Blood Transfusion Diagnostics Market to hit USD 8.8 billion by 2032, says Global Market Insights Inc.
Blood Transfusion Diagnostics Industry is projected to witness a CAGR of 6.8% during the period 2023-2032. This growth can be attributed to the growing initiatives for blood donation campaigns.
Selbyville, Delaware, Aug. 06, 2023 (GLOBE NEWSWIRE) —
Blood Transfusion Diagnostics Market size will surpass USD 8.8 billion by 2032. Increasing healthcare expenditure, and a rising number of blood donation campaigns and initiatives will propel the demand for blood transfusion diagnostics. Advances in technology have led to the development of automated, molecular diagnostics, and point-of-care testing instruments, enhancing the safety and accuracy of blood transfusions. Moreover, the growing concerns associated with blood banks running low on reserves have led to significant government initiatives to empower blood drives, storage, and transfusion with the help of highly sophisticated technologies.
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Growing preference for automated transfusion instruments
The blood transfusion diagnostics market is divided into instruments and reagents & kits. The demand for blood transfusion diagnostic instruments is set to increase rapidly over 2032 as they play a crucial role in ensuring the safety and accuracy of blood transfusions. The latest advancements in technology have led to the development of innovative automated instruments that are more efficient, accurate, and reliable than their predecessors. These devices have significantly improved the speed and accuracy of various diagnostic procedures, including blood grouping and compatibility testing. Automated instruments reduce the risk of human error and enhance the overall safety of blood transfusions.
Breakthroughs in blood grouping tests will drive industry evolution
The blood transfusion diagnostics market is categorized into disease screening and blood grouping. Blood transfusion diagnostics industry share from blood grouping will increase substantially over 2032. Blood grouping is a vital aspect of the blood transfusion diagnostics process, as it ensures the compatibility of blood donors and recipients. It involves testing the blood for specific antigens and antibodies to determine the blood group and Rh factor. Determining the Rh factor is crucial for safe blood transfusions, especially during pregnancy and childbirth, as it can cause hemolytic disease in the newborn if the mother and fetus have incompatible Rh factors. Recent advancements in molecular diagnostics have paved the way for more accurate and efficient blood grouping techniques. These methods, such as PCR and NGS, can detect blood group antigens and antibodies at the molecular level, providing more reliable results and reducing the risk of transfusion reactions.
Rising demand for instruments across blood banks
The blood transfusion diagnostics market is segregated into blood banks, diagnostic laboratories and hospitals. Blood banks will hold a notable share of the blood transfusion diagnostics industry by 2032. Blood banks are essential facilities within the industry, as they collect, process, store, and distribute blood products for transfusion to patients in need. Blood banks rely on a range of diagnostic instruments for blood collection and processing, including blood collection sets, needles, and blood bags. These instruments ensure the proper collection of blood from donors and the separation of blood components such as plasma, platelets, and red blood cells for transfusion.
Increasing healthcare spending in APAC countries to boost market progression
Asia Pacific blood transfusion diagnostics market will exhibit robust growth through 2032 owing to the increasing healthcare expenditure, the growing demand for blood products, and rising awareness about blood transfusion safety. Healthcare spending in APAC countries such as India, and China has increased exponentially in recent years. This development has led to improved healthcare infrastructure, advanced diagnostic facilities, and increased access to blood transfusion services.
With a rising population and increased prevalence of chronic diseases, the demand for blood products has increased significantly in the region. This growing demand has put pressure on blood banks and healthcare facilities to ensure an adequate supply of safe and compatible blood products.
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Blood transfusion diagnostics competitive landscape
Some of the leading companies in the blood transfusion diagnostics market are Abbott Laboratories, Bio-Rad Laboratories, Inc, BAG Healthcare GmBH, Danaher Corporation, Diagnostica Stago, F. Hoffmann-La Roche Ltd, DiaSorin S.p.A., Grifols S.A., Immucor Inc., Hologic, Inc., Merck KGaA, Quotient Ltd, Ortho Clinical Diagnostics, and Thermo Fisher Scientific Inc.
Blood transfusion diagnostic industry news:
- September 2021: Ortho Clinical Diagnostics launched new Immediate Spin Crossmatch (ISXM) capabilities to its ORTHO VISION® MAX and ORTHO VISION® Analyzers to effectively detect incompatibility between recipients and donors during blood transfusions.
- October 2022: Roche Diagnostics launched the #IPledgeRED campaign in collaboration with Apollo Hospital Enterprise Limited to raise awareness regarding the need for safe blood for transfusion.
Partial Table of Contents (ToC) of the report:
Chapter 3 Blood Transfusion Diagnostics Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
22.214.171.124 Increasing prevalence of chronic diseases and blood related disorders
126.96.36.199 Rising number of road & trauma accident cases and organ transplant surgeries
188.8.131.52 Growing initiatives for blood donation campaigns
184.108.40.206 Increasing demand for blood and blood components
3.2.2 Industry pitfalls & challenges
220.127.116.11 Lack of sufficient blood donations as compared to demand
18.104.22.168 High cost of instruments
3.3 Growth potential analysis
3.3.1 By product
3.3.2 By application
3.3.3 By end use
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.6 Pricing analysis, 2022
3.7 Reimbursement scenario
3.8 Technology landscape
3.9 Future market trends
3.10 GAP analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.2 Company matrix analysis, 2022
4.3 Global company market share analysis, 2022
4.4 Competitive positioning matrix
4.5 Strategy dashboard
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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