Blood Transfusion Diagnostic Market Analysis and Forecast to 2031: By Product (Instruments, Kits & Reagents), Application (Blood Screening, Blood Group Typing), End User (Hospital Based Laboratories, Independent Laboratories & Blood Banks), and Region

Blood Transfusion Diagnostic Market Analysis and Forecast to 2031: By Product (Instruments, Kits & Reagents), Application (Blood Screening, Blood Group Typing), End User (Hospital Based Laboratories, Independent Laboratories & Blood Banks), and Region

The global blood transfusion diagnostic market was valued at USD 4.4 billion in 2021 and it is anticipated to grow further till USD 8.7 Billion by 2031, at a CAGR of 7.1% during the forecast period.

Tests that are carried out on blood and blood components before they are administered to patients are referred to as blood transfusion diagnostics. In order to avoid negative responses or the spread of any infections, blood units must undergo blood group typing and disease screening tests. It is an essential component of transfusion therapy that checks the compatibility of blood samples from donors and recipients and gives medical practitioners valuable information.

Market Trends and Drivers

One of the factors driving the demand for blood transfusions is the rising prevalence of chronic and infectious diseases like severe anaemia, cancer, haemophilia, kidney, liver, severe infection, sickle cell disease, and thrombocytopenia as well as the introduction of technologically advanced products. Anemia is one of the most prevalent blood-related disorders, affecting over 3 million people in the United States, and the majority of cases are caused by iron deficiency, according to the National Heart, Lung, and Blood Institute. Donor screening is in high demand because to the rising danger of transfusion-transmitted infections (TTIs). Donor screening is becoming more and more important in order to protect patients from unsuitable blood and blood products and fight TTIs. TTI testing has become a required routine in a number of nations, including the UAE, South Africa, and the US. Thus, it is anticipated that a variety of variables, including the increase in TTI cases and the underdiagnosis of affected donors, will significantly influence the blood transfusion diagnostics market.

Market Restraints and Challenges

There are several challenges restraining the growth of this market despite the rising frequency of chronic blood illnesses and the greater need for blood products and transfusions. Lack of investment in healthcare infrastructure and strict government regulations, particularly in emerging nations when compared to wealthy nations, are two contributing factors. Another factor restraining the growth of the blood transfusion diagnostics market during the projection period is the high cost of the tests, tools, and reagents combined with the dearth of experienced people to handle automated diagnostic solutions.

Global Blood Transfusion Diagnostic Market Segmental Overview

The global blood transfusion diagnostic market is segmented into product, application, end user, and region.

Global Blood Transfusion Diagnostic Market by Product

Based on the product, it is segmented into instruments, and reagents & kits. The reagents & kits segment is anticipated to dominate the market during the forecast period. Owing to the repetitive sales of the repetitive sales of these products required for screening and blood group typing both the donor and recipient samples. However, the instruments segment accounted for a comparatively lower share in 2020 owing to the higher cost and longer shelf life of these instruments.

Global Blood Transfusion Diagnostic Market by Application

Based on the application, it is segmented into blood screening & blood group typing. Blood screening is anticipated to dominate the market during the forecast period. Owing to increasing incidences of transfusion transmissible infections (TTI) across the globe is boosting the growth of the market. The blood group typing segment is anticipated to grow at a significant CAGR owing to the introduction of automated analyzers and increasing demand for group typing and cross-matching tests before transfusion therapy in order to test the compatibility of donor and recipient blood samples.

Global Blood Transfusion Diagnostic Market by End User

 

Based on the end user, it is segmented into hospital-based laboratories, and independent laboratories & blood banks. The hospital-based segment is anticipated to dominate the market during the forecast period. The rising number of blood transfusion procedures in hospitals coupled with various hospitals which are actively implementing blood management programs in order to conserve blood units and facilitate the transfusion process, which is further expected to boost the growth of this segment.

Geographical Analysis of the Global Blood Transfusion Diagnostic Market

Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. The dominance is owing to the blood transfusion process, increasing awareness among the general population about blood donations, and established healthcare infrastructure in the region. For instance, according to the data published by the National Center for Biotechnology Information, in the U.S., nearly 15 million blood units are transfused every year and about 85 million units are transfused across the globe.

Major Players in the Global Blood Transfusion Diagnostics Market

The key players studied in the report are

COVID-19 Impact

The Covid-19 epidemic has had a detrimental impact on the market. The epidemic has decreased the amount of voluntary blood donations and has hampered the global flow of medical equipment. One of the biggest difficulties blood banks and hospitals saw during the crisis was the decline in the number of donors coming in. Other issues included a lack of staff members, a paucity of blood units, and public fears regarding COVID-19 transmission through transfusions. For instance, the American Red Cross reported that it was predicted that the pandemic caused the organization to lose almost 46,000 blood unit donations. Due to the deployment of lockdown and the termination of blood drives, a few donor locations also saw a sharp decline in blood donations. By the third quarter of 2020, the majority of the major nations had lifted their lockdown and stay-at-home restrictions, which led to an increase in blood donations and transfusion procedures at all blood facilities.

Recent Developments

• April 2021, EryPharm introduced an advanced technology in the market which can produce red blood cells in large volume and can develop new sourcing for blood transfusion. The company is planning to enter a pilot production phase and increase the production of Cultured Red Blood Cells using Hematopoietic Stem Cells.
• March 2021, F. Hoffmann-La Roche Ltd and Bio-Rad Laboratories, Inc., entered into a global partnership agreement in order to provide the customers access to Bio-Rad’s complete line of InteliQ products and Unity QC data management Solutios.
• February 2019, Torax Biosciences Limited launched its B2B IVD bulk reagent for latex serology and blood grouping assays in the market. The company aims to provide visual latex agglutination assays ASO, CRP and RF and blood grouping assays in a FFMU formats or filled formats to its distribution partners, manufacturing companies or hospitals.

Frequently Asked QuestionsQ1. How big is the Blood Transfusion Diagnostic market?Ans. The global Blood Transfusion Diagnostic market size was USD 4.4 Billion in 2021 and is anticipated to reach USD 8.7 Billion in 2031, growing at a rate of 7.1% from 2022 to 2031.Q2. What is the Blood Transfusion Diagnostic market growth rate?Ans. The growth rate of the Blood Transfusion Diagnostic market is 7.1%.Q3. Which region holds a major market share for the Blood Transfusion Diagnostic market?Ans. North America holds a major market share of the Blood Transfusion Diagnostic market in 2021.Q4. Which segment accounted for the largest Blood Transfusion Diagnostic market share?Ans. By Application, the blood screening segment accounted for the largest Blood Transfusion Diagnostic market share.Q5. Who are the key players in the Blood Transfusion Diagnostic market?Ans. The global Blood Transfusion Diagnostic market report includes players such as Q6. What are the factors driving the Blood Transfusion Diagnostic market growth?Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.Q7. What are the key growth strategies of Blood Transfusion Diagnostic market players?Ans. The key growth strategies of Blood Transfusion Diagnostic market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Blood Transfusion Diagnostic market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Blood Transfusion Diagnostic market during the forecast period.

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