Arterial Blood Collection Device Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[228+ Pages Report] According to Facts and Factors, the global arterial blood collection device market size was valued at USD 1358.67 million in 2022 and is anticipated to grow to USD 2714.56 million by the end of 2030. The arterial blood collection device industry is anticipated to grow with a CAGR of 8.97% during the forecast period.

Market Overview

An arterial blood collection device is an instrument used for extracting a sample of arterial blood from the human body for monitoring or diagnostic purposes. Arterial blood carries oxygenated blood away from the heart to the parts of the body, and therefore it is drawn from an artery blood vessel.

Arterial blood collection is a common diagnostic procedure that involves the extraction of arterial blood to measure the different parameters, including carbon dioxide levels, oxygen levels, pH, and bicarbonate levels in the human body.

Key Insights

• As per the analysis shared by our research analyst, the global arterial blood collection device market size is estimated to grow annually at a CAGR of around 8.97% over the forecast period (2023-2030).
• In terms of revenue, the global arterial blood collection device market size was valued at around USD 1358.67 million in 2022 and is projected to reach USD 2714.56 million by 2030.
• The emergence of telemedicine and the rise in point-of-care testing (POCT) are expected to positively influence the growth of the global arterial blood collection device market.
• Based on the end user, the hospital segment accounts for the largest share of the global market.
• Based on the application, arterial blood gas sampling will be a leading revenue contributor in the global market.
• Based on type, the lancet segment is expected to register the highest growth rate in the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.           

Growth Drivers

• The emergence of telemedicine and the rise in point-of-care testing (POCT) is likely to boost the growth of the global market.

The rise in telemedicine and remote patient monitoring has significantly raised the demand for reliable and accurate diagnostic data. The arterial blood collection devices encourage health care professionals to analyze the patient’s health check report and customize treatment as required.

Point-of-care testing enables healthcare providers to get diagnostic results instantly, which is likely to play a major role in the growth of the global arterial blood collection device market.

For instance, Nipro Medical Corporation said to make a new Vascular Division in the United States. The division involves cardiovascular products, innovative vascular, and other edge-cutting technologies to offer imaging and procedural solutions to improve patient care.

Restraints

• The invasive nature of the procedure is likely to restrain the growth of the global market.

The arterial blood collection process is invasive in nature, which causes potential complications and discomfort among patients. Therefore, individuals are a little hesitant to opt for arterial blood collection procedures, which is likely to impede the growth of the global arterial blood collection device market during the forecast period.

Opportunities

• An increase in awareness and health education is expected to offer growth opportunities in the global market.

Patients all across the globe have become more aware of their health and are actively looking forward to regular diagnostic tests and monitoring to keep up with their fitness levels which are likely to widen the scope of the arterial blood collection devices industry.

Additionally, the favorable regulatory framework by the government is further likely to enhance the credibility and safety of these blood collection devices, thereby offering lucrative opportunities in the industry. For instance, Cardinal Health Inc. surpassed its record revenue in 2023. The company noted a total revenue of $205 in the 2023 fiscal year.

Challenges

• Cost implications and high skill requirements are a big challenge in the global market.

Arterial blood collection devices are a little more expensive than other available options. Several healthcare facilities have adopted reusable devices, which may limit the growth of the global arterial blood collection device industry in the coming years.

Additionally, the appropriate blood collection process needs a high level of skill and training. However, the lack of skilled staff and healthcare personnel also limits the growth of the industry.

Segmentation Analysis

The global arterial blood collection device market can be segmented into end user, application, type, and region.

By end user, the market can be segmented into diagnostic laboratories, blood banks, clinics, hospitals, and others. The hospital segment accounts for the largest share of the global arterial blood collection device market due to the large inflow of patients. Also, people are more willing to take frequent diagnostic testing in the hospital rather than in any other healthcare setting.

Additionally, the hospitals are known to have the essential infrastructure and trained medical professionals to perform the blood collection process. Hospitals have partnered with external clinical laboratories and also have in-house laboratories which enable the rapid and efficient analysis of various blood samples.

Moreover, the presence of specialized departments in hospitals like emergency departments, operating rooms, intensive care units, etc., which also require arterial blood sampling for the admitted patient’s management and monitoring, further increases the segment contribution in the market.

