Blood Transfusion Diagnostics Market to Expand at 5.9% CAGR Till 2025-end due to Rising Concerns About Infectious Diseases, Says TMR
ALBANY, New York, July 12, 2019 /PRNewswire/ -- Transparency Market Research (TMR) predicts that the global blood transfusion diagnostics market stood at US$3.0 bn in 2016 and is estimated to expand by exhibiting a CAGR of 5.9% during the forecast period from 2017 to 2025. At this rate, the market is estimated to grab a value of US$5.5 bn by 2025-end.
This growth is attributable to the rising occurrence of infectious diseases that augmented a number of blood transfusion procedures. Additionally, rising initiatives to arrest the occurrence of these diseases and to screen it earlier, the demand for the screening and blood products is increasing. This is estimated to propel market growth in coming years. Through the intravenous blood transfer, the lost or lowered blood components such as white blood cells, red blood cells, platelets, plasma, and clotting factors are re-introduced to the human body.
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For Ensuring Safety of Patients, the Blood Screening and Testing Gaining Importance
The high awareness and knowledge about the blood screening and testing has lowered the risks involved in the blood transfusion as the blood collected from donors is tested before the transfusion. Thanks to this testing, the arrest of occurrence of infectious diseases is managed to some extent. These all factors are reflecting positively on the growth of the global blood transfusion diagnostics market.
Moreover, key players in the global blood transfusion diagnostics market are continuously investing for product innovations, which is increasing the number of new products. These factors are estimated to increase the level of competition in the global blood transfusion diagnostics market. The analysts at TMR estimated that the market would feature the highest level of competition in coming years. Some of the key players in the global blood transfusion diagnostics market include BAG Health Care GmbH, Bio-Rad Laboratories, Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd., Grifols, S.A., DiaSorin S.p.A., Immucor, Inc., Ortho Clinical Diagnostics, Hologic, Inc., and Quotient Limited.
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Furthermore, the demand for blood transfusion diagnostics is estimated to witness growth opportunities as the incidences of chronic diseases are growing. This is one of the key factors driving growth of the global blood transfusion diagnostics market. The report by World Health Organization (WHO) suggests that haemoglobin disorders are affecting major births near of 75% of births in 230 countries. Thus, the advancement in the systems and blood testing is increasing substantially. Under this, in 2019, the Abbott announced that the U.S. Food and Drug Administration (FDA) has approved its new blood and plasma screening Alinity System. It is designed to detect blood and plasma more efficiently within a smaller space.
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Deployment of Automated Systems Benefits Market Growth
However, the lack of skilled professionals to operate blood transfusion diagnostics globally and especially in the developing countries is restraining growth of its market. Nonetheless, increasing adoption of automation coupled with rising attraction of learning newer technologies across healthcare and in blood banks is offering most lucrative opportunities in the global blood transfusion diagnostics market. Additionally, deployment of automated systems is estimated to facilitate and reorganize workflow with efficiency of screening. These all factors are estimated to offer most lucrative opportunities in the blood transfusion diagnostics market.
Regionally, North America dominated the global blood transfusion diagnostics market in terms of revenue owing to high percentage of blood donors coupled with early adoption of the advanced technologies in the region. Additionally, the presence of the developed countries such as Canada and U.S. which readily adopt better technologies and invest more in the region on healthcare. Moreover, rising stringent regulations to observe working of the blood transfusion diagnostics in the region is driving growth of the market in the region.
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This information is encompassed in the report by TMR, titled, "Blood Transfusion Diagnostics Market (Product Type - Instruments and Kits, Reagents; Application - Blood Grouping, Disease Screening (Molecular Disease Screening, Serological Disease Screening); End use - Hospitals, Diagnostic Laboratories, Blood Banks, Plasma Fractionation Companies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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