WELLESLEY, Mass., May 08, 2018 (GLOBE NEWSWIRE) -- Single drop blood analysis is gaining popularity, and due to recent technological advancements, the market is expected to grow at a double-digit compound annual growth rate (CAGR) through 2027. Several factors such as cost savings compared to conventional laboratory tests, blood sample testing at remote locations and the compact size of these devices are contributing to this market’s overall growth.
The industry is expected to see a CAGR of 10.6% through 2027, when it will reach a value of $25.1 billion, according to the report Single Blood Drop Analysis: Technologies and Global Market.
Major players in the market include Abbott Laboratories, Alere Inc., Bayer CropScience Ltd., Genalyte Inc., HICOMP, MicroTech, Howard Hughes Medical Institute, IDEXX BioResearch, Jana Care, LifeScan, NOWDiagnostics, PixCell Medical Technologies, Prenosis Inc. and Seventh Sense Biosystems.
Research Highlights
- The fastest-growing segment of the market through 2027 is anticipated to be diagnosis, which will see a CAGR of 21.1% and an estimated value of $5.9 billion.
- In the technology segment, consumables will lead growth, with a CAGR of 11.1% through 2027, leading to an estimated value of $8.5 billion.
- Disposable kits will lead reagents in growth, with a CAGR of 13.6% anticipated through 2027, where it will be valued at $2.2 billion.
“The analysis of a single drop of blood can determine the presence of diseases such as diabetes, HIV/AIDS, malaria, dengue, cancer, cardiovascular, viral and bacterial infections and more,” said BCC Research analyst Anuj Pathak. “The advantages of this new technology could change the entire blood analysis market.”
Market Challenges Include Lack of Awareness, Accuracy and Regulations
While the tests are hailed for their cost effectiveness, there are several drawbacks that include a lack of awareness, concerns about accuracy and regulations. Most of the single drop blood analysis tests are disease-specific, which limits their applicability. Furthermore, test accuracy has raised concerns among regulatory bodies. The U.S. Food and Drug Administration, for example, has issued suggestions and rules to guarantee certain aspects of the testing.
About BCC Research
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