Sample Collection Devices Market Size, Future Business Trends, Innovations and Regional Outlook and Forecast 2022-2031

Kenneth Research recently added a report on Sample Collection Devices Industry Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Sample Collection Devices Industry Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

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“The sample collection device is a medical product that helps to monitor blood/urine/tissue production and hygiene requirements for a long time to detect various diseases such as urinary tract infections, blood infections, etc. The sample collection device is used as a backup for the blood or tissue collection system to prevent accidental emergencies for long-term hospitalized patients.

In 2013, approximately 21 million adults in the United States were diagnosed with heart disease and cancer in the prognosis. However, complications associated with sampling equipment, such as equipment wear, maintenance, increased risk of infection, and difficulty in handling, hinder the development of sample collection equipment. The safety of the locking threaded Luer connection that replaces the Luer sliding device.

The Taiwanese government will invest US$6.5 million in the medical device industry, with the goal of increasing the industry’s output value to US$1 billion within the planned year. In the industry, many companies are adopting strategies such as collaboration, product portfolio expansion, mergers and acquisitions. For example, Becton, Dickinson and Company acquired CareFusion Corp. to expand its product portfolio and went global in 2015.

 Global Sample Collection Equipment Market Segmentation:

Blood Collection by Product Type Needle and Syringe Tube (EDTA, Heparin, Serum Separator, Plasma Separator) Plasma Collection Container, Catheter Bag, Urine Bag (Leg Bag, Night Bag, Abdominal Bag) Blood Bag Press Raw material latex silicone plastic hospital blister ByBostic Lobs).

 Growth drivers and challenges: 

Increasing population aging, government reimbursement policies, the reduction of pathogen-contaminated samples, and the reduction of odor and leakage risks are the driving factors for the sample collection equipment market.
CDC has begun to work with the South African government to develop national HIV clinical and research guidelines, provide epidemiological training, and support HIV and TB programs, which in turn will affect sample collection equipment at the world level.

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Among all medical staff, needle sticks and sharps injuries, the high cost of blood processing equipment, the risk to patient safety caused by the possibility of the spread of infectious diseases, and the lack of trained professionals who handle the sample collection equipment hinder the operation of the sample collection equipment market. The advent of advanced automated blood collection and processing equipment as well as needle-free equipment and RFID technology tends to limit the global market for sample collection equipment.

 Market size and forecast: 

The global sample collection equipment market is estimated to be valued at ~USD 12 billion in 2021 and is expected to grow at a compound annual growth rate of 9% during the 2022-2030 forecast period. Needles and syringes (40%) were the largest revenue-generating market in 2020, and it is expected that in the near future, the pipeline segment will dominate the global sample collection equipment market.

According to a 2006 report by the Australian Institute of Health and Wellness, urinary incontinence affects up to 13% of Australian men and 37% of Australian women, which tends to ignite the urine bag market. Due to the awareness and healthcare initiatives of the government and non-governmental organizations, sample collection equipment is expected to grow at the fastest rate during the forecast period. Geographically, North America dominated the global sample collection equipment market in 2020. Due to the prevalence of lifestyle diseases and government initiatives to establish innovative technologies and demand for services, the Asia-Pacific region is the fastest growing region.

 This global sample collection equipment market report covers:

Market Summary Market Segmentation The global sample collection equipment market segmentation is as follows: By product type (market size, demand analysis, and growth analysis), by raw material (market size, demand analysis, and growth analysis) The end-user (market size, demand analysis and growth analysis) global sample collection equipment market report covers the information of the regions mentioned below:

North America (United States, Canada) {market size, growth analysis and opportunity analysis} Latin America (Argentina, Mexico, Brazil and the rest of Latin America) {market size, growth analysis and opportunity analysis} Europe (Germany, Italy, Spain, France, the United Kingdom, the Netherlands, Sweden, Hungary, Russia, Poland, other regions of Europe) {Tama market year, growth analysis And opportunity analysis}Asia-Pacific region (China, India, Singapore, Japan, Australia, New Zealand, South Korea and other parts of Asia-Pacific) {market size, growth analysis and opportunity analysis}Middle East and North Africa (MENA) {market size, growth analysis and opportunity analysis } Other regions of the world {market size, growth analysis and opportunity analysis} Market dynamics: growth momentum, constraints and opportunity factors, risk regional changes, recent trends and developments.

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