PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424988
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424988
Specimen Collection Cards Market size was valued at USD 445.01 Million in 2022, expanding at a CAGR of 4.5% from 2023 to 2030.
The procedure of obtaining tissue or fluids for laboratory analysis is known as specimen collection. Serum samples, virology swab samples, biopsy and necropsy tissue, cerebrospinal fluid, whole blood for PCR, and urine samples are a few examples of the samples that may be obtained. The Specimen collecting Card portfolio makes the collecting, transportation, and storage of bio samples at room temperature easy and affordable.
Specimen Collection Cards Market- Market Dynamics
Increasing need for efficient ergonomics & rising R&D activities in new products to propel market demand
The market is expected to rise because of advantageous government laws, effective ergonomics, and a growing focus on non-invasive procedures. In addition, it is anticipated that a growing number of product releases and a rise in research and development will positively affect market expansion. Because of the heavy workload of testing and research related to vaccine production, there was a significant demand for specimen collection cards during the early stages of the epidemic. The market for specimen-collecting cards was significantly impacted by the growth of forensic toxicology applications, which pushed these cards' widespread acceptance as reliable and effective tools for accurate sample collection.
Specimen collection cards are widely used in forensic toxicology because they are simple to use, dependable, and have a long shelf life. They offer several advantages, including noninvasiveness, a lower sample volume requirement, and enhanced sample stability during storage and transit, all of which contribute to higher efficiency & accuracy in forensic toxicological testing. In addition, the growing emphasis on genetic testing, well-being initiatives, health monitoring, and personalized medication is credited with the market's expansion. Specimen collection cards, which provide a practical and dependable way to gather different biological samples, such as saliva, blood, and tissue, have evolved into indispensable instruments in genetic testing procedures.
Specimen Collection Cards Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2023-2030)
Based on Specimen Type segmentation, blood was predicted to show maximum market share in the year 2022, owing to rising demand for collection of blood samples.
Based on Product segmentation, Whatman 903 was the leading segment in 2022, mainly due to increased adoption in research.
Based on Application segmentation, newborn screening was the leading segment in 2022, mainly due to high demand for screening, scanning in newborn babies.
Based on End user segmentation, hospitals & clinics was the leading type in 2022, mainly due to rising need for diagnostics of different blood, urine related diseases.
On the basis of region, North America was the leading revenue generator in 2022, owing to growing adoption cutting edge Product, ML solutions.
The Global Specimen Collection Cards Market is segmented on the basis of Specimen Type, Product, Application, End-User, and Region.
The market is divided into five categories based on Specimen Type: blood, saliva, urine, buccal cells, and others. The blood segment dominates the market. The growing demand for blood sample in disease testing procedures is expected to boost the segment growth.
The market is divided into four categories based on Product: Whatman 903, Alstrom 226, FTA, and others. The Whatman 903 dominates the market and is likely to maintain its dominance during the forecast period. Whatman 903 products are highly effective in sample collection & testing.
The market is divided into five categories based on Application: newborn screening, infectious disease testing, forensics, health monitoring, and others. The newborn screening dominates the market and is likely to maintain its dominance during the forecast period. This is due to advancement in newborn screening and disease diagnosis.
The market is divided into three categories based on End User: hospitals & clinics, diagnostic centers, and others. The hospitals & clinics dominate the market and is likely to maintain its dominance during the forecast period. This is partly due to high demand for specimen collection in hospitals & clinics.
Specimen Collection Cards Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. This is explained by the increasing requirement for drug profile for a variety of pharmaceuticals, including antibiotics, immunosuppressants, and antiepileptics. It is a major driver of the market's expansion. Other factors that are expected to support market expansion in this area include the existence of a well-established healthcare infrastructure and the availability of government funding for research.
With numerous well-known market players coexisting with numerous startups and specialized rivals, the market for specimen collection cards is rather consolidated. To provide consumers with cutting-edge features, the big businesses invest in R&D and innovation. Major market participants are concentrating on joint ventures, cooperative strategies, and expanding geographically into developing and economically advantageous areas.
In 2022, GenTegra LLC received funding of USD 2.8 million to leverage on its research and development activities.