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
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationBlood 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 Size
Blood Transfusion Diagnostics Market size was valued at around USD 4.6 billion in 2022 and is estimated to reach USD 8.8 billion by the end of 2032. Increasing prevalence of chronic diseases and blood related disorders is expected to augment the global market growth.
Increasing demand for blood and blood components due to rising trauma and accident cases has surged the market growth opportunities across the globe. Technological advancements pertaining to blood transfusion diagnostics including precise and accurate instruments have increased the product demand. The development of technologically improved solutions at competitive prices by major participants in the market would assist blood transfusion diagnostics become more widely used. Product launch is one of the main methods used by market participants to maintain competitiveness and have a diverse product portfolio. The aforementioned factors are therefore expected to accelerate market expansion.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Blood Transfusion Diagnostics Market Size in 2022 | USD 4.6 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 6.8% |
| 2032 Value Projection | USD 8.8 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 160 |
| Tables, Charts & Figures | 443 |
| Segments covered | Product, Application, End-use, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
Blood transfusion diagnostics refers to a series of laboratory tests and procedures performed to determine the compatibility of donor and recipient blood before a blood transfusion. Blood transfusion diagnostics is intended to ensure that the transfused blood is safe and compatible with the receiver’s blood, in order to prevent potentially life-threatening transfusion reactions and other complications.
The price tag on blood transfusion equipment can be a real roadblock for businesses trying to grow in this market. That's because new technologies have souped up blood screening devices, making them more expensive. This can be a tough pill to swallow, especially for companies in developing countries or those with less money to spend. The bottom line is, the high cost of these machines is putting a damper on market growth. On average, blood screening instruments will set you back anywhere from $16,000 to $45,000. And if you need something more advanced for transfusion diagnostics, be prepared to shell out over $50,000. Ouch!
Growing concern pertaining to the rising costs of these instruments is further compounded by the increasing demand for blood and blood components requiring these devices for diagnosis. The market growth can be hindered in developing economies having comparatively low-income levels attributed to the high costs. Thus, the high-end pricing associated with advanced blood transfusion diagnostics instruments may drive down the acceptance rate of these devices, further hampering the business expansion.
COVID-19 Impact
The COVID-19 pandemic was like a storm that hit the world in 2020. More and more people ended up in the hospital, and it put a lot of pressure on the healthcare system. All the Covid cases led to businesses having a hard time, especially those in healthcare. Many medical tests and procedures had to be put on hold or delayed. The blood transfusion industry was no exception. The pandemic made it harder to find people to donate blood, because some people were too scared to go out, or because they had symptoms of the virus. It also became harder to get the blood collected, stored, and processed safely. At first, blood donation sites had to change their rules to keep everyone safe. But that meant they couldn't collect as much blood as usual. Community blood drives also got canceled or postponed, which made the situation even worse.
However, the decreasing infection rate and number of patients of COVID-19, as well as increasing volume of blood donations and blood screening propelled the market growth from second quarter of 2021. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the blood transfusion diagnostics industry growth in the upcoming years.
Blood Transfusion Diagnostics Market Trends
Increasing prevalence of chronic diseases and blood related disorders is proving beneficial for the market growth. Significant upsurge in blood related disorders has augmented the demand for blood transfusion among patients in several healthcare facilities. Some of the major disorders including thrombocytopenia, hemophilia, and leukocytosis among others require blood transfusion for the diagnosis and treatment.
Additionally, availability of advanced blood screening devices offers safe and effective blood transfusion for the recipients. The incidence of blood diseases is further forecasted to increase substantially in the elderly population aged 65 years or above. The rise in blood diseases and related mortality offers immense potential for business growth and opportunity for the market players to establish and penetrate the untapped market. Thus, the growing prevalence of chronic and blood-related disorders is expected to expedite the blood transfusion diagnostics industry statistics.
Blood Transfusion Diagnostics Market Analysis
When it comes to blood transfusion diagnostics, the main players are reagents and kits, as well as instruments. Reagents and kits ruled the market in 2022, bringing in a whopping 3 billion USD. They're so popular because they do a great job of helping us screen and manage blood transfusions accurately. As the number of older people and people with chronic diseases that need long hospital stays keeps growing, the demand for reagents and kits is going to skyrocket. People are also becoming more aware of these products and home testing, which is giving the market a boost. Because reagents and kits are used every time a blood transfusion is done, they're always in demand. This keeps the business of making them strong.
