Blood Transfusion Diagnostics Market - By Product (Instruments, Reagents & Kits), By Application (Blood Grouping, Disease Screening), By End-use (Hospitals, Diagnostic Laboratories, Blood Banks) & Forecast, 2023 - 2032

Blood Transfusion Diagnostics Market - By Product (Instruments, Reagents & Kits), By Application (Blood Grouping, Disease Screening), By End-use (Hospitals, Diagnostic Laboratories, Blood Banks) & Forecast, 2023 - 2032

Global Blood Transfusion Diagnostics Market size will expand significantly over 2023-2032. The flourishing medical device industry globally is presenting growth pathways for the market. Many governments in developed and developing countries are investing significant amounts into medical devices to expand their healthcare infrastructure. This, in consequence, has propelled the demand for blood transfusion diagnostic products, thus, contributing to market revenue. To illustrate, recent IBEF estimates suggest that the medical device market in India could be worth USD 50 billion by 2025.

The overall blood transfusion diagnostics industry is classified based on product, application, end-use, and region.

The market share from the instruments segment will grow at a considerable CAGR from 2023 to 2032. Recent advancements in blood transfusion instruments have improved the safety and efficacy of the transfusion process. In fact, automated blood component separators and cell salvage devices now allow for the extraction of specific blood components, reducing the need for whole blood transfusions and minimizing the risk of adverse reactions. Moreover, a remarkable rise in people undergoing surgical procedures has increased the need for blood transfusion instruments, such as blood bags, infusion pumps, and others, driving business growth.

In terms of application, the blood transfusion diagnostics market value from the blood grouping segment will grow substantially through 2032. Consistent advancements in blood grouping are contributing to segment growth. Molecular blood group genotyping has revolutionized transfusion medicine by providing a DNA-based method for determining blood types. This technique involves identifying genetic variations and specific alleles associated with blood groups, allowing for precise and reliable blood typing.

Based on end use, the blood transfusion diagnostics market from the blood banks segment will register huge gains over 2023-2032. Growing number of blood banks across the world is creating a broad scope for segment growth. Moreover, the high availability of advanced equipment in these facilities has made transfusion easier, further strengthening the segment outlook. Moreover, the growing need for rigorous screening and testing procedures to ensure the safety of donated blood has increased the demand for blood banks, thus, favoring market growth.

Asia Pacific blood transfusion diagnostics industry will grow at a significant CAGR from 2023 to 2032. Growing healthcare industry, coupled with the increasing geriatric population in the region, is working in favor of industry growth. As per WHO, over 28% of people in China will be over 60 years of age by 2040. Moreover, the rising number of blood banks in the region has further increased the need for blood transfusion diagnostics.