Blood Transfusion Diagnostics Market Trends

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 the blood transfusion diagnostics market during the forecast period. Globally, approximately 5-10 million people need dialysis or transplantation. Moreover, the prevalence of chronic kidney disorder is nearly 10% in men and around 11% in women.
Growing Prevalence of Chronic Disease – Chronic diseases such as cancer, cardiovascular diseases, leukemia, and other autoimmune diseases may require a blood transfusion. According to the World Health Organization, chronic cardiovascular disease is the leading cause of death in the world. additionally, around 18 million people died of cardiovascular disease.
Need to Fill the Blood Shortage Caused During Pandemic - Blood shortages have been caused by COVID-19's impact on supply chains and blood donation networks. This is especially concerning during emergencies since operations and emergency medical treatment frequently require blood. The market for blood transfusion diagnostics may expand as a result of the growing need for diagnostic tools and tests to check for these diseases. During COVID-19, the activity of blood donation decreased by around 40% to 67%, which caused a huge shortage of blood in the entire world and the number of blood donors in various countries decreased by about 20-30%.
Increased Cases of Road Accidents – Road accidents often lead to urgent emergency room (ER) visits, which may require blood for transfusion immediately. By the report of the World Health Organization, around 1.3 million people, every day dies in road accidents.

Challenges

Shortage of Technologists to Perform Automated Autotransfusion - Advanced systems such as nucleic acid amplification test, and centrifugal machines used to separate blood cells requires skilled professionals, therefore, the lack of expert professionals is hampering the market growth.
Lack of appropriate Infrastructure
High Cost of Instruments, Tests & Treatment Required for Blood Transfusions

Blood Transfusion Diagnostics Market: Key Insights

Base Year	2022
Forecast Year	2023-2033
CAGR	~4%
Base Year Market Size (2022)	~USD 4 Billion
Forecast Year Market Size (2033)	~USD 9 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Growing cases of COVID-19, rising road accidents, a dearth of blood donations, and a higher number suffering from kidney issues and chronic disease are the few factors likely to propel the market growth.

The market is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2023-2033.

The dearth of skilled technicians, exorbitant prices of tests and instruments, and shortage of infrastructure are the few factors that are likely to hamper the market growth.

The market in the North American region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Immucor, Inc., 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., and so onâ€¦

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product type, application, end-user, and by region.

Blood screening is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Blood Transfusion Diagnostics Market Trends