Our research study on the global Blood Screening market for 2024-2032 offers a comprehensive analysis that is valuable regardless of a company’s size or income. The study delves into key market trends and provides insights into the industry’s outlook for the forecast years.
Market Overview: The global blood screening market was valued at USD 1.9 billion in 2020 and is projected to reach USD 4.2 billion by 2027, with a CAGR of 11.3% during the forecast period (2021-2027). This growth is attributed to increasing awareness about blood donations, rising occurrences of infectious diseases, and initiatives by governmental and non-governmental organizations to ensure blood transfusion safety.
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Global Blood Screening Market Overview: Blood screening methods are crucial for identifying infectious diseases like hepatitis B (HBV), hepatitis C (HCV), HIV1, HIV2, and COVID-19 in donated blood, ensuring safe blood transfusions. Various procedures, reagents, kits, instruments, and software are employed for laboratory tests on donated blood samples to maintain blood transfusion safety.
Trends Driving Market Growth:
1. Increased Awareness for Blood Donations: Efforts by organizations and governments have raised awareness about blood donations and pre-transfusion screenings, leading to increased blood donations worldwide. Initiatives like the WHO’s goal to provide safe access to blood and projects like “First Blood: Overcoming Donor Fear” by the Australian Red Cross have encouraged voluntary blood donations, driving the demand for blood screening technologies.
2. Growing Frequency of Newer Pathogens: The emergence of novel infections caused by various pathogens has led to extensive research and development in identifying and diagnosing these pathogens in blood. The WHO’s focus on potential pathogens like COVID-19, Ebola, and others underscores the importance of blood screening technologies in public health emergencies.
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Restraints:
1. High Cost and Unreliable Results: Challenges such as the high cost of blood testing devices, the shortage of trained professionals, and the risk of inaccurate results hinder market growth. Additionally, some blood testing devices pose infection transmission risks to patients, impacting market expansion.
Impact of COVID-19: The COVID-19 pandemic disrupted the global blood screening market initially due to lockdowns and decreased blood donations. However, easing lockdown restrictions have led to increased blood donations, mitigating the adverse effects on market growth.
Global Blood Screening Market: By Product and Services:
- Reagents and Kits: Dominates the market due to frequent utilization in blood screening.
- Instruments: While initially costly, instruments segment growth is fueled by FDA approvals for blood screening tests, enhancing market prospects.
Global Blood Screening Market: By Technology:
- Nucleic Acid Testing (NAT): Growing rapidly due to high sensitivity and specificity for viral nucleic acid detection, shrinking the window period for infectious diseases.
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Global Blood Screening Market: By End-User:
- Blood Banks and Hospitals: Both segments contribute significantly to blood transfusion safety, with increasing pressure to supply safe blood during the COVID-19 pandemic.
Global Blood Screening Market: Regional Insights:
- North America: Leads the market due to demand for donated blood, prevalence of infectious diseases, and robust healthcare infrastructure.
- Asia Pacific: Fastest-growing region driven by rising patient affordability, increased awareness about blood donation, and focus of major industry players on emerging markets.
Competitive Landscape: The global blood screening market is fragmented, with key players including Grifols, F. Hoffmann-La Roche AG, Abbott Laboratories, BioMérieux, and others. New entrants have intensified competition, creating opportunities for innovation and market growth.
Recent Developments:
- Abbott Laboratories received FDA emergency use authorization for its chemiluminescent microparticle immunoassay.
- Bio-Rad Laboratories, Inc. received FDA emergency use authorization for its modified ELISA—The Platelia SARS-CoV-2 Total Ab assay.
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Market Segmentation:
- By Product and Services: Reagents and Kits, Instruments, Software and Services
- By Technology: Nucleic Acid Testing, Enzyme-Linked Immunosorbent Assay, Rapid Test, Western Blot Assay, Next-Generation Screening
- By End-User: Blood Banks, Hospitals
- By Region: North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
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- In-depth Market Analysis: By scrutinizing regional market trends and drivers, the report provides a comprehensive understanding of the market landscape. It also highlights factors that might impede growth, allowing for informed decision-making.
- Empowering Decision-Making: Understanding the strategies driving commercial interest in products, segmentation, and industry verticals enables better decision-making processes. This knowledge assists in making informed and strategic business decisions.
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(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
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