CAGR: 6.91%Current Market Size: USD 3.78 billionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2028Base Year: 2021
Global blood transfusion diagnostics market is expected to reach USD 6.32 billion by 2028, at a CAGR of 6.91% from 2022 to 2028. This growth of the blood transfusion diagnostics market is significantly driven by the rising popularity of blood transfusion and high number of products getting acceptance. The increasing incidence of growing number of infectious and chronic diseases including cancer, anemia, liver and kidney diseases is providing market growth opportunities. Blood related diseases are increasing drastically which has led to increasing number of blood transfusion.
Blood transfusion has become common nowadays in most of the region. Red blood cells are amongst one of the most frequent products which is transfused into patients. The diagnostic of donors is important in order to avoid passing of any disease. Blood transfusion diagnostics also prevent the patients from any unsuitable blood products. Blood carries numerous diseases and the transfusion of blood has a high risk of transfusion transmitted infections. Thus, many regions have mandated the need for TTI (transfusion transmitted infections) tested. There are several diagnostic tests which are carried out during the blood transfusion diagnostics in order to be informed regarding the blood group details and presence of any disease.
The blood transfusion diagnostics are majorly used in hospitals, diagnostic centres and blood banks. The blood transfusion diagnostics ensures the highest protection while transfusion which is why it has been mandated in most of the regions. The presence of any infection in the donor’s blood can transfer the same to the receiver, hence making them sick. These diagnostics instruments and kits can help in eliminating the non-efficiency during the transfusion process usually caused due to the other processes. Blood transfusions are required in hospitals and clinics especially in the emergency treatment facilities. Thus, the diagnosis of such blood transfusion is important to avoid worsening of the case.
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Market Dynamics
Drivers:
The rising number of chronic as well as infectious diseases such as kidney and liver damage, severe infection, cancer, anemia, hemophilia, cell diseases, etc. is the primary factor for the growth of the blood transfusion diagnostics market. The blood-related disorder and diseases are increasing at a faster pace which has increased the demand for transfusion of blood and hence the diagnosis of such transfusion is essential. The regional and global agencies have already mandated the use of blood transfusion diagnostics owing to the increased prevalence of blood transfusion infections.
There is an increase in the number of road accidents in most of the regions. The cases of trauma and surgeries are also increasing which necessitates blood transfusion in most of the cases. Blood transfusions are common in emergency departments especially used in critical cases. On some occasions, blood transfusion can lead to adverse reactions among the patients who receive blood. The donors are screened for potential transmissible disease with the help of blood transfusion diagnostics.
Restraints:
The installation cost of blood transfusion diagnostics is expensive, and thus it cannot be afforded by many medium and small-scale end-users. There are numerous products involved in the procedure of blood transfusion diagnostics, which makes it costlier. Further, the high maintenance cost of the instruments adds up to the total cost.
There are many consumers as well as healthcare professionals present in the developing and under-developed regions who are not aware of the blood transfusion diagnostics. They are not aware of the transfusion infection and its the effect on the human body. Thus, this lack of awareness hinders the growth of the blood transfusion diagnostics market.
Opportunities:
The rising number of blood bank drivers in various regions is providing lucrative opportunities for market growth. The regional initiative for driving blood campaigns are increasing the demand for blood transfusion diagnostics. Global agencies are also spreading the awareness for the development of blood donation camps which can help in boosting he market growth. WHO has even encouraged the young population to donate blood frequently so that the blood banks do not run out of blood supply in case of emergency.
Challenges
Blood transfusion diagnostics require the passing of stringent regulations in order to be launched in the market. This diagnostic helps in the prevention of the passing of infectious diseases through blood transfusion. Thus, the approval of blood transfusion diagnostics requires the passing of several stages in order to be proved safe for the required applications.
Segmentation Analysis
The global blood transfusion diagnostics market has been segmented based on product type, blood product type, application, end-users, and regions.
By Product Type
The product type segment includes reagents and kits, instruments, and others. The reagents and kits segment led the blood transfusion diagnostics market with a market share of around 66.25% in 2021. The reagents and kits are the most vital type of diagnostics. The easy availability of reagents and kits makes it the most purchased item for use in blood transfusion diagnostics. The kits are an easy option for diagnosis of the donor samples and thus provide fast results.
By Blood Product Type
The blood product type segment includes platelets, red blood cells, albumin, plasma, immunoglobulin preparation, and others. The red blood cells segment led the blood transfusion diagnostics market with a market share of around 26.25% in 2021. The red blood cells are the most required blood type for the purpose of transfusion. Red blood cells help in removing excess carbon dioxide from the body and hence the deficiency of red blood cells can cause an increase in the amount of carbon dioxide in the body. Therefore, red blood cells transfusion should be necessarily diagnosed.
