Blood Screening Market Size, Share, Growth Analysis, By Product Type (Reagents & Kits, Instruments), By Technology (Nucleic Acid Test (NAT), Rapid Tests), By End User (Hospitals & Clinics, Diagnostic Centers), By Region - Industry Forecast 2024-2031

Global Blood Screening Market size was valued at USD 3.04 Billion in 2022 and is poised to grow from USD 3.30 Billion in 2023 to USD 6.33 Billion by 2031, at a CAGR of 8.50% during the forecast period (2024-2031).

Automated molecular platforms for blood screening are driving significant growth in the market, as leading industry players adopt this technology. Key factors fueling this expansion include the increasing number of blood donations and donors, heightened awareness of blood safety, the rising incidence of infectious diseases, and various government initiatives. The market is also benefiting from the frequency of blood transfusions, which are essential in major surgeries, particularly in managing childhood anemia, trauma, and congenital blood disorders. Based on our analysis, over 234 million major surgeries are conducted globally each year, necessitating frequent blood transfusions. Our study also reveals that approximately 118.5 million blood donations occur worldwide, with 40% coming from high-income countries, which contribute to 16% of global donations. The distribution of donations varies by income level, with high-income countries accounting for 31.5% of donations, upper-middle-income countries 15.9%, lower-middle-income countries 6.8%, and low-income countries 5.0%. The diagnostic testing landscape is poised for substantial growth, driven by strategic partnerships among key industry players. These collaborations are expected to enhance the availability of advanced diagnostic tests. For instance, in March 2023, TruDiagnostic partnered with NADMED, a Finnish company specializing in NAD diagnostics, to launch an innovative NAD+ blood diagnostic test in the U.S. This partnership highlights the increasing trend towards expanding diagnostic capabilities and market growth.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Blood Screening market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Blood Screening Market Segmental Analysis

Global Blood Screening Market is segmented based on product type, technology, end users, and region. Based on product & service, the market is segmented into Reagents & Kits [NAT Reagents & Kits, ELISA Reagents & Kits, Other Reagents & Kits], Instruments [Rental Purchase, Outright Purchase], Software & Services. Based on technology, the market is segmented into Nucleic Acid Test (NAT) [Transcription-mediated Amplification (TMA), Real-time Polymerase Chain Reaction (RT-PCR)], Serology/Immunoassay [Chemiluminescent Immunoassays (CLIA), Fluorescent Immunoassays (FIA), Colorimetric Immunoassays/ELISA (CI/ELISA)], Rapid Tests, Western Blot Assays, Next-generation Sequencing (NGS). Based on end user, the market is segmented into hospitals & clinics, diagnostic centres, and blood banks. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Blood Screening Market

Awareness among healthcare professionals and patients regarding the risks of blood transfusions, such as the transmission of infectious diseases, is increasing. This heightened awareness is driving a greater demand for blood screening products that ensure the safety of blood and blood products. Additionally, the growing prevalence of blood-related disorders and the rising need for blood and blood products for various medical procedures, including transfusions and surgeries, are contributing to the expansion of the blood screening market. This demand underscores the need for effective screening solutions to enhance safety and manage the risks associated with blood transfusions.

Restraints in the Global Blood Screening Market

The shortage of phlebotomists, laboratory technicians, and other skilled professionals could hinder the widespread adoption of blood screening products. Healthcare organizations and blood banks may face difficulties in finding qualified personnel to operate the equipment and conduct the tests, potentially limiting their ability to implement blood screening programs effectively. This workforce gap poses a significant challenge to expanding the use of blood screening technologies and ensuring their widespread availability.

Market Trends of the Global Blood Screening Market

The rising demand for plasma-derived products, including immunoglobulins and clotting factors, is significantly boosting the need for blood screening products that ensure the safety of these essential therapies. As plasma-derived treatments continue to expand into new therapeutic areas, the demand for reliable blood screening solutions is expected to grow. In the United States, the increasing prevalence of chronic diseases such as cancer, diabetes, and thyroid disorders is anticipated to further drive market growth. The American Cancer Society's "Cancer Facts and Figures 2023" report projects around 1.9 million new cancer cases for the year, with prostate cancer being the most common, followed by lung and female breast cancers. Similarly, data from the Government of Canada reported 233,900 new cancer diagnoses, with prostate cancer remaining the most prevalent. This rising cancer burden is likely to boost the demand for blood testing services, supporting market expansion throughout the forecast period.