ID: MRFR/MED/2869-CR | July 2019 | Region: Global | 114 pages
Global Capillary Blood Collection Devices Market is anticipated to record a CAGR of 10.3% while garnering a market value of USD 778.38 Million by 2027, asserts Market Research Future (MRFR).
The outbreak of COVID-19 brought a significant impact on the capillary blood collection devices industry. The lockdown imposed during the pandemic hampered the production and supply chain owing to the temporary shutdown of the manufacturing units.
Growing Incidence of Chronic Diseases to Boost the Market
The increasing incidence of chronic ailments among the expanding populace is predicted to be a notable factor that can develop the market during the forecast period. The growing demand for minimally invasive methods is anticipated to be another noteworthy factor that is likely to fuel the need for the device, thereby augmenting the capillary blood sampling devices. Besides, the rising application of the technique in conjugation with PoC diagnostics has become the most chosen method of testing in remote health settings, which is recognized to be another salient cause that may strengthen the capillary blood collection devices industry during the forecast tenure.
Rising Requirement for Safe Blood Collection Technologies to Offer Significant Opportunities
The increasing demand for safe blood collection technologies is predicted to be a salient factor that is expected to offer a significant opportunity for market expansion during the review period.
Risks Associated with the Capillary Blood Assortment Technology to Hamper the Market
The high risks associated with the capillary blood collection devices and the capillary blood assortment technologies are expected to be a salient cause that can hamper the market growth during the assessment tenure.
Disadvantages of Micro-Collection of Blood to Pose a Significant Challenge
The disadvantages of micro-collection of blood and the scope of blood contaminations are anticipated to pose a significant challenge that is likely to obstruct the market expansion during the review tenure.
Cumulative Market Growth Analysis
MRFR asserts that the global capillary blood collection market is anticipated to experience significant market growth while thriving at a CAGR of 10% during the analysis timeframe. The expansion of the market can be attributed to the growing incidence of chronic illness.
In the material segment of the global capillary blood collection devices market, the plastic devices segment is anticipated to dominate the market during the forecast period. The development of the segment can be attributed to the extensive application of plastic for the production of various medical equipment owing to its cost-effectiveness. On the other hand, the glass segment is also projected to acquire significant traction during the forecast period.
In the end-user segment of the global capillary blood collection devices market, the hospitals and clinics segment is anticipated to acquire significant traction during the forecast period. The segment had acquired a market value of USD 190.36 million in 2019.
By Type of Devices
In the type of devices segment of the global capillary blood collection devices market, the lancets segment is anticipated to grow significantly during the forecast period. The expansion of the segment is projected to the rising demand for minimum invasiveness during blood collection.
North America to Lead the Global Market
North America is expected to dominate the market during the forecast period owing to the increasing demand for minimally invasive surgeries method. The rising incidences of chronic ailments among the rising populace are expected to further grow the need for the product, thereby developing the market growth. In addition, the substantial participation of established players in the region is likely to strengthen the market in the region. Among all, the US is anticipated to make the most crucial participation in developing the market during the forecast period.
Europe to Acquire the Second Largest Market Share
Europe is estimated to acquire the second largest market share during the forecast period. The expansion of the regional market can be attributed to the rising R&D and the growing prevalence of chronic illness among the expanding populace. In addition, the increasing initiatives of partnership among key players of the region are projected to play a salient role in developing the market in the region.
APAC to be the Fastest Growing Region
APAC is anticipated to be the fastest-growing region of the market during the projection tenure. The growing initiatives to develop the healthcare sector in the developing countries are expected to develop the market during the projection timeframe. In addition, the rising prevalence of chronic illnesses such as diabetes is recognized to be another salient cause that can augment the market in the region.
MEA to Acquire the Least Market Share
MEA is expected to acquire the least market share during the forecast period. The presence of underdeveloped countries is likely to be a significant cause that may hamper the market growth in the region.
Various players of the market are adopting strategies such as partnerships, mergers, and acquisitions to gain higher impetus in the global market while also focusing on expanding their product portfolio. The growing incidence of chronic illness has led to a higher demand for innovative methods for which players are concentrating on the launch of new products, which has increased the competition among the players in the industry.
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The report on the global capillary blood collection devices market comprises primary challenges, opportunities, drivers, and restraints that bring a significant impact on the market. MRFR critically assess the market size, taking into account the base year and the projected year. The report also studies the impact of COVID-19. Apart from comprehensive market segmentation, the report also highlights the latest business scenario. In addition, the report also comprises well-known vendors and the top strategies followed by them to stay competitive in the industry.
Global Capillary Blood Collection Devices Market, By Material
Global Capillary Blood Collection Devices Market, By End-User
Global Capillary Blood Collection Devices Market, By Type of Devices
Frequently Asked Questions (FAQ) :
Capillary Blood Collection Devices Market is expected to rise to a valuation of USD 778.38 million by 2023.
global market is expected to exhibit a strong 10% CAGR over the forecast period from 2017 to 2023.
The growing prevalence of diabetes has driven the demand for lancets. This is likely to be the major driver for the global capillary blood collection devices market.
The Americas is expected to be the dominant regional segment of the market due to the growing prevalence of diabetes in the region
Leading players in the global market include Danaher, F. Hoffman-La Roche, Becton Dickinson and Company, and Novo Nordisk, among others.