Blood Screening Market worth $3.4 billion by 2028

 The Global Blood Screening Market in terms of revenue was estimated to be worth $2.4 billion in 2023 and is poised to reach $3.4 billion by 2028, growing at a CAGR of 7.2% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The need for blood is ever-increasing, forcing the number of blood donations to rise as well throughout the world. Combining this factor along with the growing infectious diseases is the major contributor for the growing blood screening market.

On the other hand, the unfavorable reimbursement scenario and the high cost of instruments and kits may restrain the growth of this market to a certain extent.

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Blood screening Market Dynamics

Driver: Increasing number of blood donations worldwide

Advancements in healthcare systems and the availability of and the need for sophisticated surgical procedures, such as cardiovascular & transplant surgery, trauma care, and therapy for cancer and blood diseases, blood transfusions, etc has caused an increase in need for donated blood. On average, globally around 235 million major surgeries are being performed every year, of which 63 million are traumatic surgeries, cancer-related are over 31 million, and 10 million are related to pregnancy complications. Blood transfusion is usually prescribed in cases like complicated childbirths to prepare for childhood congenital maternal blood disorders, acute anemia, and trauma.

Opportunity: Emerging markets

India, the Middle East and Africa are emerging markets where players in the blood screening industry can benefit from rising disposable incomes and improved healthcare infrastructures. For example, in 2020, India’s healthcare sector was worth about USD 280 billion and is expected to grow to USD 372 billion in 2022 due to increasing income levels, growing awareness of physical well-being and rising prevalence of lifestyle diseases. Currently, ELISA is the most popular technology in India because NAT has relatively low penetration in India. In contrast, in India, NAT is not mandatory. Currently, NAT is used by nearly 120 blood banks in ID-NAT format, while around 40 blood banks use pooling technique. As a result, the Indian government has launched an initiative to educate doctors, hospitals and blood banks on the use of NAT.

Restraint: Alternative technologies

Computerized immunoassays are a one-step answer for single-particle location without requiring washing steps in view of ELISA utilizing a variety of femtoliter-sized wells. In this measure, a biomarker particle is formed with an immunizer covered with attractive microparticle cultivated in a well, enhanced by means of an enzymatic response, and distinguished with fluorescence. These tests have seen huge interest due to the earnest also, always expanding interest for serological Coronavirus counter acting agent tests that are modest, fast, straightforward, profoundly touchy, quantitative, and insignificantly obtrusive. Consequently, a solitary step, sans wash immunoassay for quick and exceptionally delicate quantitative investigation of human serological gG against SARS-CoV-2 has been created, which requires just a solitary bead of serum.

Challenge: High cost of blood screening technologies

With the increasing number of blood donations, awareness of blood verification & safety, and spending on healthcare around the world, more advanced technologies are widely used in high income countries and will be widely adopted in middle and low-income countries within the next 10 years. However, most developing countries, including India and China currently use ELISA. The growth of the market for blood screening for NAT is severely inhibited in the present timeframe. The high cost of advanced tests has led to the increased use of first-generation ELISA, which is older and less effective tests. This test is used in many countries around the world despite the limitations of the test. For example, the global donor supported cost of USD. GeneXpert MB / RIF cartridge is considered to be prohibitively expensive for most low and middle income countries (MIC).

Key Market Players

The major players in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Grifols (Spain), Abbott Laboratories, Inc. (US), Bio-Rad Laboratories, Inc. (US), Danaher (Beckman Coulter, Inc.) (US), bioMérieux (France), Hologic (US), Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company (US), DiaSorin (Italy). The market leadership of these players stems from their comprehensive product portfolios and expanding global footprint. These dominant market players possess several advantages, including strong marketing and distribution networks, substantial research and development budgets, and well-established brand recognition.

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“In 2022, reagents & kits segment accounted for the largest share of the blood screening market, by product & service.”

The screening market is divided into reagents and kits, tools, and software and services. Reagents and kits made up the biggest chunk of the market in 2022. This is mainly because there's been an increase in blood transfusions, which means more and more people are using reagents and kits.

“In 2022, nucleic acid test segment accounted for the largest share in the market, by technology.”

The blood screening market is segmented into nucleic acid test (NAT), serology/immunoassay, rapid tests, western blot assays, and next-generation sequencing (NGS). The nucleic acid test segment dominated the blood screening market in 2022 due to an increase in adoption of NAT technology, which is more sensitive than other blood screening technologies, and an increase in the number of blood donations.

“In 2022, blood banks and hospitals segment accounted for the largest share in the market, by end user.”

Blood banks and hospitals are the two main segments in the blood screening market, and the blood banks segment had the biggest market share in 2022. This is because more and more people are getting organ transplants.

“ North America is the largest regional market for blood screening.”

There are five main regions in the world where blood screening is available. North America is the biggest one, with a share of the market in 2022. This is due to the rising cost of healthcare, the rise in chronic conditions, and the fact that the US has a really well-developed healthcare system.

Recent Developments

• In February 2023, Thermo Fisher Scientific Inc. (US) acquired TIB Molbiol (Germany), to expand its PCR test portfolio with a wide range of assays for infectious diseases.
• In December 2021, Hologic, Inc. (US) launched Panther Trax for high-volume molecular testing.
• In May 2021, Beckmann Coulter (US) launched SARS-CoV-2 IgG.
• In September 2021, Roche Diagnostics (Switzerland) acquired TIB Molbiol Group (Germany). This acquisition will enhance Roche’s broad portfolio of molecular diagnostics solutions with a wide range of assays for infectious diseases, such as identifying SARS-CoV-2 variants.

Report Objectives

• To define, describe, segment, and forecast the global Blood screening market, by products & service, technology, end user, and region
• To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall Blood screening market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
• To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
• To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies2
• To track and analyze company developments such as product launches & approvals, partnerships, acquisitions, agreements, and other developments
• To benchmark players within the market using the proprietary Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product excellence

Report Link: ( Blood Screening Market )

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