USD 2.73 Billion
Report ID:
SQMIG35J2044 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
64 |
Figures:
77
Global Blood Screening Market size was valued at USD 2.73 Billion in 2022 and is poised to grow from USD 2.96 Billion in 2023 to USD 5.69 Billion by 2031, at a CAGR of 8.50% during the forecast period (2024-2031).
Automated molecular platforms for blood screening have been a popular tactic among top industry participants, which is helping the market grow. A few of the key reasons boosting the growth of the blood screening market are the rising number of blood donations and blood donors, increased awareness of the safety of donated blood, rising prevalence of infectious illnesses, and a number of government initiatives. Rising blood donations, an increase in the prevalence of infectious diseases, and government initiatives are all contributing to the market's explosive growth. Over 234 million major surgeries are carried out annually worldwide, according to the article titled "Operative Risk" that was published in December 2021. To prepare for childhood acute anaemia, trauma, and congenital maternal blood abnormalities, blood transfusions are frequently administered in problematic childbirths. Moreover, the World Health Organization (WHO) Factsheet from June 2021 states that 118.5 million blood donations are made worldwide, with 40% of those donations made in high-income countries, which account for 16% of global blood donations. In high-income countries, 31.5% of donations are made up of blood, compared to 15.9% in upper-middle-income nations, 6.8% in lower-middle-income nations, and 5.0% in low-income nations.
US Blood Screening Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.73 Billion
Largest Segment
Reagents & Kits
Fastest Growth
Reagents & Kits
Growth Rate
8.50% CAGR
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Global Blood Screening Market is segmented on the basis of product type, end users and region. By product type, the market is segmented into reagents & kits, instruments, software. By end user, the market is segmented into hospitals & clinics, blood banks, diagnostic centers, and research laboratories. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Blood Screening Market Analysis by End Users
In 2021, this segment is expected to continue its dominance during the forecast period with a CAGR of around 7.8%. Hospitals and clinics are the dominant end-user segment of the blood screening market. These institutions use blood screening products for routine blood transfusions, diagnosis of infectious diseases, and monitoring of blood disorders.
This segment is expected to grow at a CAGR of around 9.1% during the forecast period. Diagnostic centers are expected to show the fastest growth during the forecast period. Diagnostic centers are facilities that specialize in diagnostic testing and offer a range of tests including blood screening tests.
Blood Screening Market Analysis by Product Type
The CAGR of the NAT segment is estimated to be around 8.2% in 2021. Reagents and kits are used for the detection of infectious diseases in blood samples. They are the largest segment of the blood screening market. The segment is further divided into various sub-segments such as NAT, ELISA, CLIA, Rapid Tests, and others.
The software segment includes software that is used for data management and analysis in blood screening. This segment is expected to grow at a CAGR of around 9.5% in 2021. The dominant segment in this category is the laboratory information management system (LIMS) software, which is widely used for data management and analysis in blood screening.
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A growing prevalence of renal, heart, and bacterial diseases in nations like India and China is predicted to cause the Asia Pacific market to represent the greatest revenue share in the global market during the projection period. In India, chronic kidney disease affects more than 7.8 million people. In addition to these factors, the market revenue growth is being fueled by increased government and corporate efforts to increase public knowledge and confidence. A rise in cardiovascular diseases and changes in lifestyle are two other elements influencing the market's revenue growth. The largest population of diabetic patients worldwide, at over 141 million, is found in China.
The increased prevalence of health problems including cancer and respiratory disorders is likely to cause the Europe market to experience a significantly strong CAGR over the forecast period. Data show that in 2021, there will likely be 2.7 million new instances of cancer. Among European nations, female breast cancer in women is the cancer with the highest diagnosis rate. The market in this region is experiencing revenue growth due to rising government assistance and rising private company investment in the R&D of various blood screening tests.
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Blood Screening Market Drivers
Growing Awareness about Safety of Blood Transfusions to Promote increased Screening
Blood Screening Market Restraints
Lack of Skilled Workers to Hinder Market Growth
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The competitive landscape of the blood screening market includes information by competitor. The company's financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width Details like depth, breadth, and application dominance are also presented. The data presented here only refers to blood screening as a market emphasis for the companies.
Top Player’s Company Profiles in Blood Screening Market
Blood Screening Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global blood screening market is a rapidly growing market that is driven by several factors, including the increasing prevalence of blood-related disorders, the rising demand for blood and blood products, and the increasing awareness of blood safety. The market is expected to continue growing in the coming years, driven by advances in technology and increasing investment in research and development. As the incidence of these diseases continues to rise, the demand for blood and blood products is also increasing, driving the growth of the blood screening market. Blood screening is essential to ensure that donated blood is safe and free from infectious agents that could be transmitted to the recipient. With increasing awareness of the risks associated with transfusions of contaminated blood, demand for blood screening products is increasing. The blood screening market is highly competitive, with a large number of players operating in the market. The global blood screening market is expected to continue growing in the coming years, driven by increasing demand for blood and blood products, growing awareness of blood safety, and advances in technology.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.73 Billion |
Market size value in 2031 | USD 5.69 Billion |
Growth Rate | 8.50% |
Base year | 2022 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Blood Screening Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Blood Screening Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Blood Screening Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Blood Screening Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG35J2044