Blood Irradiation Market Worth $104.37 million, Globally, by 2028 Growing at 7.0% CAGR Says, The Insight Partners

Blood Irradiation Market is expected to grow from US$ 65.15 million in 2021 to US$ 104.37 million by 2028; it is estimated to grow at a CAGR of 7.0% during 2022–2028.

New York, July 27, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Blood Irradiation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Indication, and End User," the increasing communicable and noncommunicable diseases prevalence and rising healthcare expenditure and government initiatives drive the growth of the market.

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Blood Irradiation Market Report Scope & Strategic Insights:

Report CoverageDetails
Market Size Value inUS$ 65.15 Million in 2021
Market Size Value byUS$ 104.37 Million by 2028
Growth rateCAGR of 7.0% from 2022 to 2028
Forecast Period2022-2028
Base Year2021
No. of Pages170
No. Tables84
No. of Charts & Figures79
Historical data availableYes
Segments coveredType, Indication, and End User
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends

Blood Irradiation Market: Competitive Landscape and Key Developments

Typenex Medical, LLC; Hitachi Medical Systems; Rad Source Technologies; Gilardoni S.p.A.; Gamma-Service Medical GmbH; Actemium; and Best Theratronics Ltd. are among the leading companies operating in the global blood irradiation market. These players are focusing on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.

In June 2021, Rad Source Technologies, a commercial X-ray radiation products supplier in the US, designed a product to replace self-shielded gamma irradiators and introduced its newly redesigned RS 3400 Blood Irradiator at MEDLAB Middle East 2021.

In June 2019, Gilardoni expanded its presence in the blood transfusion sector with the Radgil2 medical x-ray irradiator.

In November 2018, JW Bioscience, a subsidiary of JW Pharmaceutical, launched Sangray, a new concept blood radiation device that does not use hazardous radioactive materials.

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In 2020, North America dominated the blood irradiation market. The US holds the largest share of the market in the region. Furthermore, rising prevalence of cancer, autoimmune disorders, organ transplants, and many conditions is likely to increase the demand for irradiated blood. Increasing demand for organ transplantation and rising prevalence of communicable and noncommunicable diseases boosting the demand for rapid blood-related treatment are likely to boost the blood irradiation market. As per the US organ donation system, the number of transplants performed in the country has increased annually with more than 41,000 organ transplants performed in the US in 2021. Thus, the above-mentioned factors are expected to promote the market growth during the forecast period.

Increase in Prevalence of Communicable and Noncommunicable Diseases

There is an increase in the number of incidence of communicable and noncommunicable diseases, including cancer, cardiovascular disorders, chronic renal disease, and stroke, owing to a large population across the world susceptible to such conditions. According to World Health Organization (WHO), cardiovascular disorders are the leading cause of death globally, and ~17.9 million deaths are reported yearly. Additionally, the rising prevalence of communicable diseases, such as Hepatitis, influenza, Human Immunodeficiency Virus (HIV), and acquired immunodeficiency syndrome (AIDS), are driving the growth of the blood irradiation market. According to WHO, 325 million people were infected with the hepatitis B virus in 2020, and 900,000 people die from hepatitis B virus infection every year. Moreover, a large geriatric population across the world is contributing to the prevalence of noncommunicable diseases, such as cardiovascular disorders, renal disorders, and strokes. According to WHO, the population of people aged 60 years and above was 1 billion in 2019 and is expected to increase to 1.4 billion by 2030 and 2.1 billion by 2050. The elderly population is susceptible to noncommunicable disease conditions owing to various factors such as poor nutrition, lack of physical activity, excessive use of tobacco, and consumption of alcohol.

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Additionally, surging blood transfusion owing to an increase in surgical procedures, accidents, trauma cases, and disorders, along with the rising prevalence of bloodstream infections, supports the market growth. Bloodstream infections, underlying conditions, and invasive procedures are common among the geriatric population. Bloodstream infections are the major cause of illness and death among large populations. According to the National Library of Medicine, ~28,000 bloodstream infections occur across the world annually. Moreover, rising awareness about bloodstream infections and increasing immune responses to transfused blood can cause complications as increasing use of irradiated blood in cancer treatment strengthens the immune system and improves overall health of patients, which is driving the growth of the blood irradiation market.

Thus, the increase in the prevalence of communicable and noncommunicable disorders, rise in blood transfusion, surge in bloodstream infections, and increase in immune responses are driving the growth of the blood irradiation market.

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The COVID-19 pandemic placed a tremendous strain on healthcare systems globally. To decrease the risk of transmitting the virus to patients or health care workers within their practice, elective and preventive visits were postponed. Also, in-person visits were converted to telemedicine visits whenever possible. Many patients also started avoiding visits because they were unwilling to leave their homes to avoid risk exposure. However, the blood irradiation market will remain attractive in the long run. Moreover, the demand for blood irradiation has observed a negligible impact on the global level. However, the blood supply and blood donation reduced significantly in the recent past owing to the COVID-19 crisis. With the successful rollout of vaccines in all regions, the healthcare industry has shown impressive recovery. Thus, COVID-19 has a moderate effect on the blood irradiation market growth.

Blood Irradiation Market: Segmental Overview

Based on product, the blood irradiation market is segmented into intravenous laser blood irradiation, transcutaneous laser blood irradiation, and extracorporeal blood radiation. The intravenous laser blood irradiation segment held the largest market share in 2021. However, the extracorporeal blood irradiation segment is anticipated to register the highest CAGR during the forecast period.

Based on end user, the blood irradiation market is segmented into hospitals, blood banks, diagnostic clinics, and research institutes. The hospitals segment held the largest share of the market in 2021. The blood banks segment is estimated to register the highest CAGR in the market during the forecast period.

Based on indication, the blood irradiation market is segmented into acute leukemia, solid tumors, pelvic tumors, lymphoma, and others. The acute leukemia segment held the largest share of the market in 2021. However, the lymphoma segment is estimated to register the highest CAGR in the market during the forecast period.

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