The global single blood drop analysis market was valued at USD 18,412.6 Million in 2019 and is projected to reach USD 43,921.5 Million by 2027, expanding at a CAGR of 11.5% during the forecast period. In terms of volume the single blood drop analysis market is anticipated to expand at a CAGR of 11.0% during the forecast period. Single blood drop analysis is attained from a finger prick or capillary puncture method and is a source of a huge repository of biological data and information of patients. Single blood drop analysis technologies embrace the massive potential in PoC diagnostic technologies for detecting several levels of biomarkers, predominantly for the diagnosis and treatment of cancer. Growing need for accurate, rapid, and economical disease diagnostics in numerous clinical facilities is projected to propel the market. Increasing integration of such technologies in downstream molecular diagnosis is anticipated to significantly magnify the growth opportunities in the single blood drop analysis market. Large-scale developments in biotechnology and nanotechnology in the recent years are expected to create growth prospects in the market.
Generally, medical decisions depend upon the results of blood tests, meaning that accurate results are essential to offer information that can aid in the diagnosis, prevention, management, and treatment of diseases. The process becomes less painful with single blood drop technology, as small amount of blood is needed. Moreover, advanced technologies result in minimized human errors and costs associated with blood analysis. This, in turn, reduces the overall healthcare costs for individuals, which is anticipated to propel the single blood drop analysis market growth during the forecast period.
Increasing Demand for Self-monitoring Diagnostic Devices
Growing healthcare spending, particularly in hospital settings, has increased focus in the direction of alternative methods of treatments such as home healthcare. This, in turn, fueled the demand for effective home-use devices with single blood drop analysis technologies. According to the World Health Organization (WHO), the number of people aged 65 or older is estimated to increase from 524 million in 2010 to approximately 1.5 billion by 2050; therefore, rising geriatric population globally is fueling the demand for these devices. Rising disease burden is anticipated to require a diverse healthcare workforce that can effectively and efficiently treat patients with complex medical conditions. Remote home monitoring boosts patient engagement and enables healthcare providers to monitor their chronic medical conditions, which is expected to drive the demand for self-monitoring diagnostic devices during the forecast period. Additionally, the finger-prick sample technology is beneficial for vulnerable patients, including cancer patients and newborns, who cannot undergo large blood draws for treatment. Single blood drop analysis reduces risk in anemic patients, which is further anticipated to fuel the market growth in the coming years.
Rising Popularity of Single Blood Drop Analysis Technologies in Point of Care (PoC) Facilities
Point-of-care (POC) testing allows medical staff and physicians to precisely receive lab-quality, real-time diagnostic results within minutes. Latest technological advancements have significantly increased the competencies of POC testing systems. Rapidly increasing demand for PoC settings in demographics with weak healthcare infrastructures is expected to create new opportunities for the key market participants. Furthermore, the demand for single blood drops analysis technologies is rising in the diagnosis of diseases for pediatric patients and PoC settings, which is anticipated to boost the single blood drop analysis market. Increasing use of advanced microfluidic chips in PoC settings is driving the growth of the single blood drop analysis market during the forecast period.
Stringent Government Regulations for Blood Sugar Monitoring Devices
Healthcare is one of the most regulated industries globally. Regulatory guidelines are required for clinical facilities and organizations to ensure privacy of patient information and protection of healthcare staff to prevent fraud. For the use of over-the-counter blood sugar monitoring devices, the US Food and Drug Administration (FDA) have provided several guidelines for manufacturers regarding the production process of blood sugar monitoring devices under Self-Monitoring Blood Glucose Test Systems (SBGs) regulations. Moreover, blood glucose monitoring test systems (BGMS) for prescription and PoC usage is authorized under BGMS guidance provided by FDA. Such stringent regulations are anticipated to create barriers for approvals from healthcare authorities, as the patent and approval process is time consuming. Additionally, implementation of rigid regulations is expected to limit the entry of new participants into the market.
On the basis of type, the market is segmented into blood analyzers, consumables, and blood collection. In terms of value, the blood collection segment accounted for 31.9% share of the market in 2019. The rapid growth of the segment is attributed to the rise in the demand for the short time analysis of the blood drop. Capillary puncture blood collection method is widely used for infants or in adults where venipuncture is difficult which is anticipated to boost the segment growth during the forecast period.
In terms of application and services, the global single blood drop analysis market is divided into cancer, diabetics, cardiovascular, viral/bacterial infection, fertility, and allergy. According to the International Diabetes Federation (IDF) in 2019 over 463 million adults between the age of 20–79 years were living with diabetes. Moreover, this number is anticipated to grow to 700 million by 2014. This in turn is anticipated to boost the adoption of single blood drop analysis for the regular monitoring of blood glucose levels in these patients. Increasing number of patients with cancer also projected to drive the demand of single blood drop analysis devices. For instance, in 2018 according to the International Agency for Research on Cancer (IARC) 17.0 million new cancer cases were identified. This in turn is expected to increase the demand for single blood drop analysis devices for cancer diagnosis.
In terms of end-user, the global single blood drop analysis market is segregated into divided into hospitals, clinics, home, and others. The need for single blood drop analysis technology is rising in point-of-care (PoC) settings to diagnose the disease of patients at the earliest. The single blood drop technology is widely used in the diagnosis of diseases in pediatric patients, which in turn is projected to drive the growth of the hospital segment during the forecast period. Expanding role of such technologies in downstream molecular analysis is expected to substantially fuel the growth of the single blood drop analysis market.
In terms of regions, the global single blood drop analysis market is fragmented into Asia Pacific, Latin America, Europe, North America, and Middle East & Africa. In the terms of value, the market in the Asia Pacific is projected to expand at a CAGR of 12.1% during the forecast period. Rise in presence of several manufacturers, is thereby boosting the growth of the single blood drop analysis market in Asia Pacific.
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report covers product specific information such as finger prick, and capillary puncture method.
According to this Growth Market Reports, the market from single blood drop analysis market shall probably to register a CAGR of 11.5% during forecast period 2020-2027, with an anticipated valuation of USD 43,921.5 million by the end of the 2027.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
Hospitals, clinics, and homes are the key end-users that are driving the single blood drop analysis market.
The market is expected to project a significant growth in 2020 owing to the positive impact of COVID-19 pandemic on the single blood drop analysis market. Rising consumer disposable income globally and growing awareness is increasing the demand for point-of-care medical products, which in turn, is propelling the single blood drop analysis market growth during the forecast period.
The base year considered for the global single blood drop analysis market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Major manufacturers include Danaher Corp, and Becton, Dickinson and Abbott Laboratories operating in the market.
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