Blood collection is a fundamental aspect of medical diagnostics, widely used by healthcare professionals to manage and treat various illnesses. Through blood tests, serious conditions like heart problems, diabetes, and different types of cancer can be identified and addressed.
The Global Self-Sampling Blood Collection and Storage Devices Market was valued at US$ 156.40 Million in 2022 and is anticipated to reach US$ 605.09 Million by the end of 2030 with a CAGR of 18.5% from 2023 to 2030.
Modern technology has brought about convenient self-sampling and storage tools, allowing individuals to collect their blood samples at home. These innovative devices remove the need for needles and decrease the risk of infections, creating a more comfortable experience for blood collection.
The main purpose of these self-sampling and storage devices is to empower patients to take charge of their health by collecting and storing their blood samples for future testing. This is especially beneficial in areas with limited access to medical facilities.
Due to these advantages, the global demand for self-sampling blood collection and storage devices has been steadily increasing. The ongoing prevalence of infectious diseases, new pathogens, and lifestyle-related health issues has further fueled this demand. As a result, the market for these devices is expected to grow significantly, reflecting their potential to revolutionize healthcare by addressing the rising need for blood collection worldwide.
Global Self-sampling Blood Collection And Storage Devices Market Amid COVID-19 Pandemic
The worldwide impact of the COVID-19 pandemic is expected to bring about positive changes in the market, especially in the field of blood testing. This kind of testing is important for identifying infectious diseases, including COVID-19. It’s still a major tool in dealing with the pandemic. With the increasing number of COVID-19 cases, many countries around the globe are thinking about getting commercial labs involved to expand their blood testing abilities. Also, the outbreak has led to a decrease in the amount of available blood. People hospitalized with COVID-19, especially those with weaker immune systems, often need blood or plasma transfusions. In response, several governments have started programs to encourage more blood donation due to shortages in their areas. These efforts have boosted the global blood collection market in different parts of the world during the pandemic. Other factors driving the market include a growing need for early detection of chronic diseases, higher rates of accidents and injuries, and a global rise in surgeries.
The idea of collecting blood for COVID-19 antibody testing on your own could make a real difference in reducing both the death rate and the rate of illness. These advances are predicted to create new business opportunities for companies that make systems for collecting and storing self-sampled blood. When it comes to ELISA testing, venous blood is thought to be the most reliable material compared to capillary blood. Businesses in the self-sampling blood collection and storage market are tapping into this potential by investing in research and development of rapid lateral flow immunoassays (LFIAs). While these tests do take time and need skilled personnel and facilities, they’re a path to innovation. People involved in this field are working hard to make LFIAs better, aiming to lower costs and risks tied to inpatient sampling.
Kits for collecting dried blood samples (DBS) are great for self-collection at home because of how user-friendly they are. But they do have their limitations. When labs analyze DBS samples, they must take blood spots from the paper and dissolve them in a liquid to separate the stuff they’re interested in from the paper. But these kits run into issues like being time-consuming and the chance that samples can get diluted by up to 15 times during the process, which often means lower concentrations of what they’re looking for, making it tough for lab equipment to detect. These issues make it hard for these kits to be used more widely.
Increasing Prevalence of chronic diseases along with the Increasing number of hospitals, surgical centers, and diagnostic laboratories, growing need for effective and powerful medication to Boost the Self-sampling blood collection and storage devices Market.
The demand for blood collection services has been on the rise due to an increasing number of patients dealing with various health issues related to blood, kidneys, metabolism, and the nervous system. Conditions like blood cancers affecting components such as blood cells, lymph nodes, bone marrow, and the lymphatic system have led to a surge in the need for blood collection. Examples of such conditions include leukemia, lymphoma, myeloma, and myelodysplastic syndromes (MDS). New technology like apheresis has shown promise in managing white cell counts until other treatments can be administered. In the US, it’s alarming that someone gets diagnosed with blood cancer every three minutes, as reported by the Leukemia and Lymphoma Society’s 2021 Factsheet. Additionally, it’s projected that around 186,400 Americans will receive diagnoses of lymphoma or leukemia, as per the same source.
