Arterial Blood Collection Devices Market – Overview
The rise in diagnostic procedures is shaping the demand for the arterial blood collection devices market positively. Reports that evaluate the medical device industry have been made accessible by Market Research Future, which creates reports on several industry verticals that review the market development and prospects. The market is poised to achieve a CAGR of 9.1% while amassing income worth USD 1,624.6 million by the conclusion of the forecast in 2023.
The expansion of the diagnostic sector is expected to create momentum for the expansion of the market. Moreover, the increased detection rate of chronic ailments is expected to encourage the progress of the arterial blood collection devices market. The escalated investment being dedicated to research and development in the arterial blood collection devices market is estimated to benefit long-term growth.
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Arterial Blood Collection Devices Market Segmental Analysis
The segmental evaluation of the arterial blood collection devices market is carried out on the basis of type, application, end user, and region. Based on type, the market for arterial blood collection devices is segmented into microfluidic system, lancet, needles, blood collection tubes, vacuum blood collection system, and other devices. By application, the arterial blood collection market is segmented into intraoperative blood salvage and arterial blood gas sampling. The arterial blood gas sampling is further sub-segmented into acid base status monitoring and diagnosis of disease. The end-user based segmentation of the arterial blood collection devices market comprises of hospitals & clinics, blood banks, laboratories, and others. Based on the regions, the arterial blood collection devices market comprises of Europe, the Americas, APAC, and the Middle East & Africa.
Arterial Blood Collection Devices Market Regional Analysis
The regional assessment of the arterial blood collection devices market includes regions such as Europe, the Americas, APAC, and the Middle East & Africa. The Americas is responsible for a substantial market share in 2016, as a result of growing prevalence of chronic diseases, increasing emphasis on safe blood transfusion processes the concentration of major market players producing blood collection devices, and widespread demand for diagnostic services. The European region is the second principal market and holds a significant share in the arterial blood collection devices market. The availability of funds from the government for research and development is anticipated to contribute to the development of the market. The increased demand for diagnostic services in the Asia Pacific region is a significant factor for market development. Increasing awareness about the use of sterile blood collection devices and an escalating number of surgical procedures are driving the market in the Asia Pacific region. The Middle East and African region are anticipated to display steady growth in this market owing to the growing prevalence of transmissible transfusion infections and the demand for medical devices for diagnostics. The government has also commenced awareness programs for safe blood transfusion procedure, which is additionally improving the health conditions in the underdeveloped regions of Africa.
Arterial Blood Collection Devices Market Competitive Analysis
Amplified investment in the market is likely to motivate the positive changes in the market in the forecast period. The decrease in trade restrictions is anticipated to create favorable opportunities for development in the forecast period. The presence of favorable trade policies is anticipated to improve the growth of the market in the impending period. Strong insights into the market’s condition is motivating the expansion of the forecast period. The offering in the market has also diversified considerably ensuring availability of better-quality products in the market. The emergence of specialization in production has also increasingly improved the growth trajectory of the market. The efficiencies achieved in the allocation of resources is expected to encourage the development of the market in the approaching period. Moreover, increased cost efficiencies are projected to positively impact the progress of the market in the coming years.
The chief contenders in the artificial blood collection devices market are Terumo Medical Corporation (U.S), Bio-Rad Laboratories, Inc. (U.S), Becton, Dickinson and Company (U.S), Qiagen (Netherlands), NIPRO Medical Corporation (Japan), F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific, Inc. (U.S) and others.
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