Phlebotomy Equipments Market

Phlebotomy Equipments Market Overview

The phlebotomy equipment market size is projected to be valued at US$ 10,930 Mn in 2022 and is expected to rise to US$ 20,530 Mn by 2032. The sales of phlebotomy equipment are expected to grow at a significant CAGR of 6.5% during the forecast period. Major factors driving the adoption of phlebotomy equipment are:

• The rising frequency of infectious illnesses, an increase in accident and trauma cases, and non-communicable diseases are the primary drivers driving market expansion.
• Another key factor boosting the sales of phlebotomy equipment includes an increase in the number of accidents and trauma cases worldwide.
• The demand for phlebotomy equipment is projected to grow as they are necessary for the treatment of individuals who have sustained injuries as a result of trauma or accidents.
• The rise in the prevalence of noncommunicable and infectious illnesses has resulted in a surge in demand for these goods, leading to market expansion.

Diagnostic services act as a lifeblood for the entire healthcare industry. An ideal medical facility is always cushioned by a proper diagnostic infrastructure. Immediate detection of disease not only helps in reducing the life risk of the patient but it also reduces the pressure of the patients on the healthcare industry as a whole.

The diagnostic market is steadily increasing around the world and it is also complimenting the growth and development of the Phlebotomy Equipments market. The need of skilled phlebotomist are immense in the market and as the numbers of healthcare facilities are soaring every single day.

The Phlebotomy equipments market is directly dependent on the growth and expansion of the entire healthcare and diagnostic industry. The healthcare industry has registered a steady growth in the last few years through revamped and public friendly policies and public, private partnerships and by exposing more people to the insurance backed healthcare system.

Which is directly impacting the development of the Phlebotomy Equipments market around the globe. Apart from this, the entire diagnostic industry’s growth is also pushing the Phlebotomy markets spread across the globe.

The diagnostic industry is revamping itself to meet the present challenges. The industry is consolidating and growing steadily. A massive influx of investment has eroded the entire diagnostic industry which is pushing many small and medium level players into the global arena. This is also building up the base of the phlebotomy equipments market and creating a new avenue for the Phlebotomy Equipments market globally.

There is a wide variety of Phlebotomy Equipments which are present in the Phlebotomy Equipments market. The wide array of equipments which are used by technicians is personal protective equipments, torniquets, antiseptics, gauze pads, lancets, butterfly needles, sharp containers, evacuated collection tubes, centrifuge machines, blood drawing tray and much more.

The compliment the rising demand of the phlebotomy equipments several new players have entered the Phlebotomy Equipments market. The manufacturers of these equipments are spread across the globe but there is a stark difference in the quality of the products which are manufactured in India, China and in western countries of the world.

Emerging Opportunities and Companies' Efforts to Dominate Landscape

Increasing demand for home-based point-of-care testing, rising cancer, and infectious disease prevalence, and deployment of preventative measures are likely to drive market revenue growth over the forecast period. Innovative home care and point-of-care technologies may enable businesses to provide such services directly to healthcare providers and patients. Businesses that can utilize temperature and PH conditions in transit, as well as cloud-based services for online remote tracking of blood specimens, will have a significant advantage in both existing and emerging market areas. This confluence of services and technology is also predicted to significantly increase market growth during the forecast period.

According to the World Health Organization, over half of the world's population is in danger of malaria, a disease that can only be identified by blood tests that require phlebotomy equipment. Advances in science and technology have pushed laboratories and diagnostic facilities to invest in more sophisticated equipment. The need for phlebotomy tubes, on the other hand, remains steady.

Latest Innovations to Aid the Companies Maintain Their Dominance and Thrive in the Phlebotomy Equipment Space

Advanced machines have increased the need for testing, which has increased the demand for phlebotomy equipment. Furthermore, medical practitioners rely on patient blood testing to avoid incorrect therapy. Patients are increasingly being urged to have frequent blood testing for lethal illnesses like cancer and HIV/AIDS, which don't exhibit symptoms until later. The demand for phlebotomy equipment will increase as a result.

The phlebotomy equipment industry is expected to acquire substantial traction shortly, as illness prevalence rises and advances in science and technology makes diagnostic testing doctors the first option before treating a patient. As a result, before beginning therapy, patients must undergo a battery of tests. The patient may or may not be unwell; nonetheless, the test is carried out using phlebotomy equipment.

Both coagulation and anticoagulation blood tests are performed using phlebotomy equipment. According to research, almost 800 blood draws are conducted in the United States per minute. This offers a very favorable atmosphere for companies in the phlebotomy equipment industry.

Sabyasachi Ghosh

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst

Phlebotomy Equipments market: Drivers

The Phlebotomy Equipments market has grown by leaps and bounds and there are several pivotal factors which are influencing this growth. The first and foremost is the overall evolution of the healthcare and diagnostic market. The expansion of the market is directly effecting the demand and supply ratio and expanding the periphery and the depth of the Phlebotomy Equipments market.

The Phlebotomy equipments are mostly used for detecting blood-related diseases and presently ailments like Hyperuricemia, high blood cholesterol, kidney diseases, white blood disorders have grown manifold. This sudden rise has created a massive ground of opportunity for Phlebotomy Equipments market.

Countries like India, China, Malaysia and Japan are some of the emerging healthcare markets of the world which is influencing the growth of the Phlebotomy Equipments market. 

A massive flow of investment in the global diagnostic industry has changed the entire framework of the Phlebotomy Equipments market. It has not only encouraged new players also it has promoted new inventions in this segment.

Phlebotomy Equipments market: Restraints

The Phlebotomy Equipments market is completely driven by the overall development of the healthcare industry spread across the world. The development of the industry is fragmented in some parts of the world and it is dominated by the fee players based in the western markets of the world. This is adversely affecting the development of the Phlebotomy Equipments market worldwide.

Become a MarketNgage Insider

A unified Market Research Subscription Platform, built for today's disparate research needs.

Sign-Up

Phlebotomy Equipments market: Key Regions

The demand of this tailor-made equipments are spread across the world. The key manufacturers and exporters are based in US and Australia, UK. On the other hand, the Asian market is largely dominated by players from India, China, Malaysia and Japan.

Phlebotomy Equipments market: Key Players

Phlebotomy Equipments are manufactured by several big and small makers spread across the world. In the US, Cardinal health is one of the major stakeholders of this segment and they are planning to plunge into the Asian market. Market Lab in the UK, BD worldwide in the US are also boosting their productions to meet the demands of the emerging Phlebotomy Equipments market.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types, and applications. 

The report covers exhaustive analysis on

• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology
• Value Chain

Regional analysis includes

• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East and Africa (GCC, S. Africa, N. Africa)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.