Single Blood Drop Analysis Market Outlook
The global single blood drop analysis market size 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.
Single Blood Drop Analysis Market Dynamics
Drivers
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.
Restraints
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.
Single Blood Drop Analysis Market Segment Insights
Type Segment Analysis
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.
Application Segment Analysis
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 for 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.
End-User Segment Analysis
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.
Regional Analysis
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 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.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Single Blood Drop Analysis Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Single Blood Drop Analysis Market Performance
Segments
Type
- Blood Collection
- Finger Prick
- Capillary Puncture Method
- Blood Analyzers
- Point of Care Blood Analyzers
- Lab-Based Blood Analyzers
- Consumables
- Reagents and Assays
- Disposable Kits
Application
- Cancer
- Diabetes
- Cardiovascular
- Viral/Bacterial Infection
- Fertility
- Others
End-users
- Hospitals
- Home
- Clinics
- Others
Region
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Russia
- Rest of the Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
Key Market Players Profiled in the Report
- Danaher Corp
- Danaher Corporation
- Siemens
- Bayer AG
- Roche Holding AG
- Abbott Laboratories
- BluSense Diagnostics
- Jana Care Inc.
- Eurolyser Diagnostica GmbH
- Genalyte
- Abionic SA
- Becton, Dickinson and Company
- Grail Inc.
- Karius Inc.
Competitive Landscape
Key players in the market include Becton, Dickinson and Company, Danaher Corporation, Siemens, Roche Holding AG, and Abbott Laboratories. These companies are considered key manufacturers of the single blood drop analysis market based on their revenue, research development (R&D) activities, regional presence, and supply chain management system. The emerging and small players in the market have their key focus in product launches specific to covid-19 single blood drop test.For instance,
- In 2021, Abionic SA launched Covid-19 Sepsis single blood drop test in the UK.
- In March 2020, Danaher Corp acquired Biopharma business of General Electric Company for customer base acquisition across the globe. In 2020, Genalyte expanded its testing capabilities to Houston, Texas, the US for COVID-19 antibody testing
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