The global blood transfusion diagnostics market was worth around USD 4.5 billion in 2021 and is estimated to grow to about USD 7.2 billion by 2028, with a compound annual growth rate (CAGR) of approximately 7.5 percent over the forecast period.
Industry Prospective:
The global blood transfusion diagnostics market was worth around USD 4.5 billion in 2021 and is estimated to grow to about USD 7.2 billion by 2028, with a compound annual growth rate (CAGR) of approximately 7.5 percent over the forecast period. The report analyzes the blood transfusion diagnostics market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the blood transfusion diagnostics market.
Blood Transfusion Diagnostics Market: Overview
The term "blood transfusion diagnostics" refers to tests performed on blood and blood components prior to their transfusion to patients. To avoid adverse reactions or infection transmission, every blood unit should be screened for blood group type and diseases. It's an important aspect of transfusion therapy since it gives healthcare workers important information and ensures the compatibility of recipient and donor blood samples.
COVID-19 Impact:
The Covid-19 outbreak had a moderate impact on the global blood transfusion diagnostics market. The pandemic has caused a drop in voluntary blood donations and has impacted the global supply chain for medical devices. During the crisis, blood banks and hospitals faced a number of serious obstacles, including a scarcity of blood units, a shortage of staff, decreased donor inflow, and public fears regarding transfusion-transmitted COVID-19. On the other hand, the pandemic of COVID-19 has created new potential for the blood transfusion diagnostics sector. In the United States, a set of plasma transfusion trials are underway. The liquid medium is extracted from recovered participants and given to infected patients. Also, the market is expected to grow substantially during the forecast period.
Blood Transfusion Diagnostics Market: Growth Drivers
Growing need for blood transfusion to foster the growth of the market
Blood transfusion demand is being driven by the growing prevalence of infectious and chronic diseases such as severe thrombocytopenia, sickle cell disease, liver disease, kidney disease, hemophilia, cancer, and anemia. According to WHO, anemia was shown to be prevalent in 29.9% of reproductive-age women globally, equating to nearly half a billion females aged 15 to 49. Non-pregnant females of reproductive age had a prevalence of 29.6%, while pregnant women had a prevalence of 36.5 %. In addition to this, the market is being driven by an increase in the number of delivery cases, surgeries, car accidents, and trauma, all of which have resulted in substantial transfusions. Transfusion-transmitted Infections (TTIs) are becoming more common, resulting in a significant demand for donor screening, thereby fueling the market growth.
Blood Transfusion Diagnostics Market: Restraints
High cost associated with the equipment and test to limit the market growth
For the long-term viability of health services that meet quality standards, it is critical to assess the cost and suitability of diagnosis & treatment approaches. Hospitals have evolved into socioeconomic institutions as medical technology has advanced, and they now account for a considerable portion of healthcare costs. The cost of allogeneic blood transfusion varies depending on the application in therapy expenditures. Purchase, treat transfusion-induced responses, monitor, dispose of it as medical waste, supply blood components to relevant clinics, test & preparation of the component suitable for transfusion, and submit all required information imposes an expensive burden. All such factors coupled with the high cost of kits & reagents may impede the growth of the global blood transfusion diagnostics market.
Blood Transfusion Diagnostics Market: Opportunities
Introduction of advanced diagnostics and kits to drive the market during the forecast period.
With the technological advancements in the healthcare domain, there is introduction of advanced and reliable diagnostics as well as reagents & kits for blood transfusion. Players in the market are focusing on implementing technical breakthroughs in testing techniques. Plasma fractionation is an example of such technological advancement. These factors are estimated to open numerous opportunities for the growth of the market. Also, factors such as growing demand for molecular-based screening of diseases and launch as well as approval of advanced systems have the potential to boost the market during the forecast period.
Blood Transfusion Diagnostics Market: Challenges.
Lack of skilled professionals poses a challenge for the market
The prime challenge for the blood transfusion diagnostics market is the lack of skilled professionals to operate advanced equipment & kits used for tests and screening of the blood. In addition to this, strict regulatory bodies and unawareness of blood donations in underdeveloped countries are also some of the factors that pose a challenge to the growth of the market.
Blood Transfusion Diagnostics Market: Segmentation
The global blood transfusion diagnostics market is divided based on product type, application, end-user, and region. On the basis of product type, the global market is fragmented into kits & reagents and instruments. By application, the market is split into molecular disease screening and blood grouping. Based on the end-user segment, the market is classified into blood banks, diagnostic laboratories, and hospitals.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Recent Developments
Blood Transfusion Diagnostics Market: Regional Landscape
North America to dominate the global market during upcoming period
Among the regions, North America is estimated to hold the largest share in the global blood transfusion diagnostics market during the forecast period. The region's predominance is attributable to a well-established healthcare infrastructure, more public knowledge about blood donations, and better acceptance of the blood transfusion method. According to the National Centre for Biotechnology Information, over 15 million blood units are transfused in the United States each year, and about 85 million units are transfused globally. Due to the wide availability of CE-approved instrument assays for Nucleic Acid Test (NAT) and serological test-based procedures in European countries, the market in Europe is expected to develop at a considerable CAGR. The market in the Asia Pacific is anticipated to grow at a rapid rate during the forecast period.
