Published On: April 2018
Capillary Blood Collection Devices Market Research Report - Forecast To 2023
The medical device industry is a dynamic and vital component of the healthcare industry. The device industry is developing at a swiftly due to the increasing demand for diagnosis, prevention, and treatment of various diseases. Every component of this industry plays an important role in the market sizing. Lancet is one of the widely used alternative devices to obtain blood samples by performing capillary puncture. This device is receiving global acceptance and recognition owing to its numerous benefits which give them an edge over the traditional methods for vein puncture. Some of the very important features of lancets are a painless puncture, safety, and easy handling while using. The major applications of lancets are capillary blood sampling for coagulation tests, enumerating glucose levels, allergy tests, blood group test, cholesterol test, HIV screening test, HBO, and many other blood tests.
Increasing prevalence of diabetic population along with better awareness of the blood glucose testing device and increased awareness of safety measures to avoid the infectious diseases are some of the factors responsible for the growth of the market. The major application areas for lancets is to monitor diabetes in the diabetic population. As per the statistics provided by the World Health Organization (WHO) in 2016, an estimated 422 million adults are living with diabetes mellitus and is projected to double in number by the year 2025. Most of these cases are anticipated to occur in developing countries owing to the aging, unhealthy diets, sedentary lifestyles, obesity, and population growth.
Increasing geriatric population, growth in demand for safe blood assortment technologies, increase in demand for improved blood sampling techniques, and increase in preference towards disposable product for laboratory are some of the factors responsible for the growth of the market. However, the risks related to the capillary blood assortment technique is the factors constraining the growth of the capillary blood collection devices market.
Which type of the product will witness the highest demand in the coming years?
Capillary blood collection is the simple and relatively painless procedure for clinical testing. The technique has become more popular, especially with the widespread use of point-of-care testing), which has become the fastest growing area in laboratory medicine. Collecting blood by skin puncture instead of venipuncture is especially important in pediatric patients to avoid the effects of blood volume reduction and reduce the risk of anemia. According to a study published in the Biochemia Medica Journal, it is found that 56% of all procedures in neonatal are performed using capillary blood samples.
Plastic is the most common type of material used in hospitals, clinics, diagnostic centers, and home monitoring. As of now, the medical device industry is majorly established in the U.S. and Europe. But trends are showing enormous growth opportunity in Asia; wherein China will play a prominent role in both usage and development of medical devices.
The capillary micro-tubes dominated the market with the largest share. Furthermore, the use of lancets is increasing as a large number of safety lancet manufacturers are from developing Asian countries. China being the largest exporters of lancets and microtubes followed by, India, and Japan, mainly because of the low labor cost and low R&D cost.
Keen Players Bank on Novel Treatment Offering for the Growth in the Global Capillary Blood Collection Devices Market
A number of players are operating in the global capillary blood collection devices market.
Becton, Dickinson and Company accounted for the largest market share of the global capillary blood collection devices market, with approximately 24% of market share. The large share of the company is attributed to the high demand for blood collection tubes and lancet globally. Moreover, this company provides after sales services and help which play a major role in the satisfaction of the customers.
Terumo Corporation accounts for approximately 19.1% attributed to their blood management company segment leading to high adoption rate for the capillary blood collection tubes for the global market.
HTL-STREFA S.A. is the leading medical device company that develops, manufactures, and sells lancets. The company acquires approximately 50% global market share in safety lancets and is the 2nd largest provider of personal lancets globally. The company is spread in more than 80 countries and sells their products under the company’s brand in cooperation with the local distributors. It has adopted the strategy of collaboration with other leading organizations to sustain their position in the market.
The other prominent players in the market include Becton Dickinson and Company, Terumo Corporation, HTL-STREFA S.A., F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Medtronic plc, B. Braun Melsungen AG, and others.
Emerging Government Policies are Stoking the Growth of the Capillary Blood Collection Devices Market
The global capillary blood collection devices market is experiencing a rapid change. The efficiency of existing regulatory frameworks for medical devices in developing and developed regions are promising the superior performance, quality, and safety of their devices. Medical device regulation must be boosted to safeguard patient health and ensure that high-quality products and effective technologies reach the patients.
As a result of these strict regulations the quality, performance, and use of these devices is being enhanced, thus providing patients with quality products and increasing the credibility and demand of approved medical devices in the market.
The growing preference for safety devices for blood collection and other growth opportunities for manufacturers to develop capillary micro-tubes and lancets is booming the market for global capillary blood collection devices.