Global Blood Screening Market Gaining Momentum—Projected to Reach worth USD 4.0 Billion in 2027
Published | 11 May 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global blood screening market was worth USD 1.8 billion in 2020 and is further projected to reach USD 4.0 billion by 2027, at a CAGR of 11.1% during the forecast period (2021-2027). This drastic rise can be attributed to increased blood donation awareness, the frequency of various infectious diseases, and ongoing campaigns by government and non-governmental organizations to inspire people to donate blood. Moreover, ensuring safety is also a concern prior to a blood transfusion to prevent transmission of various infectious diseases such as HBV (hepatitis B), HCV (hepatitis C), HIV1 (Human immune deficiency virus), COVID-19, HIV2, etc.
Growing frequency of infectious diseases
In recent years, there has been a sudden increase in different forms of infections caused by bacteria, viruses, fungi, zoonotic diseases (originating in animals), and so on. humankind has seen a sudden surge in various types of infections related to bacteria, viruses, fungi, zoonotic diseases (originating in animals), etc. Additionally, various pathogens also attack the living organisms through various vectors (virus in most cases). Also, comprehensive R&D is being performed to classify the characteristics of pathogens in order to diagnose their presence in the blood. In general, a physician recommends a blood test to patients in order to detect any serious diseases or complications as early as possible. To ensure efforts to prioritize R&D in public health emergency contexts, the WHO recently identified the high risk of various potential pathogens and diseases like COVID-19, Crimean-Congo hemorrhagic fever, Lassa fever, Ebola virus disease, Middle East respiratory syndrome coronavirus (MERS-CoV), Marburg virus disease, Severe Acute Respiratory Syndrome (SARS), Nipah and henipaviral diseases, Rift Valley fever, and Zika. Furthermore, increased awareness regarding blood donations is also expected to drive the market.
Increased Awareness for Blood Donations
Donations and pre-transfusion research have become more common as a result of various initiatives by both governments and non-governmental organizations. Rising awareness and the tremendous need for safe blood transfusions are set to mark opportunities in developing countries. According to a 2018 study released by the US Department of Health and Human Services, Millennials (most adults in their 20s and 30s) accounted for 36.5 % of newly recorded chronic hepatitis C infections. Baby boomers (most adults in their mid-50s to early 70s) accounted for 36.3% of newly reported chronic hepatitis C infections. Generation X (adults in their late 30s to early 50s) accounted for 23.1% of newly reported chronic hepatitis C infections. Thus, tests for hepatitis B, hepatitis C, and viruses have almost doubled in many regions when compared to historical data. It is important to recognize the initiatives of different organizations. For example, the Australian Red Cross launched an initiative called “First Blood: overcoming donor fear” to encourage people to donate blood by sending out a toolkit via SMS that helps first-time donors overcome their anxiety.
Global Blood Screening Market: By Product and Services
Based on product and services, the global blood screening market is categorized into reagents and kits, NAT reagents and kits, ELISA reagents and kits, other reagents and kits, instruments, outright purchase, rental purchase, software, and services. Because of their high precision, the reagents and kits segment has dominated the market. Precision in detecting the presence and form of infection, even in small samples, is another main feature driving reagents' growth in this market.
The instrument segment is also catching up in the market due to the market approval for the introduction of blood screening devices. For instance, the FDA approved Roche’s Cobas Zika donor screening test for detecting Zika virus. This was considered a great step to prevent the outbreak.
Impact of COVID-19
COVID-19's outbreak has had a devastating effect on all sectors. Following the WHO's declaration of COVID-19 as a pandemic, governments around the world were forced to implement concrete initiatives to halt the spread of the virus. Furthermore, the ban on clinic entry, as well as social distancing practices and full-scale locks announced in many countries have shrunk the market. Curfews and lockdowns across the world have nearly halted blood collections, reduced/cancelled collection drives, diminished the demand for donated blood, and harmed the global development of the blood screening industry. However, governments around the world are taking steps to raise blood donations in order to meet the sudden increase in demand following the lockout.
North America leads the Global Blood Screening Market
North America dominates the global blood screening market. The growth of the North American blood screening market can be attributed to the evolving demand for donated blood, the increasing number of blood donors, the high prevalence of infectious diseases, and the high prevalence of novel pathogens, the presence of high-quality infrastructure for hospitals and clinical laboratories, and the presence of major market players in the region. Additionally, the global blood screening market is growing at the highest pace in the Asia Pacific region due to rising patient affordability increasing awareness about blood donation, and enhanced focus of major industry players on emerging countries in the region.
Competitive Landscape
The global blood screening market's high growth potential has attracted many new entrants, creating a lucrative opportunity. The arrival of new entrants has resulted in healthy competition among the industry's long-standing service providers. The market seems to be fragmented with major players namely Grifols, F. Hoffmann-La Roche AG, Abbott Laboratories, BioMérieux, Bio-Rad Laboratories, Siemens Healthineers, Danaher Corporation, Thermo Fisher Scientific Inc., Ortho Clinical Diagnostics, Inc., Becton, Dickinson and Company, DiaSorin, GFE, Trinity Biotech, Merck Millipore, GE Healthcare, Perkin Elmer, Bio-Techne Corporation.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the blood screening market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global blood screening market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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