NEW YORK, June 10, 2022 /PRNewswire/ -- As per the Zion Market Research study, 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.
Key Industry Insights & Findings of the Blood Transfusion Diagnostics Market Reports:
- As per the analysis shared by our research analyst, the Blood Transfusion Diagnostics Market is expected to grow annually at a CAGR of around 7.5 % (2022-2028).
- Through the primary research, it was established that the Cognitive and Memory Enhancer Drugs Market was valued at approximately USD 4.5 Billion in 2021 and is projected to reach roughly USD 7.5 Billion by 2028.
- The North American 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.
- 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.
- With the wide availability of CE-approved instrument assays for Nucleic Acid tests (NAT) and serological test-based procedures in European countries, the market in Europe is expected to develop at a considerable CAGR.
Zion Market Research published the latest report titled "Blood Transfusion Diagnostics Market By Product Type (Instruments, Kits & Reagents), By Application (Blood Grouping, Molecular Disease Screening), By End-User (Hospitals, Diagnostic Laboratories, Blood Banks), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 - 2028" into their research database.
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.
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Industry Dynamics:
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 costs associated with the equipment and test 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 the component suitable for transfusion, and submitting 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.
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Global 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 the 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.
Global 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.
Global 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.
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List of Key Players in Blood Transfusion Diagnostics Market:
- F. Hoffmann-La Roche AG
- Bio-Rad Laboratories
- Abbott
- Ortho Clinical Diagnostics
- Immucor Inc.
- BIOKIT
- Danaher
- DiaSorin S.P.A.
- BAG Healthcare GmbH
- Quotient Limited
Key questions answered in this report:
- What are the growth rate forecast and market size for Blood Transfusion Diagnostics Market?
- What are the key driving factors propelling the Blood Transfusion Diagnostics Market forward?
- What are the most important companies in the Blood Transfusion Diagnostics Market Industry?
- What segments does the Blood Transfusion Diagnostics Market cover?
- How can I receive a free copy of the Blood Transfusion Diagnostics Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 4.5 Billion |
Revenue forecast in 2028 | USD 7.2 Billion |
Growth Rate | CAGR of almost 7.5 % 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 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 2022 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 |
Companies Covered | 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. |
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 of customized purchase options to meet your exact research needs. https://www.zionmarketresearch.com/custom/3408 |
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Recent Developments:
- In April 2021, ORTHO VISION Max Swift and ORTHO VISION Swift analyzers were introduced by Ortho Clinical Diagnostics. These analyzers provide laboratory networks with increased processing power and enhanced data security.
Regional Dominance:
·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.
Global Blood Transfusion Diagnostics Market is segmented as follows:
Blood Transfusion Diagnostics Market: By Product Type Outlook (2022-2028)
- Instruments
- Kits & Reagents
Blood Transfusion Diagnostics Market: By Application Outlook (2022-2028)
- Blood Grouping
- Molecular Disease Screening
Blood Transfusion Diagnostics Market: By End User Outlook (2022-2028)
- Hospitals
- Diagnostic Laboratories
- Blood Banks
Blood Transfusion Diagnostics Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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