Blood Transfusion Diagnostics Market: Competitive Landscape
Some of the predominant players that are operating in the global blood transfusion diagnostics market include F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Abbott, Ortho Clinical Diagnostics, Immucor, Inc., BIOKIT, Danaher, DiaSorin S.P.A., BAG Healthcare GmbH, and Quotient Limited, among others.
Global blood transfusion diagnostics market is segmented as follows:
By Product Type
By Application
By End User
By Region
Blood transfusion is a process of receiving blood or blood products from one person to another. Blood transfusions are used for various medical conditions such as loss of blood or any other components of the blood. Blood transfusion diagnostics play an important role in blood transfusion in order to avoid infection to both the receiver and donor. In the past decade, molecular diagnostics has grown into a multibillion-dollar industry thanks to the major advancements in biological chemistries and instrumentation. Robust diagnostic techniques are being adopted, allowing the ability to quantitate the data using real-time PCR and other techniques. Hospitals and diagnostic laboratories are widely using molecular diagnostic techniques in blood transfusion testing and diagnosis. The tenfold growth in demand for diagnostic products and accessories from several end-users in the blood transfusion industry is augmenting the growth of blood transfusion diagnostic market. However, low blood donation rate and stringent regulations related to safe blood transfusion are a few hindrances faced by the global blood transfusion diagnostics market. On the other hand, rapid technological advancement and automation in blood processing equipment, increasing adoption of blood transfusion diagnostics in developing countries, and increasing government awareness programs are expected to offer the future prospects in the forecast period.
On the basis of product type, global blood transfusion diagnostics market is divided into kits and reagents, filtration systems, services, and others. Among these instruments and kits segment was the highest revenue grosser in 2016. Different kind of diagnostics kits and instruments are used in blood transfusion diagnosis operation. The increasing demand for instruments and kits in hospitals and diagnostic labs are expected to poise the growth of kits and reagent segment in the coming years.
On the basis of application, the market is divided into blood grouping and disease screening. The blood grouping dominated the application segment and accounted for the largest share in 2017.
The end-user segment includes hospitals, diagnostic laboratories, blood banks, and plasma fractionation companies. Blood banks are the major source of blood and other products for transfusion and offer quality blood diagnostic services prior to transfusion. Blood banks segment was the leading segment in end-users and held the dominant share in terms of revenue in 2017. The diagnostic laboratories and hospital segments are expected to grow at the highest rate during the forecast period.
Based on the geography, the global blood transfusion diagnostics market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to remain the dominant region over the forecast period. Europe was the second largest market followed by the Asia Pacific. Asia Pacific was the fastest growing market with the highest CAGR during the forecast period. The Middle East and Africa and Latin America are expected to experience a moderate growth in the blood transfusion diagnostics market in the years to come.
Some of the major key players in blood transfusion diagnostics market include F. Hoffmann-La Roche Ltd., Abbott Laboratories, DiaSorin S.p.A., BAG Health Care GmbH, Grifols, S.A., Bio-Rad Laboratories, Inc., Immucor, Inc., Quotient Limited, Hologic, Inc., and Ortho Clinical Diagnostics.
Request the coronavirus impact analysis across industries and markets
Blood transfusion demand is being driven by the growing prevalence of infectious and chronic diseases such as severe thrombocytopenia, sickle cell disease, liver disease, kidney disease, hemophilia, cancer, and anemia. In addition to this, the market is being driven by an increase in the number of delivery cases, surgeries, car accidents, and trauma, all of which have resulted in substantial transfusions. Transfusion-transmitted Infections (TTIs) are becoming more common, resulting in a significant demand for donor screening, thereby fueling the market growth.
According to the Zion Market Research report, the global blood transfusion diagnostics market was worth about 4.5 (USD billion) in 2021 and is predicted to grow to around 7.2 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 7.5 percent.
Among the regions, North America is estimated to hold the largest share in the global blood transfusion diagnostics market during the forecast period. The region's predominance is attributable to a well-established healthcare infrastructure, more public knowledge about blood donations, and better acceptance of the blood transfusion method.
Some of the predominant players that are operating in the global blood transfusion diagnostics market include F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Abbott, Ortho Clinical Diagnostics, Immucor, Inc., BIOKIT, Danaher, DiaSorin S.P.A., BAG Healthcare GmbH, and Quotient Limited, among others.
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