Asia-Pacific Blood Collection and Sampling Devices Market, By Product (Venous Blood Sampling and Collection Devices, Capillary Blood Collection and Sampling Devices) - Industry Trends and Forecast to 2030.
Asia-Pacific Blood Collection and Sampling Devices Market Analysis and Insights
The rising public awareness regarding cancer and other chronic disorders has enhanced the demand for the market. The major market players focus on various product launches and approvals during this crucial period. In addition, the increase in improved and advanced procedures of diagnosis also contributes to the rising demand for the market.
The Asia-Pacific blood collection and sampling devices market is expected to grow during the forecast period of 2023 to 2030 due to the increased prevalence of chronic diseases. In addition, the rising geriatric population and the increase in demand for safe blood collection technologies in the market are expected to further drive market growth. However, the higher risk related to blood assortment technologies is expected to restrain market growth. Favorable medical device regulations are expected to provide opportunities for market growth to enhance the treatment. Product innovations and technological advancements in blood collection devices are expected to boost the market growth. However, the high chances of product recall and the use of venipuncture, an alternative to capillary blood collection procedure, are expected to pose a challenge to market growth.
Data Bridge Market Research analyzes that the Asia-Pacific blood collection and sampling devices market is expected to reach a value of USD 1,505,992.14 thousand by 2030 from USD 887,648.16 thousand in 2022, growing with a CAGR of 7.1% in the forecast period of 2023 to 2030.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015–2020)
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Quantitative Units
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Revenue in USD Thousand
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Segments Covered
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Product (Venous Blood Sampling and Collection Devices, Capillary Blood Collection and Sampling Devices)
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Countries Covered
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Japan, India, Australia, South Korea, Singapore, Malaysia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific
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Market Players Covered
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BD, Terumo Corporation, Thermo Fisher Scientific Inc., Cardinal Health, Owen Mumford Ltd, Abbott, Nipro, Greiner Bio-One International GmbH, SARSTEDT AG & Co. KG, Bio-Rad Laboratories, Inc., ICU Medical, Inc., CML Biotech, Narang Medical Limited, Hindustan Syringes & Medical Devices Ltd, Sparsh Mediplus, and B. Braun SE and among others
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Asia-Pacific Blood Collection and Sampling Devices Market Definition
Capillary blood collection devices are defined as devices that are used for capillary blood withdrawal. Capillary blood can be obtained by puncturing the finger, earlobe, or heel. It can also be performed by giving an incision on the skin. Capillary blood collection and sampling procedure have gained wide attention as it withdraws an accurate amount of blood and reduces the chances of anemia. There are various kinds of needles, lancets, and syringes offered by market players for capillary blood collection.
Asia-Pacific Blood Collection and Sampling Devices Market Dynamics
This section deals with the understanding of market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- Increased Prevalence of Chronic Diseases
The increased prevalence of chronic diseases is a significant global health concern. Chronic diseases are long-term conditions that typically progress slowly and often require ongoing medical attention and management. These diseases can significantly impact the quality of life of individuals and place a substantial burden on healthcare systems. Capillary blood collection is a common method used to obtain small blood samples for various diagnostic tests, such as blood glucose monitoring for diabetes management. For instance, if the prevalence of diabetes is rising in a population, there may be an increased need for regular capillary blood collection for glucose monitoring in affected individuals. The lower-middle-income countries are the worst hit by chronic diseases. Therefore, the disease also becomes a financial burden for poor countries. For the early detection and timely treatment of disease, it is essential that the disease is diagnosed accurately. For this, the efficient collection and sampling of blood is very necessary and hence, this creates a demand for technologically advanced capillary blood testing devices. Thus, the increased prevalence of infectious and chronic diseases is expected to drive market growth.
- Rise in Geriatric Population
The global population is experiencing a significant demographic shift characterized by an increasing number of older adults. The rising geriatric population in Asia-Pacific is primarily attributed to several factors such as increased life expectancy, advances in healthcare, improved living conditions, and better access to medical services making people live longer, leading to a larger proportion of older adults in the population. Older generation is prone to more chronic disease that requires regular blood tests and diagnostics tests. This is expected to drive market growth.
Restraint
- Higher Risk Associated With Blood Assortment Technologies
Innovations in remote sampling and point-of-care testing have led to the popularity of capillary finger-prick blood withdrawal. It has several advantages over traditional blood collection practices in clinic labs, hospital labs, and places requiring on-site sampling. Though they are safer and easier to use than traditional devices, they have their own side effects. Capillary blood collection involves puncturing the skin to access the capillaries. The cases of accidental injuries and transmission of pathogens from infected blood increase as the number of fingerstick procedures rises. Lancing patients’ fingers and handling their used test strips exposes the clinician to blood-borne infectious agents, which can lead to the transmission of diseases such as hepatitis B. It is recommended not to share the fingerstick devices to prevent these side effects. Moreover, they should also use reusable fingerstick devices to lessen the side effects. However, these side effects restrict the use of the fingerstick method for blood withdrawal. Therefore, high risk related to capillary blood assortment technologies is expected to restrain market growth.
