New York, July 27, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Blood Transfusion Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and End User and Geography," the rise in this market is attributed to the rapid increase in chronic diseases and the need for blood transfusion due to the rise in organ transplant surgeries. However, the problems associated with blood transfusion services hinder the overall market growth.
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Blood Transfusion Diagnostics Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 4.09693 Billion in 2021 |
| Market Size Value by | US$ 6.48375 Billion by 2028 |
| Growth rate | CAGR of 6.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 183 |
| No. Tables | 0 |
| No. of Charts & Figures | 0 |
| Historical data available | Yes |
| Segments covered | Product, Application, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Blood Transfusion Diagnostics Market: Competitive Landscape and Key Developments
Grifols, S.A.; F. Hoffmann-La Roche Ltd; Immucor, Inc.; Bio-Rad Laboratories, Inc.; Abbott; Thermo Fisher Scientific Inc.; Ortho Clinical Diagnostics; DiaSorin S.p.A.; Quotient Limited; and BAG Diagnostics GmbH are among the key companies operating in the global blood transfusion diagnostics market. Leading players focus on expanding and diversifying their market presence and clientele, thereby tapping prevailing business opportunities.
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Grifols, a producer of plasma-derived medicines and recognized leader in transfusion medicine, received the US Food and Drug Administration (US FDA) approval of Erytra Eflexis, a fully automated benchtop analyzer. The system performs pretransfusion compatibility testing using DG Gel technology.
Bio-Rad Laboratories, Inc., a global player in life science research and clinical diagnostic products, announced that it had received 510 (k) clearance from the US FDA for Bio-Rad's IH-500, which is an automated random-access system for blood typing and screening.
North America dominates the global blood transfusion diagnostics market. The US holds the largest market share in the region due to increasing surgical procedures for chronic health conditions. For instance, as per the American National Red Cross Organization, 2022, around 29,000 red blood cells (RBCs) units are needed daily in the US, and nearly 5,000 units of platelets and 6.500 units of plasma are needed daily in the US. Approximately 16 million blood components are transfused each year in the US. Further, as per the same source, a single car accident victim can require as many as 100 units of blood. In addition, the US is home to key market leaders in the medical device industry. Also, various international players have their manufacturing facilities across the country. These players are constantly involved in new product development and thus, enabling the launch of various blood transfusion diagnostics. The introduction and approval of new products contribute to the market's expansion. For instance, in July 2019, Abbott announced the US Food and Drug Administration (US FDA) approval of its blood and plasma screening Alinity s system. In August 2018, Grifols announced the US FDA approval of the Procleix Zika Virus assay to identify the virus in individual or pooled plasma specimens from human donors, including volunteer donors of whole blood and blood components for transfusion.
Thus, such strategic developments done by the companies are likely to support the market growth during the forecast period.
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Rapid Increase in Chronic Diseases and Need for Blood Transfusion Positively Influence Overall Market
Blood transfusion diagnostics refers to tests performed on blood and blood components before they are transfused to patients. A blood transfusion is a common procedure in which donated blood or blood components are transfused into the patient's body through an intravenous line (IV). Each unit of blood must undergo blood typing, which refers to the identification of blood type and blood screening, which includes disease detection tests to avoid side effects or transmission of infection. Blood screening before transfusion is performed through instruments, kits, and reagents to identify various diseases, such as HIV, hepatitis B, hepatitis C, Zika, and various viruses and infections. Researchers and players are actively involved in the blood transfusion diagnostics industry and are constantly focusing on advancing technologies that can offer better alternatives to conventional techniques.
- In July 2020, Roche announced the launch of the cobas prime Pre-analytical System to improve efficiency in molecular diagnostics laboratories.
- In April 2019, Bio-Rad Laboratories, Inc. announced that it received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for Bio-Rad's IH-500, which is an automated random-access system for blood typing and screening.
Such advancements and the rise in investments are significantly propelling the global blood transfusion diagnostics market growth.
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Global Blood Transfusion Diagnostics Market: Segmental Overview
Based on product, the global blood transfusion diagnostics market is bifurcated into instruments & kits, and reagents. In 2021, the instruments & kits segment accounted for the largest market share. The same segment is expected to register the highest CAGR during the forecast period. Based on application, the global blood transfusion diagnostics market is bifurcated into disease screening and blood grouping. The disease screening segment held the largest market share in 2021 and is expected to register the highest CAGR during the forecast period. Based on end users, the global blood transfusion diagnostics market is segmented into blood banks, hospitals, diagnostic laboratories, and plasma fractionation companies. The blood banks segment held the largest market share in 2021. The same segment is expected to register the highest CAGR during the forecast period.
The outbreak of the COVID-19 pandemic hampered the blood transfusion diagnostics market growth. It showcased a huge decline in revenue due to stringent restrictions imposed by the government resulting in decreasing number of surgical procedures performed. These services are mainly used in surgeries with high blood loss, such as orthopedic and cardiac surgeries. Due to decreasing number of surgeries performed, the demand for blood transfusion has reduced. For Instance: According to the data published by American Medical Association, there was a 48% reduction in total surgical procedures performed in the US due to the COVID-19 pandemic. However, after the pandemic restrictions normalized, the volume of surgical procedures returned to normal levels.
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