Blood Screening Market worth $3.4 billion

CHICAGO, Oct. 2, 2023 /PRNewswire/ — The blood screening industry is poised for a transformative future as technological advancements continue to drive innovation. In the near future, we can expect a paradigm shift in the way blood screening is conducted, with the integration of cutting-edge automation, artificial intelligence, and molecular biology techniques. This convergence will lead to faster and more accurate diagnostics, enabling early detection of a wide range of diseases, from cancers to infectious agents. Moreover, personalized medicine will gain momentum as genetic and proteomic profiling become more accessible, allowing for tailored treatment plans. The industry’s future holds the promise of improved patient outcomes, reduced healthcare costs, and a more proactive approach to healthcare management on a global scale.

Blood Screening Market in terms of revenue was estimated to be worth $2.4 billion in 2023 and is poised to reach $3.4 billion by 2028, growing at a CAGR of 7.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market is mainly driven by the growing requirement for donated blood, the rising number of blood donations around the world, and the ever-increasing infectious diseases. However, operational barriers and the high cost of Blood screening instruments is likely to hamper the growth of blood screening market.

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Blood Screening Market Scope:

The Reagents & Kits segment is expected to account for the largest share in 2022.

Based on product, the blood screening market is segmented into reagents & kits, instruments, and software & services. Increase in demand and continuous use of the reagents and kits during blood transfusion processes, post blood donations is responsible for the large segment of this segment.

Nucleic Acid Test segment aimed the highest share during the forecast period

The blood screening market is segmented into nucleic acid tests (NAT), serology/immunoassay, rapid tests, western blot assays, and next-generation sequencing (NGS). In 2022, the nucleic acid test (NAT) segment accounted for the largest share of the blood screening market. From all the other technologies, NAT provides high precision, sensitivity and accuracy for blood screening and therefore, holds the largest share.

North America has the upper hand in the global Blood screening market

By regional segmentation, the blood screening market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America has the largest share and is continuing to dominate the blood screening market. The factors responsible for the large share of North America in this market are the increasing prevalence of infectious diseases, rising awareness in blood donations, and the growing healthcare system that is highly developed in the US and Canada.

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Blood Screening Market Dynamics:

Drivers:

1. Increasing number of blood donations worldwide

Restraints:

1. Alternative technologies

Opportunities:

1. Emerging markets

Challenge:

1. High cost of blood screening technologies

Key Market Players:

The major players operating in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Grifols (Spain), Abbott Laboratories, Inc. (US), Bio-Rad Laboratories, Inc. (US), Danaher (Beckman Coulter, Inc.) (US), bioMérieux (France),  Hologic (US), Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company (US), DiaSorin (Italy), Siemens Healthineers (Germany), QuidelOrtho Corporation (US), Merck KGaA (Germany), Revvity (Earlier known as PerkinElmer Inc.) (US), Bio-Techne Corporation (US), GFE (Germany), Trinity Biotech (Ireland), Mindray (China), Maccura Biotechnology Co., Ltd. (China), Immucor, Inc. (US), Cellabs (Australia), Abnova Corporation (Taiwan), Enzo Biochem, Inc. (US), J. Mitra & Co. Pvt. Ltd. (India) and Tulip Diagnostics (India).

Recent Developments:

• In February 2023, Thermo Fisher Scientific Inc. (US) acquired TIB Molbiol (Germany), to expand its PCR test portfolio with a wide range of assays for infectious diseases.
• In December 2021, Hologic, Inc. (US) launched Panther Trax for high-volume molecular testing.
• In May 2021, Beckmann Coulter (US) launched SARS-CoV-2 IgG.
• In September 2021, Roche Diagnostics (Switzerland) acquired TIB Molbiol Group (Germany). This acquisition will enhance Roche’s broad portfolio of molecular diagnostics solutions with a wide range of assays for infectious diseases, such as identifying SARS-CoV-2 variants.

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Blood Screening Market Advantages:

• Early Disease Detection: Blood screening allows for the early detection of various diseases, including infections, cancers, and chronic conditions. Early diagnosis often leads to more effective treatment and improved patient outcomes.
• Preventative Medicine: It enables preventative measures by identifying risk factors and potential health issues before they become serious. This proactive approach can lead to better health management and reduced healthcare costs.
• Transfusion Safety: Blood screening is vital in ensuring the safety of blood transfusions. It screens for infectious agents like HIV, hepatitis, and syphilis, minimizing the risk of transmitting diseases through donated blood.
• Population Health Management: Blood screening data can be analyzed on a population level, helping healthcare systems identify trends, allocate resources more effectively, and develop targeted public health interventions.
• Personalized Medicine: Advances in blood screening techniques, such as genetic testing, allow for personalized treatment plans tailored to an individual’s genetic makeup, improving the effectiveness of therapies and reducing adverse reactions.
• Research and Drug Development: Blood screening plays a pivotal role in clinical trials and drug development, providing insights into treatment efficacy, patient response, and biomarker identification.
• Point-of-Care Testing: Point-of-care blood screening devices enable rapid diagnostics in diverse settings, from clinics to remote areas, facilitating timely medical interventions and reducing the burden on healthcare facilities.
• Healthcare Efficiency: Automating blood screening processes increases efficiency, reduces human error, and speeds up results, allowing healthcare providers to make quicker and more informed decisions.
• Global Health: Blood screening contributes to global health efforts by identifying and controlling infectious diseases, making it an essential tool in disease surveillance and outbreak management.
• Improved Quality of Life: Ultimately, the blood screening market’s advantages contribute to an overall improvement in the quality of life for individuals and communities, promoting better health and well-being.

In summary, the blood screening market’s advantages encompass early detection, preventative care, safety, personalized medicine, research, and healthcare efficiency, all of which have a profound impact on healthcare outcomes and public health.

Related Reports:

Molecular Diagnostics Market – Global Forecasts to 2028

Immunoassay Market – Global Forecasts to 2027

In Vitro Diagnostics Market – Global Forecasts to 2027

Western Blotting Market – Global Forecasts to 2026

Mycoplasma Testing Market – Global Forecasts to 2025

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