SAN FRANCISCO, Nov. 24, 2021 /PRNewswire/ -- The global blood transfusion diagnostics market size is expected to reach USD 5.8 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2027. The growing prevalence of chronic diseases coupled with increasing demand for disease screening is significantly driving the market growth.
Key Insights & Findings:
The reagents and kits segment dominated the product segment in 2020 and is also anticipated to show the fastest growth over the forecast period
Key players with an expanded portfolio of technically advanced automated analyzers for donor screening is driving the segment growth
The disease Screening segment accounted for a significant share in 2020 owing to the increasing need for testing of transmissible infections caused by transfusion
According to the WHO, screening of donated blood for detecting transfusion transmissible infections such as hepatitis B & C and HIV should be mandatory
Pretransfusion therapy requires cross-matching tests between the donor and recipient, which is in major cases are performed in hospitals, thus, driving the end-user segment
North America dominated the market in 2020 owing to increasing health awareness, the presence of key players, and increasing demand by end users in the region
The maximum number of the aging population in China and Japan is a prime factor driving the market in Asia Pacific due to the high need for transfusion among this group of population
Key market players are undertaking various strategic initiatives to maintain their market presence
Some of the chronic infectious diseases such as hepatitis B, hepatitis C, HIV, and syphilis create the need for accurate donor screening, further driving the market growth. There is an increasing risk of Transfusion-transmitted Infections (TTIs) that has led to high demand for donor screening. In order to prevent patients from unsuitable blood and blood products and combat TTIs, the need for donor screening is increasing
Transfusion is commonly used in cases of trauma, road accidents, surgeries, childbirth, and gastrointestinal bleeding in order to replace major blood losses. A victim affected by a car accident may require up to 30 units of blood. The rising number of surgeries such as coronary artery bypass grafting, elective repair of aortic aneurysm, and primary total hip replacement has led to high demand for blood transfusions, thus, driving the need for blood transfusion diagnostic tools. In order to combat such factors, Dublin Fire Brigade and THE GARDAÍ, COAST Guard, Defence Forces partnered with the Irish Blood Transfusion Service (IBTS) with an aim to promote the significance of giving blood.
Grand View Research has segmented the global blood transfusion diagnostics market on the basis of product, application, end use, and region:
List of Key Players of Blood Transfusion Diagnostics Market
Ortho Clinical Diagnostics
F. Hoffmann-La Roche AG
BAG Healthcare GmbH
Check out more studies related to blood diagnostics, conducted by Grand View Research:
Hemoglobinopathies Market– The global hemoglobinopathies market size is expected to reach USD 15.7 billion by 2028. It is expected to expand at a CAGR of 10.8% from 2021 to 2028.
Immunohematology Market– The global immunohematology market size is expected to reach a value of USD 2.3 billion by 2024. The market is expected to witness significant growth owing to the development of innovative technologies for blood screening and new product launches.
Blood Group Typing Market– The global blood group typing market size is anticipated to reach USD 3.44 billion by 2026. Rising use of blood group typing in prenatal testing and forensic sciences and increasing demand for blood and related products are some of the factors expected to facilitate the growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.