By application, the market can be segmented into intraoperative blood salvage, arterial blood gas sampling, and others. Arterial blood gas sampling will be a leading revenue contributor in the arterial blood collection device industry in the forthcoming year.

The high growth rate can be attributed to valuable information offered by the arterial blood gas sampling analysis, which helps healthcare professionals assess the metabolic and respiratory status of the patients. Moreover, this kind of sampling is highly required in cases of ICU monitoring, critical care, respiratory disorders, anesthesia management, neonatal care, and others.

However, the intraoperative blood salvage segment is also likely to grow steadily in the forthcoming years due to the various benefits offered by it, including enhanced surgical outcomes, potential cost savings, minimized transfusion reactions, improved blood conservation, less need for allogeneic blood transfusion, etc. Intraoperative blood salvage is also referred to as autologous blood transfusion, which includes the collection and fusion of an individual's blood lost during the operation process.

The process generally involves the collection, process, and filtering of the blood before withdrawing it to the patient's body. It is widely used in surgeries where huge blood loss is expected, like trauma, cardiovascular, orthopedic, and other surgery.

By type, the market can be segmented into microfluidic systems, vacuum blood collection systems, needles, lancets, blood collection tubes, and others. The lancet segment is expected to register the highest growth rate because of its high utilization in blood drawing procedures. The segment is expected to stay dominant throughout the forecast period because of the irreplaceable requirement of lancets in surgical procedures.

These are highly used to make punctures in the skin to extract blood samples. The tool consists of a small scalpel to inject into the skin. The surging cases of chronic and infectious diseases are significantly accentuating the demand for lancet devices globally. The lancets come in two variations: one is reusable, and the other is disposable.

However, disposable lancets are used widely in clinics and hospital settings because a large pool of patients comes to centers for testing. Reusable lancet devices have more usage in home care settings for the routine check-up of hemoglobin and glucose in endemic or diabetic patients.

Report Scope

Regional Analysis

• North America to lead the growth graph in the global market during the coming period

North America is projected to account for the largest share of the global arterial blood collection device market during the forecast period. The regional market encompasses a variety of medical devices used for extracting arterial blood samples for monitoring and diagnostic purposes.

The technological advancements in the region have led to the innovation of more user-friendly and efficient arterial blood devices, which is likely to offer advanced features like being minimally invasive, improved safety mechanism, and better integration with electronic health devices and records. Moreover, the rising prevalence of chronic diseases like respiratory disorders, diabetes, and cardiovascular diseases in the region is further contributing heavily to the growing demand in the region.

Asia Pacific is also likely to grow significantly during the forecast period because of the growing healthcare infrastructure, disposable income of people, and economic developments. The region is witnessing an increasing burden of chronic diseases like respiratory disorders and diabetes which is likely to play a vital role in the growth of the market.

For instance, Medtronic in May 2023 announced its plan to extend its research and development operations in Hyderabad with an investment amount of INR 3,000 crore, which will double in the next five years.

Competitive Analysis

The key leaders in the global arterial blood collection device market include:

• SZBOON 
• Becton Dickinson 
• Hongyu Medical 
• Improve-medical 
• F.L. Medical 
• Narang Medical 
• Sarstedt 
• SEKISUI Medical 
• Medtronic 
• Greiner Bio-One 
• Terumo 
• Cardinal Health 
• McKesson Corporation 
• Nipro Medical Corporation 
• Smiths Medical 
• Siemens Healthineers

For instance, SEKISUI Medical announced the launch of the OSOM COVID-19 Antigen Home Test in July 2023. It is manufactured for the qualitative detection of nucleocapsid protein antigens.

The global arterial blood collection device market is segmented as follows:

By End User Segment Analysis

• Diagnostic Laboratories
• Blood Banks
• Clinics, Hospitals
• Others

By Application Segment Analysis

• Intraoperative Blood Salvage
• Arterial Blood Gas Sampling
• Others

By Type Segment Analysis

• Microfluidic Systems
• Vacuum Blood Collection Systems
• Needles
• Lancet
• Blood Collection Tubes
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America