Complete Blood Count Device Market is Estimated to Witness High Growth Owing to Rising Prevalence of Chronic Diseases
Market Overview:
The complete blood count (CBC) device market has witnessed significant growth over the past few years owing to the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and others. CBC devices are used to analyze complete blood counts from blood samples collected from patients to check the number of red blood cells, white blood cells, platelets, and other components. The compact size and portability of these devices enable their usage in point-of-care settings. Technological advancements in CBC devices such as automation and integration of artificial intelligence have further increased their adoption rates. The rising healthcare expenditure and demand for easy-to-use diagnostic solutions are expected to drive the demand for CBC devices over the forecast period.
The global complete blood count device market is estimated to be valued at US$ $4,627.35 million in 2021, and is expected to exhibit a CAGR of 8.3% over the forecast period (2021-2028).
Key Takeaways
Key players operating in the complete blood count device market are Sonoco Products Company, Amcor Plc, International Paper Company, Sealed Air Corp., Huhtamaki Oyj, Amcor Plc , Linpac Group Ltd., Ampac Holdings LLC, INDEVCO Group, Tetra Laval, Berry Global, Stora Enso, and SIG.
Key opportunities in the Complete Blood Count Device Market Growth include the increasing adoption of home-based CBC devices owing to their convenience and portability. Companies are also focused on introducing AI-powered CBC devices that can provide accurate results at low costs.
Globally, the demand for CBC devices is expected to increase significantly in the Asia Pacific region over the forecast period due to the improving healthcare infrastructure and rising medical tourism activities in countries such as India, China, and Japan.
Market Drivers
Rising prevalence of chronic diseases is a major factor driving the growth of the Complete Blood Count Device Market Size and Trends. Diseases such as cancer, cardiovascular diseases, infectious diseases often require frequent CBC tests to monitor the health of patients undergoing treatment. According to the World Health Organization (WHO), cardiovascular diseases are the leading causes of deaths globally, killing over 17.9 million people each year. Such high incidence of chronic diseases has increased the demand for CBC devices for effective disease management.
PEST Analysis
Political: Complete Blood Count devices are regulated by regulatory bodies like the US Food and Drug Administration (FDA). Stringent approval process and regulations impacts new product development and market entry.
Economic: Rising healthcare costs have increased demand for cost-effective diagnostic devices which has driven market growth. However, economic downturns can negatively impact market spending.
Social: Growing geriatric population and increased awareness about preventive healthcare has fueled market growth. Demand for accurate and rapid diagnosis is rising with changing lifestyles and needs.
Technological: Advancements in microfluidics, computing power and connectivity have enabled development of portable and handheld CBC devices. Improved accuracy and reduced turnaround time boosts adoption. Integration of artificial intelligence and cloud computing is further enhancing capabilities.
The complete blood count device market is concentrated in regions with highly developed healthcare infrastructure and availability of skilled professionals for diagnostic services. North America currently dominates the market in terms of value due to favorable reimbursement policies, technological advancements, and rising healthcare spending in the US and Canada.
The Asia Pacific region is poised to be the fastest growing market during the forecast period owing to increasing healthcare expenditures, rising prevalence of chronic diseases, and improving diagnostic capabilities in large economies like China and India.
Discover the Report for More Insights, Tailored to Your Language:
About Author:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
Comments
0 comment