Releasing of New Products Have Spur the Industry; Claims The Blood Screening Market Insights Report

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Blood Screening Market Highlights:

Blood Screening Market insights report has valued the industry size at USD 2.5 billion in 2022 and is projected to grow from USD 2.72 Billion in 2023 to USD 4.51 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.8% during the forecast period (2023 – 2030).

Blood screening is a medical process in which the blood is examined for the diagnosis of a specific diseased condition is known as blood screening. Exhaustive screening is essential for all donated blood to confirm that recipients receive the safest products. Scientific advances increase the sensitivity and effectiveness of the tests. The Food and Drug Administration (FDA) suggested the testing of all the donated blood in the U.S. and its territories for Zika virus in order to prevent transmission of this virus through the blood supply. The technology is cheaper and faster than earlier DNA analysis methods. The growth of the market is credited to the rise in demand for blood screening tests due to growing blood donations, increasing awareness about transfusion-transmitted diseases, and technological developments in the industry. Additionally, governments of various countries are in process to mandates testing all donated blood for several viruses.

Segmentation:

The global blood screening market has been segmented on the devices, service providers, application, end users.

On the basis of technology, the market has been classified as nucleic acid amplification test (NAT), enzyme-linked immunosorbent assay (ELISA), rapid tests, next-generation sequencing (NGS), western blotting. The nucleic acid amplification test is segmented in to transcription-mediated amplification (TMA) and real-time polymerase chain reaction (PCR). The enzyme-linked immunosorbent assay is segmented in to ELISA market, by platform and ELISA market, by generation. On the basis of products and services, the market has been classified as reagent and kits, enzymes and polymerases, standards and controls, probes and primers, buffers, nucleotides, and solutions, immunosorbents, instruments and software and services. The reagent and kits have been segmented in to NAT reagents & kits, ELISA reagents & kits. The instruments have been segmented in to rental purchase and outright purchase. On the basis of end users, the market has been classified as hospitals, clinics, research institutes and academic centers, blood banks and others.

Regional Analysis:

The Americas is projected to lead the blood screening market in the forecast period. Increasing healthcare awareness, advancement in technology, medical tourism are some other factors that boost the growth of the market. U.S. blood screening market dominated industry, due to the high demand for quality healthcare, vastly developed healthcare infrastructure as well as growing occurrence of cardiac disease in the region. Frequencies of blood screening are dramatically increasing over the last few years. Lately, the Food and Drug Administration (FDA) published a guidance document suggesting regulations for laboratory developed tests. In addition, the U.S. FDA conducted a workshop to discuss the oversight of NGS. All these factors increase awareness, which would further increase the growth of the industry.

The European market is expected to hold the second largest market share. The market is expected to witness growth owing to the rising patient population, changing lifestyle, and growing elderly population. This is expected to provide favorable backgrounds for the market to grow.

Asia-Pacific is projected to be the fastest growing region for the global blood screening market. It is expected to witness profitable growth over the forecast period due to the existence of favorable healthcare schemes drafted by government agencies other factors such as growing elderly population, rising demand for advanced and high-end technologies, healthcare reforms for infrastructural development and growing healthcare expenditure are some of the key factors that will accelerate the blood screening market growth during the forecast period.

The Middle East and Africa accounts for the least share due to stringent government policies and low per capita income.

Key Players:

Some of the key players mentioned in the blood screening market outlook report are Grifols, F. Hoffmann-La Roche, Abbott Laboratories, Biomérieux, Bio-Rad Laboratories, Inc., Siemens Healthineers (A Subsidiary of Siemens AG), Ortho Clinical Diagnostics, Inc., Thermo Fisher Scientific, Inc., Beckman Coulter (A Subsidiary of Danaher Corporation) and Becton, Dickinson and Company.

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