The global Capillary Blood Collection Market had a valuation of USD 1.40 billion in 2020 and is projected to experience a compound annual growth rate (CAGR) of 5.3% during the forecast period. The increasing prevalence of various diseases worldwide and the growing demand for minimally invasive techniques are the primary factors driving the revenue growth of the global capillary blood collection market.
Capillary blood sampling is widely used worldwide to assist in patient diagnosis, treatment, and management. The availability of point-of-care testing has contributed to the demand for advanced medical devices, including capillary blood collection devices, thus propelling market growth. This sampling technique is frequently employed to obtain small blood volumes for laboratory testing, as it minimizes pain. Additionally, it can impact the sample quality and test result accuracy, further contributing to market growth.
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Market Drivers: Newborn genetic screening tests have become a routine practice for detecting certain harmful or potentially fatal disorders in newborns at an early stage. Early detection allows for timely treatment and prevention of serious health problems or chronic conditions. Capillary blood collection plays a significant role in the quick identification and treatment of life-threatening health issues, serious lifelong disabilities, and mental retardation, thereby supporting the revenue growth of the global market. Compared to venous blood sampling, capillary blood sampling is simpler, less invasive, and relatively painless, which is another factor driving market growth. Moreover, the rising prevalence of chronic diseases among the expanding population and the increasing demand for minimally invasive techniques are expected to further boost the need for capillary blood collection devices, thereby contributing to market growth.
Market Restraints: One of the major factors hindering the market's revenue growth to some extent is the risk of contamination associated with capillary blood collection, which can lead to the transmission of serious infectious diseases among patients. Additionally, the increasing cost of capillary blood collection devices is expected to restrict overall market revenue growth during the forecast period.
Key Takeaways: Device Type Outlook: Among the different device types, the lancets segment is expected to hold the largest revenue share in the global market between 2021 and 2028. Lancets, which consist of small scalpels used to make punctures in the skin for obtaining blood samples, are frequently used in blood draw procedures. The increasing demand for lancets in blood collection procedures and the rising prevalence of infectious and chronic diseases are driving the demand for lancets and contributing to the segment's revenue growth.
Application Outlook: In terms of application, the whole blood tests segment is expected to account for the largest revenue share in the global market during the forecast period. Whole blood tests have the ability to detect a wide range of diseases. On the other hand, the dried blood spot tests segment is predicted to experience a significant revenue CAGR between 2021 and 2028. These tests are used for diagnosing hepatitis infections, HIV, and other diseases.
End User Outlook: In terms of end users, the hospitals and clinics segment dominated the market in 2020 in terms of revenue share. The large inflow of patients and frequent diagnostic testing procedures conducted in hospitals contribute to this segment's substantial revenue share. The home care diagnosis segment is expected to register the highest revenue CAGR in the future due to the introduction of novel devices that facilitate the effective diagnosis of anemic and diabetic patients.
Regional Outlook: The North American market is predicted to hold the highest revenue share in the global capillary blood collection market between 2021 and 2028. Factors such as a well-developed healthcare infrastructure and the presence of major clinical diagnostics companies in the region are driving the market's revenue growth. Moreover, the growing adoption of advanced technologies, increased focus on clinical research in North America, rising number of surgical procedures, increasing cases of accidents, and the prevalence of non-communicable and infectious diseases are further contributing to the region's revenue growth.
The Asia Pacific market is expected to witness the fastest revenue CAGR in the global market during the forecast period. Economically developing countries like China and India are experiencing a gradual increase in disposable income, which is a major factor supporting market growth in this region. Additionally, several multinational companies are investing heavily in healthcare infrastructure in the Asia Pacific region, aiding in the revenue growth of the market.
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Companies Considered and Profiled: Some of the major companies considered and profiled in the market study include Becton, Dickinson and Company (U.S), Thermo Fisher Scientific (U.S), B. Braun Melsungen AG (Germany), Ypsomed Holding AG (Switzerland), Bio-Rad (U.S), Sarstedt AG & Co (Germany), Terumo Corporation (U.S), KABE LABORTECHNIK GmbH (Germany), Greiner Bio One International GmbH (Germany), and Owen Mumford Ltd. (UK).
These major companies have adopted various growth strategies, including product launches, partnerships, agreements, collaborations, and expansions, to maintain their top positions in the healthcare field.
Segments Covered in the Report: The report provides revenue growth forecasts at the global, regional, and country levels and analyzes market trends in each of the sub-segments from 2018 to 2028. The scope of the report includes:
Device Type Outlook:
- Lancing Devices
- Puncture Devices
- Incision Devices
- Microcontainer Tubes
- Microhematocrit Tubes
- Sealants
- Warming Devices
- Others
Source Outlook:
- Infants and Young Children
- Elderly Patients (with Fragile Veins)
- Severely Burned Patients
- Point-of-Care Testing
Application Outlook:
- Point-of-Care Testing
- Blood Glucose Monitoring
- Neonatal Screening
- Blood Gases Testing
- Bilirubin
- Dried Blood Spot Testing (DBS)
- Blood Examination
- Others
End User Outlook:
- Blood Banks
- Hospitals
- Diagnostic Centers
- Others
Regional Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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