Market Definition
The global blood transfusion diagnostic market was valued at USD 4.4 billion in 2021 and it is anticipated to grow further till USD 8.7 Billion by 2031, at a CAGR of 7.1% during the forecast period.
Tests that are carried out on blood and blood components before they are administered to patients are referred to as blood transfusion diagnostics. In order to avoid negative responses or the spread of any infections, blood units must undergo blood group typing and disease screening tests. It is an essential component of transfusion therapy that checks the compatibility of blood samples from donors and recipients and gives medical practitioners valuable information.
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Market Outlook
One of the factors driving the demand for blood transfusions is the rising prevalence of chronic and infectious diseases like severe anaemia, cancer, haemophilia, kidney, liver, severe infection, sickle cell disease, and thrombocytopenia as well as the introduction of technologically advanced products. Anemia is one of the most prevalent blood-related disorders, affecting over 3 million people in the United States, and the majority of cases are caused by iron deficiency, according to the National Heart, Lung, and Blood Institute. Donor screening is in high demand because to the rising danger of transfusion-transmitted infections (TTIs). Donor screening is becoming more and more important in order to protect patients from unsuitable blood and blood products and fight TTIs. TTI testing has become a required routine in a number of nations, including the UAE, South Africa, and the US. Thus, it is anticipated that a variety of variables, including the increase in TTI cases and the underdiagnosis of affected donors, will significantly influence the blood transfusion diagnostics market.
Market Restraints and Challenges
There are several challenges restraining the growth of this market despite the rising frequency of chronic blood illnesses and the greater need for blood products and transfusions. Lack of investment in healthcare infrastructure and strict government regulations, particularly in emerging nations when compared to wealthy nations, are two contributing factors. Another factor restraining the growth of the blood transfusion diagnostics market during the projection period is the high cost of the tests, tools, and reagents combined with the dearth of experienced people to handle automated diagnostic solutions.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Segmental Overview
The global blood transfusion diagnostic market is segmented into product, application, end user, and region.
Major Players
The key players studied in the report are Immucor, Inc., Ortho Clinical Diagnostics, Abbott, Bio-Rad Laboratories, F. Hoffmann-La Roche AG, Quotient Limited, BAG Healthcare GmbH, DiaSorin S.P.A., Danaher, and BIO KIT (Werfen) among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 – US$ 4.4 Billion
• Market Size in 2031 – US$ 8.7 Billion
• CAGR % – 7.1%
• Historic Period – 2015-2020
• Forecast Period – 2022-2031
• Base Year – 2021
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