New York , Feb. 05, 2024 (GLOBE NEWSWIRE) -- The global blood transfusion diagnostics market size is estimated to attain at 4% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 9 billion by the end of 2033, up from a revenue of USD 4 billion in the year 2022. The major factor in this market revenue growth is the rising prevalence of worldwide coronavirus (COVID-19) cases reached approximately 767 million as of June 13, 2023. Furthermore, the perveance is expected to grow further which might create huge demand in the market.
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Convalescent plasma played a significant role during the outbreak of COVID-19. Antibodies are immune system proteins that are present in a person's blood that the body uses to rid itself of viruses. After recovering, individuals donated blood to receive convalescent plasma. Furthermore, the governments in different nations are working towards providing better reach of medical services. From September 17th to October 2nd, 2023, in India, Ayushman Bhav campaign was initiated. Launched by the Government of India's Ministry of Health and Family Welfare, the 'Ayushman Bhav' campaign is an extensive national healthcare programme to provide saturation coverage of healthcare services to every village and town in the nation. This ground-breaking project represents a paradigm shift in healthcare services and builds on the achievements of the Ayushman Bharat programme. As a result, the launch of such a campaign is also estimated to boost the growth of the market.
Blood Transfusion Diagnostics Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- Blood screening segment to garner the highest growth
- Market in North America region to grow at a notable rate
Growing Prevalence of Road Accidents to Boost the Growth of Global Blood Transfusion Diagnostics Market
According to the World Health Organization, nearly 1.19 million people lose their lives in automobile accidents each year. There are an additional 20 to 50 million non-fatal injury cases, many of which result in disability. Hence, the need for blood transfusion is also growing. Blood transfusions allow increasingly intricate medical and surgical procedures, which extend patients' lives and improve their quality of life. To meet medical demands in healthcare institutions, ensure proper treatment, and reduce avoidable death, quick access to clean blood is crucial. Therefore, the market demand for blood transfusion diagnostics is growing.
Blood Transfusion Diagnostics Industry: Regional Overview
The global blood transfusion diagnostics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Population to Influence the Market Expansion in Asia Pacific
The Asia Pacific market for blood transfusion diagnostics market is projected to gather the largest revenue by the end of 2033. This growth of the market in this region is poised to be dominated by a rising population. The Asia and Pacific region is the residence of China and India, the two most populous countries on Earth, and is residence to about 4.3 billion people, or 60% of the world's population. Hence, the demand for blood donation is also growing which is further boosting market revenue in this region.
Growing Prevalence of Chronic Disease to Drive the Market Growth in North America
The North America market for blood transfusion diagnostics is predicted to have significant growth in the market over the forecast period. This could be owing to the rising prevalence of chronic disease. For instance, six out of ten Americans are affected by one or more chronic illnesses, including diabetes, cancer, heart disease, or stroke.
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Blood Transfusion Diagnostics Segmentation by Application
- Blood Group Typing
- Blood Screening
The blood screening segment is projected to gather the highest revenue by the end of 2033. This growth of the segment is set to be influenced by growing blood donation. According to the World Health Organization, out of the 118.5 million blood donations that are collected worldwide, 40% are collected in high-income nations, which are home to 16% of the world's population.
Blood Transfusion Diagnostics Segmentation by End-User
- Hospital Based Laboratories
- Blood Banks
The hospital-based laboratories segment is predicted to have notable growth in the market over the coming years. This growth is set to be dominated by growth in the number of hospitals. It was projected that there will be over 164,000 hospitals globally by 2021. Since the hospital-based laboratories are attached to the hospitals, with the rise in several hospitals the segment is growing.
Blood Transfusion Diagnostics Segmentation by Product Type
- Instruments
- Reagents & Kits
A few of the well-known market leaders in the global blood transfusion diagnostics market that are profiled by Research Nester are Immucor, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Quotient Limited, Beckman Coulter, Inc., DiaSorin S.p.A., BD (Becton, Dickinson, and Company), Thermo Fisher Scientific Inc., and others.
Recent Development in the Market
- The acquisition of Aldervon was announced by Danaher Corporation. The only business in Danaher's Life Sciences division was Aldervon.
- Grifols S.A. declared that it will acquire Biotest in order to expand its product portfolio's innovation and development and provide patients with more access to plasma therapy.
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