Blood Transfusion Diagnostics Market: Current Analysis and Forecast (2021-2027)

Blood transfusion diagnostics is expected to witness a CAGR of around ~7% during the forecast period (2021-2027). The key factors responsible for the growth of the market include the growing geriatric population, increasing prevalence of surgeries worldwide, high rate of injuries and trauma cases, and surging prevalence of anemia, leukemia, or kidney disease. Blood transfusion is usually done as a lifesaving operation to replace blood cells or blood products lost through severe bleeding, blood loss during surgery, or to increase the platelet count in the patient. According to the Community Blood Center, In America, 4.5 million people need blood transfusion each year. According to the World Health Organization (WHO), in low-income countries, up to 54 % of blood transfusions are given to children under 5 years of age, whereas in high-income countries, the most frequently transfused patient group is over 60 years of age, accounting for up to 76% of all transfusions. The rising geriatric population is also expected to drive the growth of the blood transfusion diagnostic market during the forecast period. Moreover, in the APAC region, there is a steady increase in the number of surgeries, accidents, blood donation centers, and blood donors, and a rise in awareness about blood donation will drive the market growth during the forecast period.

Immucor, Inc., Ortho Clinical Diagnostics, Abbott, Bio-Rad Laboratories, F. Hoffmann-La Roche AG, Quotient Limited, BAG Healthcare GmbH, DiaSorin S.P.A., Danaher, and BIO KIT (Werfen) are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst Product, reagents and kits category accounted for the majority share in the market in 2020"

Based on product type, the blood transfusion diagnostics market is segmented into Reagents & Kits, and Instruments. In 2020, The reagents and kits category held the largest share and is anticipated to witness a considerable growth rate over the forecast period. The availability of technologically advanced donor screening analyzers will drive the growth of this segment. In addition, the rising availability of rapid diagnostic kits for safe blood transfusion is expected to boost the market growth. Furthermore, the rising prevalence of injuries and accidents across the world is also a major factor in the growth of this segment. According to CDC, every year an average of around 6 million car accident cases occurs in the U.S. Among them, approximately 3 million people are injured. Moreover, surgeries such as post-cardiopulmonary bypass, neurosurgery, posterior eye surgery, and chronic bleeding disorders also require platelet transfusions.

"Amongst Application, Disease Screening category is expected to witness highest CAGR during the forecast period"

Based on application type, the blood transfusion diagnostics market has been segmented into blood grouping, and disease screening. In 2020, the Disease Screening category held the largest share and is anticipated to witness a considerable growth rate over the forecast period. This can be due to a high number of transfusion-transmitted infection (TTI) cases, rising safety screening of donated blood, maintaining safe transfusion, rising technological advancements, and wide products offered by key players in the market. For instance, blood transfusion is a base in the treatment of anemic patients. Thus, the growing elderly population with iron deficiency is also supporting the market growth. According to World Health Organization (WHO), Anemia is a serious global public health problem that particularly affects young children and pregnant women. WHO estimates that 42% of children less than 5 years of age and 40% of pregnant women worldwide are anemic.

"Amongst End-User, blood banks category is expected to witness highest CAGR during the forecast period"

Based on end-users, the blood transfusion diagnostics market is segmented into hospitals, blood banks, diagnostic laboratories, and others. In 2020, the blood banks category dominated the blood transfusion diagnostics market and is expected to grow significantly in the upcoming years. The growth of this segment is due to rising surgical procedures, injuries, anemia, leukemia, and kidney failure treatment procedures. However, the blood bank segment is expected to grow in developing nations because of the geriatric population, and the increasing number of road accidents. Also, the increasing awareness of blood donation in developing countries is also one of the prominent factors due to which the blood bank segment is expected is grow in the forecast period.

"North America to witness significant growth during the forecast period"

Geographically, North America is expected to lead the blood transfusion diagnostics market throughout the analysis period. This can be attributed to the greater presence of industry players, high healthcare spending, and increase in research and development (R&D) activities in the region. Furthermore, an increase in the number of surgeries, a rising number of road accidents coupled with a surge in the number of cancer cases such as leukemia, lymphoma, and myeloma. These are some of the drivers of the North American blood transfusion diagnostics market. In addition, according to the Leukemia and Lymphoma Society (LLS), An estimated combined total of 186,400 people in the US are expected to be diagnosed with leukemia, lymphoma, or myeloma in 2021. and new cases of leukemia, lymphoma, and myeloma are expected to account for 9.8 percent of the estimated 1,898,160 new cancer cases that will be diagnosed in the US in 2021. moreover, increasing health awareness, high disposable income, favorable reimbursement policies, and well-established healthcare infrastructure are some of the key factors boosting the regional market.

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• Deep dive regional level analysis of the industry.

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