Global Blood Transfusion Diagnostics Market to Reach USD 5.33 Billion by 2024

The 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  percent 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.

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. 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.

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.

Based on the geography, the global blood transfusion diagnostics market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.  North America is expected to remain the dominant region. The United States was the leading market in North America according to America’s Blood Centers; more than 15 million pints of blood are transfused in the United States. Europe was the second largest market in terms of revenue generation followed by the Asia Pacific. Asia Pacific turned out to be the fastest growing market with highest CAGR. Developing economies such as India and China are accelerating the growth of this region owing to increased demand for new technology in blood diagnosis and increasing number of blood donors. The Middle East and Africa and Latin America are expected to experience moderate growth in the blood transfusion diagnostics market in the years to come.

Some of the key players in blood transfusion diagnostics market include BAG Healthcare 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. – Zion Market Research