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Sep 7, 2020 12:00 PM ET

Capillary Blood Collection Devices Market Size Estimated to Grow at a CAGR of 6.64% During Forecast Period 2020-2025




iCrowd Newswire - Sep 7, 2020

Capillary Blood Collection Devices Market size is $1410.60m in 2019, growing at a CAGR of 6.64% during the forecast period 2020-2025.Rising prevalence of infectious and non-communicable diseases, growing number of accident and trauma Devices is a significant factor driving the Capillary Blood Collection Devices Market during the forecast period 2020-2025 to its market growth. Rising developments in Lancet, Micro Hematocrit, Warming Devices are further contributing to its market growth. Also, capillary blood collection devices is driven by factor such as less blood sample, where in the risk of contamination decreases. In addition, rise in innovation for automated hematology analyzers are also contributing to its market growth. Furthermore, companies are investing more in research and development to come up with a variety of innovative products.

By Material- Segment Analysis 

By Material Plastic dominated the Capillary Blood Collection Devices Market in 2019 owing to its lightweight, cost-effective, and bio-compatible with the human body. Moreover, the increase adoption of plastic in healthcare owing to its flexibility, durability safety, chemical stability, transparency, and clarity is further contributing to its market growth. Furthermore, plastics are used in a wide-scale in healthcare and possess the comfort in treatment and dumping making it easier for capillary blood collection devices which is turn is boosting the Capillary Blood Collection Devices during the forecast period 2020-2025.

By End-User- Segment Analysis

Hospitals and Clinical Laboratories dominated the Capillary Blood Collection Devices Market in 2019 owing to the increasing number of blood testing done there. Moreover, according to the American Hospital Association, (AHA) the total number of hospitals in U.S. accounts up to 6,210 in the year 2019.Doctor generally suggest patients to conduct in-house blood sampling in-order to gain results as soon as possible. Moreover, the blood samples collected in capillary blood collection tubes are usually tested in hospital laboratories and the result is updated with the patient details making it convenient and ease to refer health professionals.
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Geography- Segment Analysis

North America dominated the Capillary Blood Collection Devices Market with a share of 30% in 2019 growing at a CAGR of 5.44% during the forecast period 2020-2025. Increasing health concerns along with well-developed technology and a better healthcare structure is a major factor driving its market growth. Moreover, government initiatives and CLIA waver on POC testing devices are estimated to be a significant factor pertaining acceptance levels of the devices in that region. Moreover, in February 2020, Becton, Dickinson & Company a leading global medical technology company collaborated with Babsons Diagnostic a transformative diagnostic blood-testing company to bring laboratory-quality, small volume blood collection to retail pharmacies.

 Drivers –Capillary Blood Collection Devices Market

  • Rising Diabetes Patients and Growing Demand for Lancets
Increasing diabetes patients and the demand for blood testing samples with a lancet is a significant factor driving the capillary blood collection devices market during the forecast period 2020-2025. Moreover, the ease of taking blood samples with lancets is also contributing to its market growth. Furthermore, according to WHO about 422 million people have diabetes worldwide, the majority living in low- and middle-income countries, and 1.6 million deaths are attributed to diabetes each year. Therefore, the rise in diabetes have increased the demand of blood collection devices.
  • Increasing Demand for Improved Blood Collection and Sampling Devices
Increasing demand of improved blood collection and sampling device in laboratory is considered to be a significant factor in driving the capillary blood collection devices market during the forecast period 2020-2025.Futhermore, recent advances in technology is improving the standard of care without requiring huge investment in staff training or investment. Thus, the capillary blood collection devices are primarily driven by this factor. Moreover, recent approvals by FDA for blood collection such as tubes, vial system, serum separators are also contributing to its market growth.

Challenges – Capillary Blood Collection Devices Market

  • Risk Related to Contamination Owing to the Capillary Blood Assortment Technique
Risk related to contamination owing to the capillary blood assortment technique leading to transmission of infectious diseases between patients is a major factor restraining its market growth. Moreover, the high cost of capillary blood collection devices coupled with the risk associated with the transmission of infection is some of the factors posing a hindrance towards the growth of the capillary blood collection devices market during the forecast period 2020-2025.

Capillary Blood Collection Devices Market Industry Outlook

Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in the Capillary Blood Collection Devices Market. Capillary Blood Collection Devices Market top 10 companies are B.Braun Melsungen AG, Becton Dickinson & Company, Cardinal Health, Greiner Bio One International Gmbh, Kabe Labortechnik Gmbh, Nipro NV, Owen Mumford Ltd, Sarstedt Ag Co Kg, Terumo Medical Corporation and ThermoFisher Scientific Inc

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Developments
  • February 2020: Becton, Dickinson & Company a leading global medical technology company collaborated with Babsons Diagnostic a transformative diagnostic blood-testing company to bring laboratory-quality, small volume blood collection to retail pharmacies.

Key Takeaways

  • Plastic dominated the Capillary Blood Collection Devices Market in 2019 owing to its lightweight, cost-effective, and bio-compatible with the human body.
  • Hospitals and Clinical Laboratories dominated the Capillary Blood Collection Devices Market in 2019 owing increasing number of blood testing done there.
  • North America dominated the Capillary Blood Collection Devices Market in 2019 owing to its increased health concern along with better health infrastructure.
  • Increasing diabetes patients and the demand for blood testing samples with a lancet in 2019 is a significant factor driving the capillary blood collection devices market during the forecast period 2020-2025.
  • By application white blood cell is projected to be the fastest growing with a CAGR of 7.31% during the forecast period 2020-2025.

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2. Blood Collection Market
https://www.industryarc.com/Research/Blood-Collection-Market-Research-511347

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