PUBLISHER: The Business Research Company | PRODUCT CODE: 1409262
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409262
“Blood Screening Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on blood screening market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for blood screening? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The blood screening market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Blood screening involves the examination of blood, plasma, or blood components intended for transfusion or incorporation into blood-based products. This process aims to detect antibodies, tumor markers, disease-causing agents, or indicators of illnesses, and to assess the effectiveness of treatments.
The primary products used in blood screening include reagents and kits, instruments, software, and associated services. Reagents are compounds or substances enabling reactions crucial for detecting, measuring, or preparing components due to their biological or chemical activity. Kits, on the other hand, are test kits used in laboratory settings or in the field to identify specific compounds in a sample. Technologies utilized in blood screening encompass nucleic acid testing, enzyme-linked immunosorbent assay (ELISA), rapid tests, western blot assays, and next-generation sequencing (NGS). These screening methods find application in various healthcare settings such as blood banks, diagnostic centers, pathology labs, hospitals, clinics, and ambulatory surgical centers (ASCs).
The blood screening market research report is one of a series of new reports from The Business Research Company that provides blood screening market statistics, including blood screening industry global market size, regional shares, competitors with a blood screening market share, detailed blood screening market segments, market trends and opportunities, and any further data you may need to thrive in the blood screening industry. This blood screening market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The blood screening market size has grown strongly in recent years. It will grow from $2.84 billion in 2023 to $3.13 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth observed in the historical period can be attributed to several factors, including a heightened demand for blood transfusions, an increased prevalence of transmissible diseases, the influence of government regulations and standards, a rise in blood donations and collection efforts, as well as global health concerns and pandemics.
The blood screening market size is expected to see rapid growth in the next few years. It will grow to $4.72 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. Anticipated growth in the upcoming period can be attributed to several factors, including the development of healthcare infrastructure, the implementation of public health awareness programs, advancements in infectious disease diagnostics, and a continued emphasis on global health concerns and pandemic preparedness. Key trends expected in the forecast period encompass an increase in infectious diseases, the adoption of automation and efficiency measures, a rise in blood transfusion demands, a heightened focus on transfusion safety measures, and increased research efforts in pathogen detection methodologies.
The blood screening market is anticipated to experience growth driven by an increase in the prevalence of infectious diseases. The analysis of blood for specific antibodies against infectious agents aids medical practitioners in diagnosing and treating these diseases, preventing further transmission and spread. Notably, global statistics from October 2022 by the World Health Organization reveal approximately 1.6 million deaths worldwide due to tuberculosis in 2021, including 187,000 cases with HIV. Moreover, data from December 2022 indicates a rise in malaria cases to 241 million, resulting in 627,000 predicted deaths in 2020. These figures underscore the vital role of blood screening in addressing infectious diseases and highlight its contribution to market growth.
In the blood screening market, the increasing prevalence of chronic diseases is a significant driver of growth. Chronic diseases, manageable but not curable long-term conditions, necessitate precise blood compatibility matching for transfusions during medical treatments. The importance of blood transfusions is evident in managing various chronic conditions, including autoimmune diseases, hematological disorders, and cancers. Notably, projections from January 2023 by the National Library of Medicine indicate a substantial increase in the number of individuals aged 50 and older with at least one chronic condition, expected to reach 142.66 million by 2050. The rising prevalence of chronic diseases and the demand for compatible blood screening contribute significantly to the expanding blood screening market.
In the blood screening market, product innovation emerges as a prominent trend among major companies aiming to strengthen their market position. Focused on research and development, these companies introduce innovative solutions to enhance blood screening processes. An example is the POGO system by Intuity Medical, Inc., introduced in November 2021. This automatic blood glucose monitoring device utilizes 10-test cartridge technology, streamlining the process of lancing, collecting, and analyzing blood from the finger. With a rapid four-second countdown for displaying results, the POGO system eliminates the need for additional test strips and lancets, offering a user-friendly experience compared to traditional blood glucose meters. This emphasis on product innovation reflects the commitment of companies to advancing technologies in the blood screening market.
Prominent players in the blood screening market are strategically engaging in collaborations with major manufacturing companies to fortify their market positions. These strategic collaborations enable companies to form alliances with partners possessing the requisite expertise, transforming conceptual ideas into tangible outcomes. An illustrative example is the November 2023 announcement by Universal DX, a Spanish biotech company, regarding a strategic collaboration with Quest Diagnostics, a US-based medical laboratory company and diagnostic information services provider. The collaboration aims to enhance colorectal cancer screening in the US, with over 110 million eligible individuals. Quest Diagnostics plans to offer clinical laboratory services utilizing UDX's advanced colorectal cancer screening blood test, Signal-C, to physicians and patients across the US under the commercial agreement terms between UDX and Quest.
In December 2021 development, F. Hoffmann-La Roche AG, a Switzerland-based pharmaceutical and diagnostic company, executed the acquisition of TIB Molbiol Group for an undisclosed amount. This strategic move by F. Hoffmann-La Roche AG is geared towards augmenting its capabilities in the rapid development of assays for emerging pathogens and potential health threats, particularly infectious diseases. TIB Molbiol Group, a diagnostics company based in Germany, specializes in blood screening for testing, life science research, and medical diagnostics. This strategic acquisition bolsters F. Hoffmann-La Roche AG's position in addressing evolving challenges in the diagnostic landscape.
Major companies operating in the blood screening market report are Abbott Laboratories, Grifols S.A., Becton Dickinson and Company, F. Hoffmann-La Roche AG, bioMerieux S.A., Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., Ortho Clinical Diagnostics Inc., Beckman Coulter Inc., Siemens Healthineers AG, GE Healthcare, DiaSorin S.p.A., Merck KGaA, PerkinElmer Inc., Bio-Techne Corporation, Roche Diagnostics GmbH, Danaher Corporation, Sysmex Corporation, Natera Inc., GenMark Diagnostics Inc., QIAGEN N.V., Hologic Inc., Luminex Corporation, Trinity Biotech plc, Fujirebio Inc., OraSure Technologies Inc., Immunetics Inc., Accelerate Diagnostics Inc., Cepheid Inc., T2 Biosystems Inc., Haemonetics Corporation, HTG Molecular Diagnostics Inc., Verax Biomedical Inc
North America was the largest region in the blood screening market in 2023. The regions covered in the blood screening market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the blood screening market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The blood screening market consists of revenues earned by entities by providing transcription mediated amplification (TMA) and real-time PCR. The market value includes the value of related goods sold by the service provider or included within the service offering. The blood screening market also includes sales of analyzer, photo colorimeter, flame photometer, hemoglobin meter, blood roller mixer, dry bath incubators, and differential blood counter. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.