Sample Collection Devices Market Size to Grow at a CAGR of 8.0% During the Forecast Period 2021-2026

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Sample Collection Devices Market Size to Grow at a CAGR of 8.0% During the Forecast Period 2021-2026

Sample Collection Devices Market Size to Grow at a CAGR of 8.0% During the Forecast Period 2021-2026

Sample Collection Devices Market
The Sample Collection Devices Market Is Poised to Receive Upswing Demand Owing to Significant Increase in the Burden of Chronic Diseases That Is Rapidly Increasing Worldwide.

Sample Collection Devices Market size was valued at $8,728 million in 2020, and is anticipated to reach $10,430 million by the end of 2026 growing at a CAGR of 8.0% during the forecast period 2021-2026. The sample collection devices industry growth rate is attributed to the increasing incidence of chronic diseases among the expanding populace and is anticipated bringing new opportunities. Sample collection devices help in safe withdrawal of various samples. The sample is collected from donor to perform various diagnostic tests. Needles & rings, lancets, and other devices are used for arterial and venous blood collection. Blood collection has various advantages such as arterial blood gas sampling and intraoperative blood salvage. However, with the growing number of accidents & trauma cases, rising incidence of infectious disease, and developing liquid biopsy technology have improved associated healthcare processes. However, the shortage of qualified personnel will impede the market growth. Furthermore, the growth opportunities among emerging nations are likely to offer significant opportunities in growth of the global sample collection devices market during the forecast period.

Sample Collection Devices Market Segment Analysis – By Application

In 2020, on the basis of application, diagnostics segment accounted for the largest segmental revenue of the Sample Collection Devices market. The diagnostics segment held the largest market on account of the fact that the increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases. This segment is also projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 8.89 owing to the growing awareness about regular health checkups. thereby, positively impacting the segment growth. Furthermore, sample collection products are predominantly used in diagnostics, as blood samples are required to diagnose the source of infections owing to pathogenic microorganisms or identify anomalies in the level of various blood components. With a rise in the number of infectious diseases, there is an increased demand for blood collection and sample preparation. According to WHO in 2018, 10 million people contracted tuberculosis and 1.5 million died owing to the disease. Thus, with an increase in infectious diseases, the demand for diagnostics is also anticipated to fuel the market growth during the forecast period 2021-206.

Sample Collection Devices Market Segment Analysis – By End Use

On the basis of end use, hospitals segment accounted for the largest segmental revenue of the Sample Collection Devices market in 2020 as they serve as primary centers for treatment and diagnosis of diseases. The global rise in the number of chronic diseases and an increasing number of diagnostic & screening tests are anticipated to positively affect market growth.

On the other hand, diagnostic centers segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 8.5%. The diagnostic centers are to witness a healthy growth owing the availability of sophisticated technology that enables faster results. Moreover, diagnostic centers are the primary care centers for diagnosis and treatment, with the majority of screening & diagnostic tests being conducted therefrom in-house departments or independent clinics. All these factors are to drive the segmental market growth.

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Sample Collection Devices Market Segment Analysis – By Geography

North America is the major region dominating the Sample Collection Devices market with a market share of 38.16% in the year 2020. This can be attributed to well-developed healthcare infrastructure, an increase in R&D activities, and the presence of leading clinical diagnostics companies in North America have fueled the regional market. For instance, in August 2019, Q-Sera Pty Ltd. announced that the company received Notice of Allowance from the United States Patent & Trademark Office for the patent of Q-Sera’s technology for blood clotting that will be used in blood collection tubes. Moreover, the adoption of innovative & advanced technology and a large focus on clinical research drive regional growth.

However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to rising disposable income and escalating prevalence of sepsis and HAI in this region which has successfully paved the way for the growth of the market in the region. Apart from this, the growing presence of leading manufacturers in this region are also predicted to drive the market in this region.

Sample Collection Devices Market Drivers

Increasing Chronic & Lifestyle Diseases

The sample collection devices market is poised to receive upswing demand owing to significant increase in the burden of chronic diseases that is rapidly increasing worldwide. Almost half of the total chronic disease deaths are attributable to cardiovascular disease (CVD). In the US alone, as per the American Heart Association, the prevalence of CVD is projected to increase from 36.9% in 2010 to 38.7% by 2020 and 40.5% by 2030. Obesity and diabetes are also showing worrying trends, not only because they already affect a large proportion of the population but also because they have started to appear earlier in life. The prevalence of lifestyle diseases is also growing across the globe, and particularly in emerging countries. This scenario has ensured greater adherence to health checkups and the growing importance of markers to find disease conditions mainly via blood collection. Health checkups are gaining popularity both at a personal level as well as performed at a corporate level for employee well-being. This is poised to be favorable for the market growth and a significant contributor to the sample collection devices market, such as blood tests are a primary mode of diagnosing these diseases.

Sample Collection Devices Market Challenges

Complexities Of Storage And Shipping

Despite several drivers, storing and shipping whole samples poses significant challenges and costs. Once collected, whole sample must be used immediately or stored and maintained under strict temperature and environmental conditions for analysis or other applications. The characteristics of samples begin to change within hours of collection if not refrigerated or frozen. Maintaining their stability is essential since components begin to degrade immediately; extended exposure to ambient temperatures can dramatically affect the outcome of any analysis on such samples. Therefore, medical organizations around the world have created guidelines for their storage, packaging, and shipping.

Sample Collection Devices Market Landscape

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Sample Collection Devices Market. In 2020, Sample Collection Devices market share is fragmented by the top ten players present in the market. Sample Collection Devices Market top 10 companies are B. Braun Melsungen AG; SARSTEDT AG & Co. KG; Thermo Fisher Scientific Inc.; Becton, Dickinson and Company (BD); Cardinal Health; Nipro Europe NV; KABE LABORTECHNIK GmbH; Owen Mumford Ltd.; Terumo Medical Corp.; Greiner Bio-One International GmbH and others.

Acquisitions/Product Launches

In January 2021, Medtronic has announced the first enrolment in its trial evaluating the safety of adaptive deep brain stimulation (aDBS) in patients with Parkinson’s disease.

Key Takeaways

North America dominated the Sample Collection Devices market with a share of 38.16% in the year 2020.      

The factors such as increasing prevalence of infectious diseases, mounting number of accident & trauma cases and non-communicable diseases are amongst the major factor projected to impel growth of sample collection devices market.

Additionally, factors such as increase in the number of approvals for technologically advanced products are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.

Related Reports :

A. Capillary Blood Collection Devices Market

B. Blood Collection Tubes Market

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