Increasing demand for donated blood, the rising number of blood donations, the growing prevalence of infectious diseases, and the increasing prevalence of newer pathogens are driving the overall growth of the blood screening market.
New York, July 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Blood Screening Market by Technology, Product & End User - Global Forecast to 2025" - https://www.reportlinker.com/p04603857/?utm_source=GNW
The blood screening market is projected to reach USD 3.5 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 12.8%. Growth in this market is driven by the increasing demand for donated blood, the rising number of blood donations, the growing prevalence of infectious diseases, and the increasing prevalence of newer pathogens. Technological advancements and developing economies are expected to present opportunities for growth for players in the blood screening market. However, the need to reduce blood screening prices is a major factor in challenging market growth.
Attractive Opportunities in the Blood Screening Market (2020- 2025)
COVID-19 Impact Analysis (2020-2025)
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus.The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020.
This pandemic has disrupted growth in many economies across various domains.COVID-19 outbreak led to curfews and lockdown worldwide, leading to stalled blood donations, decreased/ cancelled collection drives, reduced demand for donated blood and has adversely affected the growth of blood screening market during the forecasted period globally.
As stringencies with respect to curfews and social distancing become more liberal, the demand is expected to grow creating a deficit in the market. However, governments globally are taking initiatives to increase the donation during the forecasted period, to meet the sudden rise in demand following the lockdown.
Globally, the demand for donated blood is rising because of advancements in healthcare systems and the availability of and need for sophisticated surgical procedures, such as cardiovascular and transplant surgery, trauma care, and therapy for cancer and blood diseases.Blood transfusion is usually prescribed in complicated childbirths to prepare for childhood acute anaemia, trauma, and congenital maternal blood disorders.
Road traffic accidents are another important consideration; blood transfusions are often required in the treatment of injuries arising out of road accidents.Moreover, rising prevalence of infectious diseases is another major factor driving the demand for effective blood screening (due to the risk of disease transmission during blood transfusion).
Rising incidences of such factors are expected to drive the demand for blood transfusions and thereby will drive the growth for blood screening market.
Emerging markets such as India, China, and Southeast Asia offer promising opportunities for the players in the blood screening industry due to their increasing disposable incomes and improving healthcare infrastructure.
However, even though NAT is a superior and most reliable technology available across the globe, it is the most expensive technique in this market.Hence the emerging economies and low- income economies rely on ELISA over NAT.
This is a major inhibitor for the growth of the blood screening market for NAT in the current timeframe.
Nucleic Acid Testing (NAT) segment accounted for the larger share of the blood screening market, by technology, in 2019
The blood screening market, by technology, has been segmented into nucleic acid testing (NAT), enzyme-linked immunosorbent assays (ELISA), rapid tests, western blot assays, and next-generation sequencing (NGS).The NAT segment dominates the blood screening market, by technology, primarily due to the increasing number of blood donations and the increasing adoption of NAT technology due to its higher sensitivity over other blood screening technologies.
Based on type, the blood screening market for NAT is segmented into transcription-mediated amplification (TMA) and real-time PCR. Among these, the TMA segment accounts for the larger market share due to the higher sensitivity of this assay.
Blood banks to register the highest growth in the blood screening market during the forecast period
Based on end users, the blood screening market is segmented into blood banks and hospitals.The blood bank segment accounted for the larger market share in 2019 and is projected to witness a higher growth rate during the forecast period.
This can be attributed to the increasing demand for donated blood, a growing number of organ transplantation surgeries, rising awareness regarding the safety of blood, increasing the number of donations worldwide, and growth in government funding to charitable trusts.
North America will continue to dominate the blood screening market during the forecast period
Based on region, the blood screening market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.In 2019, North America accounted for the largest market share, followed by Europe.
Factors such as the increasing demand for donated blood, the rising number of blood donations, the growing prevalence of infectious diseases, and the increasing prevalence of newer pathogens, the presence of high-quality infrastructure for hospitals and clinical laboratories, and the presence of major market players in the region are driving the growth of the blood screening market in North America.
The primary interviews conducted for this report can be categorized as follows:
• By Company Type: Tier 1 - 36%, Tier 2 - 45%, and Tier 3 - 19%
• By Designation: C-level - 33%, D-level - 40%, and Others - 27%
• By Region: North America - 39%, Europe - 28%, Asia Pacific - 19%, Latin America- 9% and the Middle East and Africa- 5%
Top 5 players in the blood screening market (2020- 2025)
• F. Hoffmann-La Roche AG (Switzerland)
• Grifols (Spain)
• Abbott Laboratories (US)
• BioMérieux (France)
• Bio-Rad Laboratories (US)
Companies Profiled in the Report:
Prominent players in the blood screening market include Grifols (Spain), F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (US), BioMérieux (France), Bio-Rad Laboratories (US), Siemens Healthineers (Germany), Danaher Corporation (US), Thermo Fisher Scientific Inc. (US) ,Ortho Clinical Diagnostics, Inc. (US), Becton, Dickinson and Company (US), DiaSorin (Italy), GFE (Germany), Trinity Biotech (Ireland), Merck Millipore (Germany), GE Healthcare (US), Perkin Elmer (US), Bio-Techne Corporation (US), and J Mitra & Co. Pvt. Ltd (India).
This report provides a detailed picture of the global blood screening market.It aims at estimating the size and future growth potential of the market across different segments, such as product & service, technology, end user, and region.
The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall blood screening market and its subsegments.It will also help stakeholders better understand the competitive landscape and gain more insights to position their business better and make suitable go-to-market strategies.
This report will enable stakeholders to understand the pulse of the market and provide them with information on the key market drivers, challenges, opportunities, and trends.
Frequently asked questions:
• Where will these developments take the industry in the mid-to-long term?
• What are the recent trends affecting the blood screening market?
• Who are the key players in the market, and how intense is the competition?
• What are the key applications of blood screening instruments and consumables?
• Which region is lucrative for the blood screening market?
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