Blood Transfusion Diagnostics Market is estimated to reach USD 4.63 billion by 2025 at a CAGR of 7.62%
Blood transfusion is the process of receiving blood or components of blood into circulation intravenously. Latest practices include transfusion of required components of blood such as white blood cells, red blood cells, plasma and platelets. The blood collected from donor needs to be properly screened for any infectious disease before the transfusion. Blood transfusion diagnostics uses various instruments, test kits and reagents to conduct tests before transfusion of blood and blood products from donor to recipient.
Demand Scenario
The global blood transfusion diagnostics market was USD 2.98 billion in 2018 and is estimated to reach USD 4.63 billion by 2025 at a CAGR of 7.62% during the forecast period
Growth by Region
North America dominates the blood transfusion diagnostics market owing to factors such as high percentage of active donors in countries like USA and Canada, implementation of blood transfusion policies by government of these countries regarding the safety and testing of blood for infectious diseases, rise in acceptance of new and advanced molecular tests and rise in prevalence of chronic disease.
Europe is the second largest market for blood transfusion diagnostics owing to factors such as rise in demand for kits and reagents for pre-transfusion diagnostics and introduction of new tools by the domestic market players. The region of Asia-Pacific will register a significant growth rate during the forecast period with emerging markets of India and China leading the market. Increased demand for new technology for blood diagnostics and increase in number of donors with rise in awareness about disease screening are some of the factors that drive the growth of the market. Latin America and Middle Eastern region is presumed to have moderate growth during the forecast period.
Drivers vs Constraints
The factors that drive the growth of the market include rise in demand for transfusion of blood and its components because of increased instance of chronic disease and large patient population undergoing surgical procedures, introduction of new technologically advanced products and shift towards automation of instruments, increase in government initiatives and implementation of policies regarding blood safety and availability. The shortage of highly skilled technologists for blood transfusion services, decline in blood donation rates across the globe, stringent regulatory policies for approval and operating costs for testing are likely to hamper the growth of the market.
Industry Trends and Updates
In June 2018, Fujirebio Diagnostics received the FDA clearance for a new procalcitonin (PCT), assay to be used on its Lumipulse G1200 immunoassay platform, which will help distinguish between bacterial and viral infection. In September 2017, the Ministry of Health of Saudi Arabia launched a national campaign named My Blood for My Country along with various other protocols for blood transfusion diagnostics in the country.
In February 2017, Immucor announced the launch of a new molecular test for blood typing. In January 2017, Abbott Laboratories announced that it received the CE mark for its Alinity System for blood and plasma screening and is now available in Europe and other countries that recognizes the CE mark.
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