By Application
The application segment includes blood grouping and disease screening. The disease screening segment further includes molecular disease screening and molecular disease screening. The disease screening segment led the blood transfusion diagnostics market with a market share of around 62.91% in 2021. Disease screening has become a vital part of blood transfusion diagnostics. The increasing awareness for safety screening and maintaining an efficient transfusion has led to the growth of the segment.
By End-user
The end-user segment includes hospitals, diagnostics centers, blood banks, and others. The blood bank segment led the blood transfusion diagnostics market with a market share of around 39.03% in 2021. Blood banks are involved in the transfusion of a large amounts of blood on a daily basis. The blood banks are responsible for the safety of the supplied blood to the consumers. The blood banks also have to follow the necessary guidelines while following the regulatory standards.
By Regional Analysis
The regions analyzed for the blood transfusion diagnostics market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. North America region dominated the blood transfusion diagnostics market and held the 43.21% share of the market revenue in 2021.
Key Industry Players Analysis
Market players are focusing on acquisitions to to increase their market position
To increase their market position in the global blood transfusion diagnostics business, top companies are focusing on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, and partnerships, joint ventures, etc.
Latest Development
Scope of the Report
Global Blood Transfusion Diagnostics Market by Product Type:
Global Blood Transfusion Diagnostics Market by Blood Product Type:
Global Blood Transfusion Diagnostics Market by Application:
Global Blood Transfusion Diagnostics Market by End-user:
Global Blood transfusion diagnostics Market by Region:
Global blood transfusion diagnostics market is expected to reach USD 6.32 billion by 2028, at a CAGR of 6.91% from 2022 to 2028.
The regions analyzed for the blood transfusion diagnostics market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa.
Leading market players active in the global blood transfusion diagnostics market are Danaher, Immucor Inc, Abbott, Quotient Limited, BIO KIT, Ortho Clinical Diagnostics, F. Hoffmann La Roche AG, DiaSorin S.P.A, BAG Healthcare GmbH among others.
The global blood transfusion diagnostics market has been segmented based on product type, blood product type, application, end-user, and regions.
Rising demand for safe transfusion of blood in order to avoid any transfusion infection, is primarily driving the growth of the blood transfusion diagnostics market.
The pandemic has significantly affected several industries and has caused a worldwide economic slowdown. In order to stop the spread of the virus, the development of vaccines was the need of the hour. Blood transfusion diagnostics has witnessed negative impacts in recent times, owing to the cancellation of many blood camps. The consumers and professionals were following social distancing which led to a huge drop in the blood transfusion market.
Manufacturers in the blood transfusion diagnostics market are using advanced production technologies to incorporate better results, installation, and performance of the whole process. In addition, the rising number of investments will contribute to demand blood transfusion diagnostics.
Based on the sales revenue, product offering, and regional presence, the companies are selected.
Political- Blood transfusion diagnostics require the passing of stringent regulations in order to be launched in the market. This diagnostic helps in the prevention of the passing of infectious diseases through blood transfusion. Thus, the approval of blood transfusion diagnostics requires the passing of several stages in order to be proved safe for the required applications. Blood banks are involved in the transfusion of large amounts of blood on a daily basis. The blood banks are responsible for the safety of the supplied blood to the consumers. The blood banks also have to follow the necessary guidelines while following the regulatory standards.
Economic- The installation cost of blood transfusion diagnostics is expensive, and thus it cannot be afforded by many medium and small-scale end-users. There are numerous products involved in the procedure of blood transfusion diagnostics, which makes it costlier. Further, the high maintenance cost of the instruments adds up to the total cost.
Social- The presence of established diagnostic and research laboratories and healthcare systems is one of the primary reasons for the development of blood transfusion diagnostics. The regional regulations of North America are more sought upon in the region due to the increased number of blood-related diseases. The availability of advanced technologies in the healthcare sector is propelling new growth opportunities for the market.
Technological- EryPharm had introduced an advance and efficient technology in the market. This technology can help in producing red blood cells in huge volumes and can even develop sourcing for blood transfusion. one of the major players, Ortho Clinical Diagnostics has launched ORTHO VISION Max Swift and ORTHO VISION Swift analyzers which offer advanced data and processing power for laboratory networks.
Environmental- There is an increase in the number of road accidents in most of the regions. The cases of trauma and surgeries are also increasing which necessitates blood transfusion in most of the cases. Blood transfusions are common in emergency departments especially used in critical cases. On some occasions, blood transfusion can lead to adverse reactions among the patients who receive blood. The donors are screened for potential transmissible disease with the help of blood transfusion diagnostics.
Legal- Ortho Clinical Diagnostics Holdings plc has entered into a definitive agreement in which Quidel will acquire Ortho, one of the world’s largest in-vitro diagnostics companies, for $6 billion. The transaction is expected to close during the first half of the fiscal year 2022. Under the terms of the agreement, which was unanimously approved by the Board of Directors of each company, Quidel will acquire Ortho for $24.68 per share of common stock, for a total consideration of approximately $6 billion, including $1.75 billion of cash, funded through cash on the balance sheet and incremental borrowings.
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