Opportunity
- Favorable Medical Device Regulations
All medical devices in the U.S. are regulated by the U.S Food and Drug Administration. Any medical device manufactured, relabeled, imported or repackaged by any company to sell in the India has to meet Central Drugs Standard Control Organization (CDSCO) regulations. Capillary sample devices used for diagnostics, are regulated in India by the CDSCO which operates under the purview of the Ministry of Health and Family Welfare. The regulatory framework for medical devices in India has been evolving, and recent changes have been introduced to strengthen the regulation and ensure the safety and efficacy of medical devices, including capillary sample devices. In India, medical devices are classified into different categories based on their risk level, and the regulatory requirements vary accordingly. Capillary sample devices typically fall under the category of "in vitro diagnostic devices" (IVDs). The Medical Device Rules, 2017, is the primary regulation governing medical devices in India. Under these rules, manufacturers, importers, and distributors of medical devices, including capillary sample devices, are required to comply with the registration and licensing requirements as per the risk classification of the device. The regulatory process includes the submission of technical documentation, clinical data (if applicable), and compliance with quality management system requirements. However, such regulations do not apply to self-administered personal tests by employees or residents of an establishment. Therefore, people who take regular blood- glucose using lancets are not covered under this law. It is important to note that regulatory frameworks can change over time, and it is recommended to refer to the most recent guidelines and regulations published by the CDSCO and other relevant regulatory authorities for the most up-to-date information on the favorable regulation for capillary sample devices in India which provide better opportunity for manufacturers to launch their products in the market.
Challenge
- Increasing Product Recalls
The blood collection devices are instrumental to the healthcare industry. If these products are not safe or are defective, they can lead to deleterious effects. Hence, the FDA gives out strict regulations regarding the use of these products. Despite strict laws, there are some cases where the product has been launched in the market and is recalled later for the safety of people from its hazardous effects. Product recalls pose an obstacle to medical device manufacturers as these recalls cost too much to the manufacturers. Moreover, these manufacturers also have to provide some compensation, which again costs a lot. Thus, increasing product recalls leads to the defamation of the company name in the market, which is expected to pose a challenge to market growth.
Recent Developments
- In June 2023, Cardinal Health announced its collaboration with Signify Health to offer in-home clinical and medication management services through its Outcomes business. The company believed that this collaboration would help reduce costs and eliminate gaps in patient care.
- In March 2023, Abbott received FDA clearance for the first commercially available lab-based blood test to help evaluate concussion. The company believes that this will provide clinicians with an objective way to quickly assess individuals with mild TBIs, also known as concussions.
- In March 2022, ICU Medical, Inc participated in the Raymond James 43rd Annual Institutional Investors Conference. The company believed that this would help in business expansion and strategy development.
Asia-Pacific Blood Collection And Sampling Devices Market Scope
The Asia-Pacific blood collection and sampling devices market is segmented into one notable segment based on product. The growth among this segment helps you analyze niche pockets of growth and strategies to approach the market and determine the core application areas and the differences in target markets.
Product
- Venous Blood Collection and Sampling Devices
- Capillary Blood Collection and Sampling Devices
On the basis of product, the market is segmented into venous blood collection and sampling devices, capillary blood collection and sampling devices.
Asia-Pacific Blood Collection and Sampling Devices market Regional Analysis/Insights
The Asia-Pacific blood collection and sampling devices market is analyzed and market size information is provided based on product.
The countries covered in this market report are Japan, India, Australia, South Korea, Singapore, Malaysia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific.
Japan is expected to dominate the Asia-Pacific region due to a rise in chronic diseases among the population and a rise in healthcare expenditure.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of brands and their challenges faced due to large or scarce competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Blood Collection and Sampling Devices Market Share Analysis
The Asia-Pacific blood collection and sampling devices market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, and technology lifeline curve. The above data points provided are only related to the company’s focus on the market.
Some of the major market players operating in the Asia-Pacific blood collection and sampling devices market are BD, Terumo Corporation, Thermo Fisher Scientific Inc., Cardinal Health, Owen Mumford Ltd, Abbott, Nipro, Greiner Bio-One International GmbH, SARSTEDT AG & Co. KG, Bio-Rad Laboratories, Inc., ICU Medical, Inc., CML Biotech, Narang Medical Limited, Hindustan Syringes & Medical Devices Ltd, Sparsh Mediplus, and B. Braun SE and among others.
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