Based on application, the market is segmented as Blood grouping and disease screening. Disease screening is further bifurcated as serological disease screening and molecular disease screening. The disease screening held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace by 2032. Increasing incidence of transmitted infection cases during blood transfusion has augmented the product demand in several healthcare facilities.
Additionally, increasing safety concerns related to screening of blood donors to maintain safe transfusion and availability of technologically advanced blood screening products is expected to drive the market growth. Furthermore, growing focus of various research institutes on performing experiments with serological testing approaches is expected to bring breakthrough technologies for blood transfusion diagnostics market expansion.
In the world of blood transfusion diagnostics, various places use these testshospitals, specialized labs for testing, blood banks, and other facilities. Out of these, the group that's predicted to grow the fastest is diagnostic labs, at a rate of 6.6% every year until 2032. Why are diagnostic labs expected to do so well? Well, more and more people want accurate blood screenings, and there are more diagnostic labs popping up. These labs can give you results on the same day, and they offer high-quality services at a good price, which can save you money on medical costs. Plus, these labs have access to advanced tools and supplies for testing different parts of your blood and looking for any problems. Because of all these factors, people are increasingly turning to diagnostic labs for blood transfusion diagnostics. So, the high-quality services and growing availability of these tests at these labs are expected to drive the growth of this market in the years to come.
The United States has been a powerhouse in the blood transfusion diagnostics market, dominating North America with a whopping 1.8 billion dollars in revenue in 2022. And get thisthey're only expected to keep growing even faster from 2023 to 2032. So, what's their secret? It's all about meeting the growing demand for blood transfusions. With so many people suffering from chronic diseases and blood disorders, there's a huge need for accurate and reliable testing to ensure safe transfusions. The U.S. has the advantage of having major players in the industry who are always coming up with new and improved technologies. These advancements make it easier to detect and treat blood-related issues, which fuels the market's expansion. Throw in a rising number of hospital admissions and you have a recipe for even more transfusions. Plus, the U.S. has stepped up its game with cutting-edge tech that makes blood screening and transfusion safer than ever. That's why the market for blood transfusion diagnostics is looking so rosy in the years to come.
Blood Transfusion Diagnostics Market Share
Some of the major market players operating in the blood transfusion diagnostics industry are
- Abbott Laboratories
- BAG Healthcare GmBH
- Bio-Rad Laboratories, Inc
- Danaher Corporation
- Diagnostica Stago
- DiaSorin S.p.A., F.
- Hoffmann-La Roche Ltd
- Grifols S.A.
- Hologic, Inc.
- Immucor Inc
- Merck KGaA
- Ortho Clinical Diagnostics
- Quotient Ltd
- Thermo Fisher Scientific Inc.
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Blood Transfusion Diagnostics Industry News
- In May 2021, Ortho Clinical Diagnostics announced the launch of ORTHO VISION Swift and ORTHO VISION Max Swift Analysers. These analysers provide enhanced blood transfusion diagnostics and offers labs with more processing power, enhanced responsiveness, and advanced data security to ensure fast, accurate, and reliable test results. This innovative product launch helped the company to increase their product portfolio and enhance their business revenue.
- In March 2021, Bio-Rad Laboratories, Inc. announced a strategic partnership with Roche for providing InteliQ products Unity QC data management solutions to customers worldwide. These products and solutions offer a wide range of blood screening capabilities including immunoassay, chemistry, cardiac assessment, immunology, diabetes, coagulation, etc. This strategic partnership helped the company to increase their customer base and gain a competitive edge over its peers.
Blood transfusion diagnostics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments
Click here to Buy Section of this Report
By Product, 2018 - 2032 (USD Million & Units)
- Instruments
- Reagents & Kits
By Application, 2018 - 2032 (USD Million)
- Blood Grouping
- Disease Screening
- Serological Disease Screening
- Molecular Disease Screening
By End-use, 2018 - 2032 (USD Million)
- Hospitals
- Diagnostic Laboratories
- Blood Banks
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Austria
- Poland
- Belgium
- The Netherland
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Philippines
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Colombia
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
- Turkey
- Egypt
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