Blood Screening Market Insights, Growth and Investment Feasibility Till 2030
Market Overview
Market Research Future (MRFR) predicts the global blood screening market to achieve a CAGR of 8.10% during the forecast period (2022–2030).
Market Boosters and Key Challenges
The growth of the Blood Screening Market is the result of the rise in the screening of donor and consistent technological advancement by the industry participants. Demand for blood screening tests has been on the rise in recent years owing to the surge in donation, boosted awareness about transfusion-transmitted diseases, and technological advancements within the industry. In addition, governments in several countries are striving to mandate testing of all the donated blood for a number of viruses.
Technological developments help enhance the sensitivity and efficiency of the tests. Case in point, in 2016, the Procleix Zika virus assay developed by Hologic, Inc., and Grifols was approved by the U.S. F.D.A for screening of donated blood. Moreover, in 2013, the U.S. FDA had given approval to the next-generation sequencing (NGS) technology. This technology is low-cost and faster compared to previous DNA analysis methods.
In other news, in June 2015, India had launched National Blood Donor Vigilance Program (NBDVP) which undertakes donor vigilance activity. These types of initiatives in the developing countries help elevate donor safety and are expected to trigger the market growth in the years to come. The introduction of alternative technologies, however, could restrict market growth in the future. Nevertheless, rising affordability and adoption of the nucleic acid test (NAT) to screen donated blood, coupled with the increasing prevalence of infectious diseases will ensure the smooth run of the market in the following years.
Market Segmentation
The worldwide market for blood screening has been segmented on the technology, products & services and end-users.
Depending on the technology, the market has been classified into nucleic acid amplification test (NAT), enzyme-linked immunosorbent assay (ELISA), rapid tests, next-generation sequencing (NGS), western blotting.
With respect to products and services, the market is considered for reagent and kits, enzymes and polymerases, standards and controls, probes and primers, buffers, nucleotides, and solutions, immunosorbents, instruments and software, and services.
The various end users in the market are hospitals, clinics, research institutes and academic centers, blood banks and others.
Regional Insight
In context of region, the worldwide blood screening market is split into the key regions of Europe, Asia Pacific, the Middle East and Africa and North America.
North America, with the biggest share in the global market, benefits from the early adoption of cutting-edge medical technologies and continuous development of latest drug by several companies. The America’s Blood organization says that 1 in 7 people who visit hospitals require blood. The American Red Cross suggests that less than 38 percent of the total regional population can give blood or platelets. Furthermore, the Centers for Disease Control and Prevention (CDC) reveals that, in the United States (U.S.), there are over 9.5 million blood donors and close to 5 million patients that receive blood every year, leading to a total of 14.6 million transfusions annually.
The Europe Blood Testing Market stands with the second largest share, backed by the rise in research expenses and the constant advancement of technology. Along with the decline in human health in the region, the need for sophisticated and effective therapies has added to the strength of the market. The World Health Organization (WHO) says that the average number of donations in the European Region is between 6 and 67.6 per 1000 inhabitants, where Demark boasts of the highest blood donation rate.
The Asia Pacific market can anticipate favorable growth in the future, owing to the availability of optimal treatment facilities paired with the increasing number of government initiatives. Presence of advanced technology, improved adoption rate, and surging healthcare expenditure are other critical factors deciding the market fate. India and China are considered the hotspots for investment opportunities because of the large number of research activities along with the number of partnerships. Of course, growing success rate of diagnosis, healthcare modernization, and quality improvisations have a big hand in the market growth as well.
Middle East & Africa has the smallest share in the global market compared to other regions, owing to the substandard healthcare sector, scanty technical knowledge, and poor medical facilities.
Esteemed Vendors
Some of the esteemed vendors highlighted in the report are Abbott Laboratories, Ortho Clinical Diagnostics, Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche, Beckman Coulter (A Subsidiary of Danaher Corporation), Becton, Dickinson and Company Market Grifols, Biomérieux, Bio-Rad Laboratories, Inc., Siemens Healthineers (A Subsidiary of Siemens AG), to name a few.
Industry Update
Epigenomics AG reports that Epi proColon, which is a colorectal cancer blood screening test for those that are unable to be screened by conventional methods, could now be a crucial complement to colonoscopy for screening blood of patients with Lichen sclerosus (LS).
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