The growth of this market is also driven by the increasing number of accidents. According to the World Health Organization, car accidents lead to 20 to 50 million non-fatal injuries every year, as opposed to 1.35 million fatalities. This rise in accidents has created a higher demand for blood products, which in turn supports the expansion of the blood collection market. It’s expected that the blood collection market will continue to grow due to the increasing frequency of accidents and a steady rise in the number of individuals affected by various diseases and conditions. Nevertheless, it’s worth highlighting that the sector encounters certain obstacles like the risk of blood contamination and the potential for injuries during the blood collection procedure.
Simultaneously, the worldwide market for self-sampling blood collection and storage devices is anticipated to expand. This growth is being driven by the growing number of hospitals, ambulatory surgical centers, and diagnostic laboratories around the globe. Furthermore, there’s a growing awareness among people about the convenience and safety provided by modern blood collection technologies, and this awareness is contributing to the market’s growth. Additionally, government initiatives aimed at encouraging the adoption of advanced medical equipment are also playing a vital role in propelling the growth of this industry.
North America to Spearhead the Self-sampling blood collection and storage devices Market.
Looking ahead, North America is expected to wield considerable influence in the realm of self-sampling blood collection and storage equipment. The projected period indicates that the region will experience significant market growth, driven by several key factors. These factors include a well-established healthcare system, economic stability, and a heightened level of public awareness. The years spanning from 2022 to 2030 are poised for rapid expansion in North America’s market presence. Among regional markets, North America claimed the largest revenue share for self-sampling blood collection and storage devices in 2022. The robust growth in this region is mainly attributed to favorable medical reimbursement policies related to these devices. Furthermore, substantial government investments in research endeavors targeting treatments for rare diseases, coupled with ongoing technological advancements in healthcare, play pivotal roles in sustaining this growth trajectory.
The evolution of the healthcare system stands as a driving force behind the global expansion of the self-sampling blood collection and storage device market. The upsurge in patient numbers due to accidents and the escalating prevalence of chronic diseases significantly contribute to this growth. The active participation of key players in introducing novel services, alongside governmental initiatives to elevate healthcare infrastructure, adds further impetus to market expansion.
Investments in research activities are progressively elevating the North American market, with the integration of innovative technologies like the Internet of Things, artificial intelligence, and robotics. The substantial market share held by this region finds its roots in ongoing research on synthetic absorbable sutures and the flourishing North American pharmaceutical sector.
As the incidence of chronic diseases, including cardiovascular disorders, continues to rise, there’s a proportional increase in healthcare investments. The public’s heightened awareness about various health-related concerns has also driven a shift towards more advanced technologies, thus steering the global market on a progressive trajectory.
The global market for self-sampling blood collection and storage devices is propelled by influential players like Neoteryx, LLC., DBS System SA, PanoHealth, Tasso, Inc., Seventh Sense Biosystems, LAMEDITECH, Capitainer, Spot On Sciences, Trajan Scientific and Medical, Drawbridge Health, Weavr Health, and Microdrop. These key players have adopted diverse strategies to expand their market presence and boost their revenue. Noteworthy growth strategies pursued by these companies include:
Partnerships and Collaborations: Fostering partnerships and collaborations allows companies to pool their expertise and resources, expediting the development of innovative self-sampling blood collection and storage device products. By combining strengths, businesses can create new therapies more efficiently.
Acquisitions and Mergers: Key players are pursuing acquisitions or mergers with other firms to gain access to valuable product pipelines, technological advancements, and industry insights. Through these strategic moves, companies can bolster their capabilities, broaden their product portfolios, and enlarge their market share.
Integration of Cutting-Edge Technology: Leading companies are integrating state-of-the-art technologies to enhance the quality and scope of their property management services, providing clients with top-notch solutions.
Research and Development for New Products: Companies are heavily investing in research and development endeavors to craft novel and innovative products that cater to emerging market needs and technological trends.
Launch of New Products: Prominent players are introducing fresh and improved products into the market, often characterized by upgraded quality, features, and functionality. These launches play a pivotal role in maintaining a competitive edge in the industry.
In essence, these growth strategies empower companies to bolster their market presence, pioneer novel products, and stimulate revenue growth in the global arena of self-sampling blood collection and storage devices.