Blood Transfusion Diagnostics Market Analysis

Blood Transfusion Diagnostics Market Analysis

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Based on product, the Blood Transfusion Diagnostics market is segmented as reagents & kits and instruments. The reagents & kits held a majority market value of USD 3 billion in 2022. This high market share is owing to several benefits offered by reagents & kits in precise and accurate screening and management of blood transfusion diagnostics. The expanding elderly population base along with increasing prevalence of chronic diseases requiring prolonged hospital stays will boost the segmental growth in near future. The growing patient awareness regarding reagents & kits, home diagnostics and self-testing is anticipated to boost market adoption of blood transfusion diagnostics, thereby propelling segmental growth. In order to perform more blood transfusions, reagents and kits are used more frequently and are expended at high rate in blood screening procedures, thereby fuelling the business landscape.
 

Based on application, the market is segmented as Blood grouping and disease screening. Disease screening is further bifurcated as serological disease screening and molecular disease screening. The disease screening held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace by 2032. Increasing incidence of transmitted infection cases during blood transfusion has augmented the product demand in several healthcare facilities.
 

Additionally, increasing safety concerns related to screening of blood donors to maintain safe transfusion and availability of technologically advanced blood screening products is expected to drive the market growth. Furthermore, growing focus of various research institutes on performing experiments with serological testing approaches is expected to bring breakthrough technologies for blood transfusion diagnostics market expansion.
 

Based on end-use the blood transfusion diagnostics market is segmented as hospitals, diagnostic laboratories, blood banks and others. The diagnostic laboratories segment is anticipated to grow at 6.6% CAGR through 2032. This market share is owing to the rising preference for precise blood screening coupled with growing number of diagnostic laboratories, etc. Further, diagnostic laboratories offer same-day test results along with cost-effective, high-quality services and can reduce medical expenses. Moreover, the availability of a comprehensive range of reagent & kits and instruments incorporating advanced technology for screening variety of blood components and disorders is expected to drive the demand for these healthcare settings. Thus, the high-quality services and growing number of blood transfusion diagnostics at diagnostic laboratories are anticipated to expedite the business demand.
 

U.S. dominated the North American region with majority market share and a revenue of USD 1.8 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. This majority market share is attributable to several factors such as the rising prevalence of chronic diseases and blood disorders rising healthcare expenditure along with surged product adoption across the country. The presence of prominent players are engaged in the novel technologies adoption that facilitates the industrial expansion in the region. The high prevalence of chronic & blood diseases and the rising hospital admission in the region emphasize the growing need for blood transfusion in related procedures. Furthermore, the availability of advanced technologies that enhance the quality of blood screening and blood transfusion are some other factors that facilitate the blood transfusion diagnostics market in the region.