Blood Screening Market Size, Company Profiles and Key Figures Reviewed in Latest Research by 2029
Blood Screening Market size was valued at USD 2.44 billion in 2020 and is projected to reach USD 4.83 billion by 2029, growing at a CAGR of 7.9% from 2022 to 2029.
Luton, Bedfordshire, United Kingdom, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Blood Screening Market.
According to the latest market research completed and published by Exactitude Consultancy, the market is expected to grow at a CAGR of more than 8.4% over the forecast period from 2021 to 2029. This would grow the market size (USD) from USD 2.5 Billion in 2022 to USD 4.77 Billion in 2029. The report discusses the market considering the key market players, their brands, the advancements made in blood screening diagnosis, and the result it renders for the personal health of people. Other critical aspects of the market considered while writing the report are the aids in the monitoring of illnesses, the prevention of health problems, and a host of other ailments like infections and even cancer with the use of blood screening procedures.
The demand side growth is attributed to the increasing elements including the rise in blood donations and screenings associated with blood transfusions (blood donations), rising incidence of infectious diseases, rising elderly population, and rising awareness of diseases spread through transfusions. While supply side is attributed to the efforts of the key players investing in research and development to offer innovative products and technological advancements that meet the needs of surgeons and patients. Furthermore, the increasing coverage of insurance and support by the government policies would result in higher market penetration for Blood Screening in developing countries.
Blood Screening Market Overview:
Blood screening is one of the best and most used methods for identifying numerous infectious diseases. Blood screening diagnoses have increased in recent times and have been undertaken as a trend or safety measure to know about the infections and diseases related to the body and take necessary precautions. This diagnosis also helps in the clinical processes. The blood screening process is performed using a simple method, but the process that follows is advanced. The sample of blood is tested and analyzed, whether it is healthy or the patient is detected for some health issue. The blood screening process not only analyses whether the blood sample is healthy or not but also expects the samples to be labeled by the blood group, time of blood test, and patient health record and determine if it is safe for clinical use.
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The research study focuses on the technology or types of tests used for blood screening, the products used, and the end users along with the key subtypes in each of these categories. The research was conducted to look at the market from the following points and then arrive at the Total Addressable Market (TAM):
- The different technology types of blood screening are Nucleic Acid testing (NAT), Enzyme-Linked Immunoassay (ELISA), Rapid tests, Western blot assays, and next-generation sequencing, out of which Nucleic Acid testing (NAT) the technology's exceptional advantages, like its high sensitivity, accuracy, and specificity for early diagnosis.
- The different types of products used in the market for performing blood screening are Reagents and Kits, instruments, software, and services. Reagents and kits are majorly used as they provide immunoassays and molecular diagnostics, as they constitute a recurring expense.
- The end user of this market are hospitals, blood banks, and clinical laboratories out of which the blood banks are the major contributor due to the sole purpose they serve for blood testing, transfusions, and analysis.
Blood screening and diagnostic assays are essentially the same, the distinctions are in the objectives of the tests, the populations who are examined, how the results are interpreted, and the actions that follow. Given that, diagnostic testing is not product-related, whereas blood screening uses screening algorithms focused on quality systems which may vary.
Blood donations from donors who appear healthy and have no symptoms are subjected to microbiological blood screening to rule out the presence of pathogens and ensure that the blood is safe for transfusion. Diagnostic testing is carried out as part of a clinical investigation, either in response to the person's signs and symptoms or a specific or recognizable risk of infection, to pursue an infection diagnosis.
The major segments of the blood screening market include:
- The types of Nucleic acid tests which are Transcription-mediated Amplification and Real-time PCR
- The types of Enzyme-Linked Immunoassay (ELISA) which are Chemiluminescent Immunoassays, Fluorescent Immunoassays, and Colorimetric Immunoassays
- The types of reagents and kits which are NAT reagents and kits & ELISA reagents and kits. NAT reagents and kits are further divided into enzymes and polymerases, probes and primers, standards and controls, buffers, nucleotides and solutions, labeling, and detection reagents. ELISA reagents and kits are further divided into immunosorbents, controls, conjugates, substrates, and sample diluents.
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Key Drivers – Increased awareness of blood screening and the rising conscience of the people towards their health:
The prevalence of infectious diseases, the number of blood donors, increased healthcare awareness and the rapid uptake of nucleic acid amplification tests (NAT) are the main drivers of the growth of the worldwide blood screening market. In addition, the growth of government healthcare initiatives, an increase in healthcare spending, and technological developments in blood screening technologies.
With an increased amount of blood donation around the world due to improvements in healthcare systems and the availability of and need for complex surgical operations, such as cardiology & transplant surgery, trauma treatment, and therapy for cancer and blood illnesses, there is an increase in the need for donated blood.
Around 235 million major surgeries are carried out the year on average around the globe, of which 63 million are trauma procedures, over 31 million are cancer-related, and 10 million are connected to pregnancy issues. To prepare for trauma, congenital maternal blood abnormalities in children, acute anemia, and other complications during labor and delivery, blood transfusions are typically advised.
Some of the surgery figures below show the scope of the market around the globe:
- Around 90,000 Cardiovascular surgeries done in the USA. This presents a great opportunity for the Blood screening market to grow.
- India alone accounts for around 150,000 open heart surgeries showing great potential for blood screening in the market.
- Around 1.3 million caesareans done in the European region in 2021 alone shows the great potential for the blood screening market.
- As per Lancet, the global demand for Oncology related surgeries reached around 5 million in 2018. Demand for cancer surgery is expected to increase from 9.1 million to 13.8 million procedures over the next twenty years from 2020 to 2040. All these facts show that there is a huge requirement for healthy blood and the potential for blood screening techniques.
The developing and underdeveloped economies lack the required infrastructure:
The blood screening market constraints include strict regulatory requirements, lack of experienced labor, and expensive operational expenses. Microbiology screening and multiplexing as well as pathogen reduction technology are projected to open up the attractive potential for the global blood screening industry. These developments may take time and require a lot of capital to implement, until then the operational cost of all the tests is expected to be high. Several developing economies lack the healthcare infrastructure which is another restraint for the market as the awareness amongst these countries is less and the requirement to spread awareness is important and urgent.
Challenges in the market:
The rise in blood donations, awareness about blood testing, and growing healthcare infrastructure around the world are brought about by several latest technological advancements made in the market for better results. However, it is seen that several economies like India and China still rely on ELISA, which is outdated has does not prevail as accurate results as the recent technology. So, for countries like these to adapt to the recent technologies and keep up with the recent trends is proving to be a major challenge and a minor setback. For example, the global donor-supported cost of USD 9.98 per GeneXpert MTB/RIF cartridge is seen as unaffordable for many low and middle-income countries.
Competitive landscape and companies covered:
Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are trying to penetrate the market which again can be disruptive in low-income economies.
There is almost no difference in the product range for applications in the market. Almost all the top companies offer all the products thus making it much of a marketing and incentive-based market rather than innovation.
Major players operating in the global Blood screening market include Abbott Laboratories (U.S.), OriGene Technologies, Inc. (U.S.), BioAim Scientific Inc. (Canada), bioMérieux, Inc. (France), Bio-Rad Laboratories, Inc. (U.S.), Grifols, S.A. (Spain), Immuno-Biological Laboratories Co., Ltd. (Japan), Biovision, Inc. (U.S.), Becton, Dickinson, and Company (U.S.), Boster Biological Technology (U.S.), Cusabio Technology LLC (U.S.), Danaher Corporation (U.S.), Demeditec Diagnostics GmbH (Germany), and F. Hoffmann-La Roche Ltd. (Switzerland), among others.
Regional Growth Insights:
North America (USA, Canada, and Mexico) accounts for the largest share of the market. The USA keeps leading the market with the highest growth rate in the North American market. The North American region accounted for 35% of the region’s sales value in 2021. Further, the Asia Pacific region is expected to grow at a higher CAGR. The growing economies like India, China, and Japan are stepping into the market and are helping the Asia Pacific region to become a dominant market.
The key drivers for the North American market to be the highest shareholder are the developing infrastructure of the medical and healthcare sector in the region, knowledge of blood testing and its advantages and most importantly increase in the conscience of people towards their health. The domination of the North American region is also linked to factors such as the rising blood donor population, the widespread use of blood screening procedures, and improved patient affordability.
The Asia Pacific region is dominated by the economies like India and China. These economies have shown rapid growth in the healthcare infrastructure and growing amount of blood donations and transfusions. The market growth in this region is also attributed to the growing need for blood testing due to demographical constituents like age and geographical conditions.
Latin America and the Middle East & Africa account for comparatively lower market share owing to the presence of large underpenetrated markets among these regions. Thus, it is expected to register a comparatively lower CAGR during the forecast period.
Objectives of the research and the key questions answered:
The research report has been written keeping in mind the following stakeholders: the current companies in the market, the new startups, the local players, investment banks and VCs, healthcare organizations, governments, and research personnel.
The key questions answered in the report are:
- What was the market size of the Blood screening market before Covid-19 and what is the forecast from 2021 onwards?
- Who are the key manufacturers in the market and what are their product offerings?
- Which are the highest-growing countries in the market and their growth rates?
- What are the key factors driving the market in countries like the USA, Germany, India, China, and other major countries?
- Which is the highest-growing application for the blood screening market in terms of sales?
- Which type and technique of blood screening have the highest market potential?
- What products and technologies are likely to develop in the blood screening market in the future?
- What are the factors affecting the market growth and restraints?
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