Blood Transfusion Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: November 03, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 4.4 billion |
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Revenue forecast in 2030 |
US$ 7.95 billion |
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Growth Rate |
CAGR of 6.8% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
product, application, end-user, and region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
The global blood transfusion diagnostics market was pegged at US$ 4.4 billion in 2021 and is expected to witness a CAGR of 6.8% during the forecast period.
Market Fundamentals
The intravenous transfer of blood or blood products is known as a blood transfusion. Blood components that have been lost can be replaced by transfusions. Red blood cells, white blood cells, platelets, clotting factors, and plasma are the blood components that are most frequently transfused. These blood components are essential to laboratories and hospitals during an emergency or a critical instance of excessive blood loss. RBC transfusion is necessary when hemoglobin levels drop below 100g/L. Blood from a donor must be examined for several infectious disorders before being transfused.
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Market Dynamic
The U.S. FDA's growing rate of approval of blood transfusion diagnostics products is responsible for the global blood transfusion diagnostic market expansion. The global market is anticipated to continue to grow because of the development of new technologies to facilitate blood donation and storage. The increased prevalence of chronic and infectious disorders such as cancer, hemophilia, renal, liver, severe infection, sickle cell disease, and thrombocytopenia as well as the advent of technologically sophisticated goods are driving the demand for blood transfusions. The market is being driven by an increase in transfusions due to trauma, car accidents, surgeries, and childbirth cases. The global market for blood transfusion diagnostics is anticipated to be significantly influenced by the increasing incidence of transfusion-transmitted infections (TTIs) cases and undiagnosed disorders among suffering donors.
However, the high cost of diagnostic kits and instruments along with unskilled professionals is hampering the market growth.
Market Ecosystem
The global blood transfusion diagnostics market has been analyzed from four perspectives: product, application, end-user, and region.
Blood Transfusion Diagnostics Market by Product
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Based on product, the global blood transfusion diagnostics market has been divided into, reagents & kits and instruments. The reagents & kits segment dominates the global blood transfusion diagnostics market. This can be attributed to the high demand for products and ease of availability. Additionally, the availability of a large range of blood grouping, typing, and donor screening reagents, kits, and assays produced by both global and local key players boost the global market growth.
Blood Transfusion Diagnostics Market by Application
Based on the application, the global blood transfusion diagnostics market is subdivided into blood grouping and disease screening. The disease screening segment is further divided into serological disease screening and molecular disease screening. The disease screening segment dominates the global market owing to the increased safety screening of donated blood to maintain safe transfusions, rising technology breakthroughs, and broad product portfolios provided by key market competitors. The high frequency of incidences of transfusion-transmitted infections is also responsible for its dominance.
Blood Transfusion Diagnostics Market by End User
Based on the end user, the global blood transfusion diagnostics market is subdivided into blood banks, diagnostic laboratories, hospitals, and others. The blood banks segment dominates the global market. This is due to the widespread use of blood type and illness screening procedures prior to transfusion therapy. The hospital segment is anticipated to grow at a higher CAGR in the forecast period, owing to the increased adoption of blood transfusion procedures in hospitals.
Blood Transfusion Diagnostics Market by Region
Based on region, the global blood transfusion diagnostics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. The market for blood transfusion diagnostics was controlled by North America. Some of the main drivers supporting the regional market are rising health awareness, high disposable income, attractive reimbursement policies, and well-established healthcare infrastructure. In North America, the U.S. had the largest share. Its supremacy is mostly due to the presence of key market players, the accessibility of numerous diagnostic assays, and independent donation facilities. transfusion medicine.
Competitive Landscape
Some of the prominent players operating in the global blood transfusion diagnostics market are: -
Strategic Developments
The global blood transfusion diagnostics market is expected to grow at a CAGR of 6.8% in the forecast period.
Immucor Inc., Danaher Corporation, etc. are a few key players in the global blood transfusion diagnostics market.
The reagents & kits segment dominates the global blood transfusion diagnostics market.
Asia Pacific region is expected to witness the highest global blood transfusion diagnostics market growth in the forecast period.
*Insights on financial permanence is subject to availability of information in public domain