Dublin, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The "Blood Transfusion Diagnostics: Global Market Outlook to 2030" report has been added to ResearchAndMarkets.com's offering.
Quick Summary
In an evolving healthcare landscape, the global blood transfusion diagnostics market is rapidly expanding, driven by an increased incidence of blood-related diseases requiring transfusions and a growth in patient populations in need of these procedures. With the rise in prevalence of ailments such as anemia and thrombocytopenia, the need for precise, safe, and efficient blood transfusion diagnostics becomes critical. This market report provides an in-depth evaluation of the trends and factors influencing this crucial healthcare sector.
Alongside these healthcare dynamics, increasing awareness around blood donation and enhanced initiatives promoting blood drives contribute to the growth of this market. Technological advancements, increased investment in R&D and strong government initiatives are also key drivers propelling the market. Through an examination of these influences, this report offers a comprehensive overview of evolving product needs, developing applications, and global revenue trends in the blood transfusion diagnostics market.
Companies Mentioned
- Grifols
- Bio-Rad Laboratories, Inc.
- F.Hoffman-La Roche AG
- Quotient Limited
- Abbott
- Ortho Clinical Diagnostics
- bioMerieux
- Siemens Healthcare Private Limited
- MedGenome
- Beckman Coulter
Market Insights
The global blood transfusion diagnostics market is projected to achieve a substantial milestone, with an expected size of USD 6.96 billion by the year 2030. This growth trajectory is underpinned by a robust Compound Annual Growth Rate (CAGR) of 5.8% from 2023 to 2030. The market's expansion is primarily driven by the rising incidence of various blood-related diseases, including anemia and thrombocytopenia, necessitating the need for blood transfusions.
One noteworthy statistic from the World Health Organization (WHO) reveals that as of June 2023, approximately 54% of total blood transfusions are required for children below five years of age in low-income countries, while 76% of total transfusions in high-income countries are needed for adults over 60 years of age. This surge in patient groups and the demand for blood are significant drivers of market growth.
Furthermore, increased awareness about blood donation, fostered by various initiatives and organized blood drives globally, is poised to boost market growth. These initiatives are crucial in assessing blood compatibility and ensuring it is free from infections. They also play a pivotal role in the early detection and treatment of diseases, particularly in less developed countries where the prevalence of transfusion-transmitted diseases is higher. Additionally, technological advancements, government initiatives, and escalating investments in research and development are expected to contribute to market expansion.
However, it's essential to acknowledge the substantial impact of the COVID-19 pandemic on the blood transfusion diagnostics industry. Movement restrictions during the pandemic led to the cancellation of blood drives and a consequent reduction in blood donations. A study published by PubMed in November 2021 highlighted a significant decrease, ranging from 40% to 67%, in blood donations during the COVID-19 outbreak.
The pandemic also disrupted global supply chains, affecting the production and distribution of the medical devices necessary for these diagnostic tests. This was primarily due to the prioritization of efforts to combat COVID-19. Nevertheless, many countries initiated innovative campaigns to encourage blood donations as restrictions were eased. For instance, the Uganda Blood Transfusion Service (UBTS) established a call center, utilized various social media platforms to reach potential donors, and even developed an application for donor recruitment.
Key Highlights of the Blood Transfusion Diagnostics Market
- Reagents & Kits Dominate the Product Segment: In 2022, the reagents & kits segment commanded the largest share of revenue in the market. This dominance can be attributed to their ready availability and frequent purchase for donor screening. Moreover, this segment is expected to witness the fastest growth during the forecast period, aligning with the increasing number of donors and the need for screenings driven by heightened awareness.
- Disease Screening Leads in Application: The disease screening segment emerged as the leader in the application category in 2022. The escalating demand for transfusion-transmitted infection screenings to avert complications in recipients fueled this dominance.
- Blood Banks at the Helm in End-Use: Blood banks took center stage in the end-use segment in 2022, driven by the growing prevalence of blood-related diseases, necessitating increased blood screening.
- North America Reigns in Revenue Share: In 2022, North America asserted its dominance in terms of revenue share, thanks to heightened awareness and substantial disposable income in the region. However, Asia Pacific is poised to experience the fastest CAGR during the forecast period due to the prevalence of transfusion-transmitted diseases and an increasing awareness of blood donation.
Key Topics Covered
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Research Methodology
1.3. Information Procurement
1.4. Information or Data Analysis
1.5. Market Formulation & Validation
1.6. Model Details
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Blood Transfusion Diagnostics Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.4. Market Dynamics
3.5. Blood Transfusion Diagnostics Market Analysis Tools
Chapter 4. Blood Transfusion Diagnostics: Product Estimates & Trend Analysis
4.1. Blood Transfusion Diagnostics Market: Key Takeaways
4.2. Blood Transfusion Diagnostics Market: Movement & Market Share Analysis, 2022 & 2030
4.3. Reagents & kits
4.4. Instruments
4.5. Others
Chapter 5. Blood Transfusion Diagnostics: Application Estimates & Trend Analysis
5.1. Blood Transfusion Diagnostics Market: Key Takeaways
5.2. Blood Transfusion Diagnostics Market: Movement & Market Share Analysis, 2022 & 2030
5.3. Blood Grouping
5.4. Disease Screening
Chapter 6. Blood Transfusion Diagnostics: End-use Estimates & Trend Analysis
6.1. Blood Transfusion Diagnostics Market: Key Takeaways
6.2. Blood Transfusion Diagnostics Market: Movement & Market Share Analysis, 2022 & 2030
6.3. Hospitals
6.4. Blood Banks
6.5. Diagnostic Laboratories
6.6. Others
Chapter 7. Blood Transfusion Diagnostics Market: Regional Estimates & Trend Analysis
7.1. Regional Outlook
7.2. Blood Transfusion Diagnostics Market by Region: Key Marketplace Takeaway
7.3. North America
7.4. Europe
7.5. Asia Pacific
7.6. Latin America
7.7. MEA
Chapter 8. Competitive Landscape
8.1. Recent Developments & Impact Analysis, by Key Market Participants
8.2. Market Participant Categorization
For more information about this report visit https://www.researchandmarkets.com/r/nrk2vd
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
