According to the report, global blood transfusion diagnostics market was valued at approximately USD 3.60 billion in 2017 and is expected to reach around USD 5.33 billion by 2024, growing at a CAGR of 6.2 % between 2018 and 2024.
New York, NY, Oct. 09, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Blood Transfusion Diagnostics Market by Product (Instrument and Kits, Reagents, and Others), by Application (Blood Grouping and Disease Screening), and by End-User (Hospitals, Diagnostic Laboratories, Blood Banks, and Plasma Fractionation Companies): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 – 2024”. According to the report, global blood transfusion diagnostics market was valued at approximately USD 3.60 billion in 2017 and is expected to reach around USD 5.33 billion by 2024, growing at a CAGR of 6.2 % between 2018 and 2024.
Blood transfusion is a procedure for transferring blood or blood products from one person to another. Blood transfusions are helpful in many critical medical conditions to transfer whole blood or replace the lost components of the blood to the recipient. Over the last decade, molecular diagnostics has become a common practice for blood transfusion. These days, a modern medical practice uses components of the blood, such as RBC’s, WBC’s, plasma, and platelets to treat a disease or medical condition. The screening of donated blood for transmissible infections before clinical use is vital for blood transfusion for preventing life-threatening diseases.
Browse through 41 Tables & 12 Figures spread over 110 Pages and in-depth TOC on “Global Blood Transfusion Diagnostics Market: By Type, Size, Share, Industry Growth Analysis and Forecast, 2018-2024”.
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The global blood transfusion diagnostics market is growing at a significant speed due to the prevalent use of blood transfusion in disease treatment, blood donation camps, and raising awareness regarding safety during blood donation and donated blood. Furthermore, a significant rise in infectious diseases such as hepatitis, human immunodeficiency virus (HIV) infection, and bacterial and viral allergic disorders are further propelling the growth of the market. The considerable shift of developers to develop rapid diagnostics techniques along with technological advancements in blood transfusion diagnostics are expected to offer lucrative opportunities during the forecast period. However, lack of skilled manpower, stringent regulatory policies for approval, and operating costs of testing are the major restraining factors for the growth of the global blood transfusion diagnostics market.
On the basis of product type, the global blood transfusion diagnostics market is divided into kits and reagents, filtration systems, services, and others. Among these instruments and kits segment was the highest revenue grosser in 2016. Different kind of diagnostics kits and instruments are used in blood transfusion diagnosis operation. The increasing demand for instruments and kits in hospitals and diagnostic labs are expected to poise the growth of kits and reagent segment in the coming years.
On the basis of the application, the market is divided into blood grouping and disease screening. The blood grouping dominated the market and accounted for the largest share in 2017.
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The end-user segment includes hospitals, diagnostic laboratories, blood banks, and plasma fractionation companies. According to the WHO (World Health Organization), 112.5 million blood donations are collected globally; half of these blood donations are done in high-income countries. Blood banks segment was the leading segment in end-users and held the dominant share in terms of revenue in 2017. Blood banks are the major source of blood and other products for transfusion and offer quality blood diagnostic services prior to transfusion. The frequency of blood donation camps around the world is increasing which has resulted in increased focus on adoption of accurate blood testing for different disease parameters. The diagnostic laboratories and hospital segments are expected to grow at the highest CAGR during the forecast period.
North America was the leading region in blood transfusion diagnostics market with more than 40% share of the total market. The U.S. was the leading country with the highest growth rate due to the presence of advanced healthcare facilities. The U.S. and Canada were maximum revenue generators in 2017. According to current stats provided by the American Red Cross, 36 thousand units of RBC’s are needed every day in the United States alone with 21 million transfusions of blood elements such as platelets, WBC’s, and plasma each day. Increasing number of blood banks, adoption of automation in blood banks, greater blood donation awareness programs, and demand for secure blood transfusion is driving the growth of blood transfusion diagnostics market in North America.
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Europe was the second largest market followed by the Asia Pacific. The growth in this region was majorly accounted to the increased demand for improved blood transfusion diagnostics. In addition, the presence of advanced healthcare infrastructure and the technologically advanced diagnostic laboratories and blood banks are positively impacting the growth of European blood transfusion diagnostics market.
The Asia Pacific is expected to witness the fastest growth in the near future. China and India dominate the Asia Pacific blood transfusion diagnostics market. Demand for improved diagnostics tests and large-scale running of blood donation camps by public and private institutions is boosting the growth of blood transfusion diagnostic market in Asia. In addition, increase in government initiatives in terms of funding and grants to blood donation camps, the rise in prevalence of diseases which are transmitted by blood transfusion, and a significant rise in a number of blood transfusions performed every year is fostering the growth of the blood transfusion diagnostics market in the Asia Pacific. Latin America and the Middle East & Africa are growing with slow pace due to lack of awareness. Increasing healthcare industry in Brazil and Rest of Latin America is anticipated to fuel the market growth in the region.
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Some of the key players in blood transfusion diagnostics market include BAG Health Care GmbH, Grifols, S.A., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Abbott Laboratories, DiaSorin S.p.A., Immucor, Inc., Quotient Limited, Hologic, Inc., and Ortho Clinical Diagnostics.
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This report segments the global blood transfusion diagnostics market as follows:
Global Blood Transfusion Diagnostics Market: Product Type Segment Analysis
- Instruments and Kits
- Reagents
- Others
Global Blood Transfusion Diagnostics Market: Application Segment Analysis
- Blood Grouping
- Disease Screening
Global Blood Transfusion Diagnostics Market: End-user Segment Analysis
- Hospitals
- Diagnostic Laboratories
- Blood Banks
- Plasma Fractionation Companies
Global Blood Transfusion Diagnostics Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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