treatment protocols which involve blood collection.

Vendors are investing in developing non-invasive and more economical methods of disease diagnosis such as liquid biopsy. A liquid biopsy is a test used to find evidence of cancer in a blood draw. Traces of tumor DNA are released into the blood from dying cancer cells and can be detected by sensitive digital technologies. This DNA can give valuable and accurate information about the presence of changes in cancer-specific genes. Liquid biopsies may guide precision medicine treatment by identifying unique molecular characteristics of an individual's cancer. As they are noninvasive and easily repeated, ctDNA-based liquid biopsies may be useful in monitoring patients' responses to therapy both during treatment and after it is completed. They also have the added advantage of providing molecular information about cancer, which can change during and after treatment.

According to a senior analyst at Technavio for research on lab equipment, “The increasing advantages provided by the liquid biopsy test will increase its adoption in future, and since it requires the drawing of blood, it will increase the demand for blood collection products, thus benefiting the market.”

Global market opportunities

In 2017, the Americas dominated the global blood collection market, with a market share of over 42%, followed by EMEA and APAC. Increasing awareness of the importance of diagnostics in personalized medicine and initiatives undertaken by governments in the Americas is promoting the use of personalized medicine in the Americas.

APAC is expected to witness the fastest growth over the forecast period owing to the growing prevalence of diseases such as diabetes and cancer that are diagnosed through blood testing and require the use of blood collection products.

 

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The latest market research report by Technavio on the global blood collection market predicts a CAGR of over 6% during the period 2018-2022.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com