Categories: Market Research

Blood Screening Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

The Blood Screening by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Blood Screening, The blood screening market size has grown strongly in recent years. It will grow from $2.84 billion in 2023 to $3.13 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increased blood transfusion requirements, rising prevalence of transmissible diseases, government regulations and standards, increasing blood donations and collection, global health concerns and pandemics..

The blood screening market size is expected to see rapid growth in the next few years. It will grow to $4.72 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to healthcare infrastructure development, public health awareness programs, advancements in infectious disease diagnostics, global health concerns and pandemic preparedness.. Major trends in the forecast period include rise in infectious diseases, automation and efficiency, rising blood transfusion demands, focus on transfusion safety, research in pathogen detection..

The increasing prevalence of infectious diseases is expected to propel the growth of the blood screening market going forward. Blood is commonly analyzed for symptoms of illness by looking for a specific antibody generated against the infectious agent, which aids the medical practitioner in treating infectious diseases and preventing further transmission of infection in patients and disease spread from one to one. For instance, in October 2022, according to the fact sheet published by World Health Organization (WHO), a US-based government agency, approximately 1.6 million persons worldwide passed away from tuberculosis in 2021 (including 187 000 people with HIV). Additionally, in December 2022, according to the fact sheet published by World Health Organization, malaria cases increased from 227 million in 2019 to 241 million, and around 6,27,000 people were predicted to die from malaria in 2020, an increase of 69,000 fatalities over 2019. Therefore, the increase in the prevalence of infectious diseases is driving the growth of the blood screening market.

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The blood screening market covered in this report is segmented –

1) By Product: Reagents and Kits, Instruments, Software and Services

2) By Technology: Nucleic Acid Testing, Enzyme-Linked Immunosorbent Assay (ELISA), Rapid Tests, Western Blot Assays, Next-Generation Sequencing (NGS)

3) By End User: Blood Banks, Diagnostic Centers and Pathology Labs, Hospitals, Clinics, Ambulatory Surgical Centers (ASCs)

Product innovation is a key trend gaining popularity in the blood screening market. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the market. For instance, in November 2021, Intuity Medical, Inc., a US-based company operating in diabetes management, introduced the POGO system, an automatic blood glucose monitoring device. The Pogo system utilizes 10-test cartridge technology in which lances, collects, and analyses blood from the finger all at once and displays results in a four-second countdown, eliminating the need to carry additional test strips and lancets. It provides a straightforward blood glucose testing experience than a conventional blood glucose meter.

The blood screening market report table of contents includes: