According to Market Research Future (MRFR), the global blood screening market is estimated to grow at 9.8% CAGR during the forecast period (2018–2023). Due to the complexity of Coronaviruses, numbers of blood screening tests are increasing. Besides, the immune biomarker test used in the treatment of COVID 19 to identify and quantify the human immune system’s response to the virus influence the growth of the market. Also, increasing numbers of blood donations and blood donors is a significant growth driver of the market.
Additionally, increasing per capita healthcare expenditures and the adoption of nucleic acid test (NAT) for blood screening, boost the growth of the market. The introduction of pathogen reduction technology and the demand of multiplex tests propel the market growth. Conversely, factors such as the high costs and lack of regulations for NAT devices are estimated to restrict the growth of the market. Also, the advent of alternative technologies limits the market growth.
The global blood screening market is a continually growing space. The market growth attributes to the rising blood screening procedures conducted for the diagnosis of various chronic diseases such as HIV, HCV, HBV, malaria, syphilis, and other infectious diseases. Besides, increasing screening tests conducted on the donated blood to lessen the risk of transfusion-transmitted infections (TTIs) foster the market growth excellently. Moreover, raising awareness about the importance of blood tests escalates market growth.
Global Blood Screening Market – Regional Analysis
North America dominates the global blood screening market. Market growth attributes to the early adoption of advanced medical technologies and continuous development by companies operating into drugs. Besides, factors such as large numbers of industry players and well-developed healthcare sectors in the region boost market growth.
Europe stands second in the global blood screening market. The market is driven by the rise in research expenses and the advancement of technology. Moreover, factors such as increasing health concerns and the demand for innovative and effective therapies boost the regional market growth. In Europe, the blood screening market is growing due to the well-spread awareness for blood screening tests and initiatives undertaken by private and public organizations.
Also, the growing prevalence of various hematological disorders and chronic diseases pushes regional market growth. Furthermore, the presence of prominent market players in the region impacts market growth positively. The European blood screening market is estimated to create a substantial revenue pocket during the forecast period.
The Asia pacific blood screening market has emerged as a promising market, globally. Factors such as the increasing number of blood transfusion procedures, increasing government initiatives, and technological advances drive the regional market growth. Moreover, the rising adoption rate of blood screening tests and increasing healthcare expenditure of demographics foster the growth of the market. China and India are hotspots for investment opportunities due to the growing numbers of diagnosis, treatment, and research activities, healthcare modernization, and quality improvisations.
Global Blood Screening Market – Competitive Analysis
Fiercely competitive, the blood screening market appears fragmented due to the presence of several well-established players. Through the strategic initiatives such as mergers acquisitions, collaboration, expansion, and product technology launch, these players try to gain a larger competitive share in the market.
Major Players:
Players leading the global blood screening market are F. Hoffmann-La Roche, Grifols, Abbott Laboratories, Bio-Rad Laboratories, Inc., Biomérieux, Siemens Healthineers (A Subsidiary of Siemens AG), Thermo Fisher Scientific, Inc., Ortho Clinical Diagnostics, Inc., Beckman Coulter (A Subsidiary of Danaher Corporation), and Becton, Dickinson, and Company, among others.
