Blood Screening Market revenue to hit USD 5.03 Billion by 2035, says Research Nester
Key blood screening market players include Abbott Laboratories, Grifols, S.A., Quotient Limited, Thermo Fisher Scientific Inc., BD, Ortho al Diagnostics, DiaSorin S.p.A., Bio-Rad Laboratories, Inc., Danaher Corporation, Beckman Coulter, Inc., and others.
New York, Nov. 28, 2023 (GLOBE NEWSWIRE) — The global blood screening market size is poised to grow at a CAGR of over 6% from 2023 to 2035. The market is anticipated to garner a revenue of USD 5.3 billion by the end of 2035, up from a revenue of USD 2.65 billion in the year 2022. The growth of the market is predicted to expand on account of the surge in the prevalence of diabetes. According to the World Health Organization, around 422 million persons worldwide are affected by diabetes, with most of them residing in low- and middle-income nations. The disease is directly responsible for 1.5 million fatalities annually. Hence, blood screening has become a necessity.
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The results of the blood screening indicate whether the blood glucose or blood sugar, level is higher than what is considered to be in your healthy range. One can also find out what kind of diabetes they have with blood screening. Additionally, growth in cases of obesity is also increasing which is further projected to drive the market expansion. For instance, being overweight and obese is believed to be among the strongest risk factors for type 2 diabetes. About 70–90% of people with type 2 diabetes are obese or overweight.
Blood Screening Market: Key Takeaways
- Market in North America to capture the highest market share.
- The ELISA segment to have significant growth in the market.
- Market in Asia Pacific to have notable share in the market.
Surge in Geriatric Population to Boost the Growth of Global Blood Screening Industry
According to the WHO, one in six individuals on the globe will be 60 or older by 2030. By now, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. Older people are prone to more disease such as diabetes, kidney disorders, hormonal imbalance and more. Hence, they necessities having routine blood screening. In various nations routine checkups for elderly people has made mandatory annually. Hence, this factor is also projected to dominated the market expansion.
Blood Screening Industry: Regional Overview
The global blood screening market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Prevalence of HIV to Drive the Market Expansion in North America
The North America market for blood screening is projected to gather the largest market share of about 38% over the coming years. This could be on account of rising prevalence of HIV. Around 1.2 million Americans aged 13 and older were infected with HIV at the end of 2021. Therefore, the significance of blood screening has also increased in this region.
Rise in Number of Coronary Heart Disease to Influence the Market Growth in Asia Pacific
The blood screening market in Asia Pacific is set to capture the notable share of about 25% over the forecast period. The growth of the market in this region is projected to increase on account of rise in number of coronary heart disease. Over 24,000 people have died in India from heart attacks per year for the past four, and over 27,000 in the last three years. Therefore, the market expansion is experiencing the growth in this region.
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Blood Screening Segmentation by Technology
- Nucleic Acid Testing
- Rapid Tests
- Western Blot Assays
- Next-Generation Sequencing
The ELISA segment is estimated to have significant growth in the market over the forecast period. This could be owing to rise of covid19. Worldwide coronavirus (COVID-19) infections reached close to 767 million as of June 13, 2023. As a result, ELISA use is predicted to detect covid19 and other similar infections.
Blood Screening Segmentation by End User
- Clinical Laboratories
The hospitals segment is set to generate the highest share of about 55% over the forecast period. The main element to encourage the segment expansion is growth in number of hospitals. For instance, in 2021 there were around 164,000 hospitals all across the globe. Furthermore, there has been great investment made in hospital sector which is why they are getting advanced in terms of treatment. As a result, the preference of people for hospitals for blood screening is growing.
Blood Screening Segmentation by Product Type
- Reagents & Kits
A few of the well-known market leaders in the global blood screening market that are profiled by Research Nester are Abbott Laboratories, Grifols, S.A., Quotient Limited, Thermo Fisher Scientific Inc., BD, Ortho al Diagnostics, DiaSorin S.p.A., Bio-Rad Laboratories, Inc., Danaher Corporation, Beckman Coulter, Inc., and others.
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Recent Development in the Market
- S.S. Grifols established a partnership with Canadian Blood Services to strengthen the nation’s autonomy in the production of immunoglobulin medications and plasma-protein therapy.
- Theradiag and Quotient Limited announced their collaboration to advance autoimmune disease diagnostics through the integration of automated multiplexing solutions.
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