Global Blood Screening Market to register a CAGR of 8.7% through 2026

June 04, 2020

As per the report titled ‘Global Blood Screening Market Size study, by Product (Reagents & Kits, Instruments and Software & Services), By Technology (Nucleic Acid Testing, ELISA, Rapid Tests, Western Blot Assays and Next Generation Sequencing (NGS)) By End-User (Blood Banks and Hospitals) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global blood screening market was worth USD 2.02 billion in 2018 and is projected to record a y-o-y growth of 8.7% through 2026.

Blood screening is a medical procedure wherein the blood is tested for a specific condition by detection of markers for infection. This technology aids in monitoring diseases and is widely used in diagnosing various conditions such as infections, HIV, and cancer.

Global blood screening market is primarily driven by high pervasiveness of infectious diseases and growing demand for safe blood units. For Instance, as per the LANCET Public Health in 2017, the number of HIV cases increased from 0.23 per 100,000 in 2004 to about 4.2 per 100,000 individuals in 2017. Likewise, according to SupChina Organization, the number of HIV-positive people grew from 759,000 in 2017 to approx. 1.2 million in 2018. Similarly, the data revealed by National Center for Health Statistics cites that about 54,285 new cases of salmonella were reported across United States in 2017.

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According to the report, the incorporation of nucleic acid amplification tests and advancements in blood screening tests are expected to push the market forward. Furthermore, the emergence of multiplexing and microbiology screening will present new growth opportunities in the coming years.  On the contrary, high initial set up cost and stringent policies & norms for blood bank and screening tests may hinder the market growth over the forecast period.

As per the regional analysis, the market is divided into North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America blood screening market is anticipated to display strong growth over the forecast timeline. Rising prevalence of infectious diseases, surging demand for blood donations, presence of well-established healthcare infrastructure, and discoveries of new pathogens are the key factors supporting the regional market expansion.

Meanwhile, Asia Pacific is anticipated to grow rapidly in the forthcoming years, owing to increase in number of public-private initiatives geared towards promoting advance research practices, along with increasing investment for blood screening research across the region.

Key players operating in global blood screening market are F. Hoffmann-La Rochen AG, Grifols S.A, Abbott Laboratories, Bio-Rad Laboratories Inc., Biomérieux, Becton, Dickson and Company, Ortho Clinical Diagnostics, Danaher Corporation, Thermo Fisher Scientific, and Siemens Healthineers AG.

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