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HEALTHCARE & PHARMACEUTICAL

Blood Transfusion Diagnostics Market Analysis by Product Type (Instruments, and Reagents & Kits); by Application (Blood Group Typing, and Blood Screening); and by End User (Hospital Based Laboratories, and Blood Banks) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Danaher Corporation announced the acquisition of Aldervon. Aldervon was the only operating company within Danaher’s Life Sciences segment.
  • Grifols S.A. announced the acquisition of Biotest to boost the development and innovation of its product portfolio, increasing availability of plasma therapy for patients.

Global Blood Transfusion Diagnostics Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~4%

Base Year Market Size (2022)

~USD 4,500 Million

Forecast Year Market Size (2033)

~USD 9,000 Million

The global blood transfusion diagnostics market is estimated to garner a revenue of ~USD 9,000 million by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 4,500 million in the year 2022. The market growth is primarily driven by growing number of people with kidney malfunction. Around 850 million people are suffering with some kind of kidney problems. Additionally, around 121,000 people in the United States are in need of kidney transplantation.

Blood-Transfusion-Diagnostics-Market-Size

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Higher instances of injury and deaths caused by road accidents is to propel the growth of the global blood transfusion market. Approximately, 3,700 people die every day in vehicle crash or hit by a vehicle. Furthermore, increased pressure of chronic disease on the world and urgent requirement of blood donation due to shortage of blood donation during the pandemic are the few factors expected to propel the market growth.

Global Blood Transfusion Diagnostics Market: Growth Drivers and Challenges

Growth Drivers

  • Higher Number of People in Need of Dialysis

Dialysis is a kidney failure treatment that filters the blood to remove unwanted toxins, waste products, and excess fluids. When the kidneys fail, the body may struggle to clean the blood and keep the system chemically balanced. This is estimated to boost these blood transfusion diagnostics market during the forecast period.

Globally, approximately 5-10 million people are in need of dialysis of transplantation. Moreover, the prevalence of chronic kidney disorder is nearly 10% in men and around 11% in women.

  • Growing Prevalence of Chronic Disease

According to the World Health Organization, chronic cardiovascular disease is the leading cause of the death in the world. additionally, around 18 million people died of cardiovascular disease.

  • Need to Fill the Blood Shortage Caused During Pandemic

During COVID-19, the activity of blood donation was decreased by around 40% to 67%, which caused a huge shortage of blood in the entire world and the blood donors in various countries decreased by about 20-30%.

  • Rise in Population Suffering from COVID-19

As per the World Health Organization, around 610 million confirmed cases of COVID-19 has been reported as of September, 2022.

  • Increased Cases of Road Accidents

By the report of the World Health Organization, around 1.3 million people, every day die in road accidents.

Challenges

  • High Cost of Instruments, Tests & Treatment Required for Blood Transfusions
  • Shortage of Technologist to Perform Automated Autotransfusion
  • Lack of appropriate Infrastructure

Advanced systems such as, nucleic acid amplification test, centrifugal machines used to separate blood cells requires skilled professionals, therefore, lack expert technologist is to hamper the market growth.

The blood transfusion diagnostics market is segmented and analyzed for demand and supply by application into blood group typing and blood screening. Out of two, the blood screening segment is anticipated to hold the largest market size by the end of 2033. Rising blood donations and transfusion is likely to boost the growth of the segment. By the statistics of the WHO, about 119 million of blood is donated every year all around the world. In addition, growing penetration of sexually transmitted disease, hepatitis-B and HIV is to drive the segment growth. According to the Centers for Disease Control and Prevention, around 296 million people are living with hepatitis-B worldwide. Moreover, as per the World Health Organization, prevalence of STD has impacted more than 1 million people all over the world.

Major Macro-Economic Indicators Impacting the Market Growth

/Healthcare-Expenditure-Per-Capita

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Blood Transfusion Diagnostics Market Regional Synopsis

Blood-Transfusion-Diagnostics-Market-Scope

Regionally, the global blood transfusion diagnostics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. Higher number of road accidents taken place in the region is to drive the market growth in the North America. As of 2022, more than 6 million vehicle crashes took place in the United States. The growth is also attributed to lack of blood during COVID-19, which in turn is to propel the requirement of blood donation. Since March 2020, the rate of blood donation dropped by about 10% and there has been about 62% decrease in the blood drives across college and schools.

The global blood transfusion diagnostics market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation 

Our in-depth analysis of the global blood transfusion diagnostics market includes the following segments:

By Product Type

  • Instruments
  • Reagents & Kits

By Application

  • Blood Group Typing
  • Blood Screening

By End User

  • Hospital Based Laboratories
  • Blood Banks

 

 

 

 

 

 

 

Top Featured Companies Dominating the Global Blood Transfusion Diagnostics Market

  • Immucor, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Bio-Rad Laboratories, Inc.
  • Danaher Corporation
  • Quotient Limited
  • Beckman Coulter, Inc.
  • DiaSorin S.p.A.
  • BD (Becton, Dickinson and Company)
  • Ortho Clinical Diagnostics
  • Grifols, S.A.
  • Thermo Fisher Scientific Inc.

 

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