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What Growth Rate is Predicted for the Blood Screening Market for 2024-2033?

Over the past few years, the blood screening market has exhibited robust growth. The market is projected to expand from $2.84 billion in 2023 to $3.13 billion in 2024, boasting a compound annual growth rate (CAGR) of 10.0%. The significant growth in the historic period can be credited to the escalated demand for blood transfusions, a surging incidence of transferrable diseases, change in government regulations and standards, an increase in blood donations and collections, and widespread health concerns as well as pandemics.

Anticipated to witness quick expansion in the ensuing years, the blood screening market is projected to reach a value of $4.72 billion in 2028, expanding at a compound annual growth rate (CAGR) of 10.9%. Factors contributing to its growth during the forecast period include progress in healthcare infrastructure, public health awareness initiatives, improvements in infectious disease diagnostics, universal health anxieties and pandemic readiness. Noteworthy trends during the forecast period encompass an increase in infectious diseases, automation and efficiency enhancement, growing demands for blood transfusion, emphasis on the safety of transfusions, and research advancements in pathogen detection.

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What Drivers Are Enhancing the blood screening Market’s Growth?

The rising occurrence of infectious diseases is anticipated to stimulate the expansion of the blood screening market. Blood analysis is often done to detect illness signs by searching for an antibody created against the infectious disease, which assists healthcare providers in managing infectious diseases and averting additional transmission in patients and person-to-person dissemination. For example, the World Health Organization (WHO), a US-based government organization, stated in an October 2022 fact sheet that approximately 1.6 million people around the world died from tuberculosis in 2021 (including 187 000 people with HIV). Moreover, a WHO factsheet in December 2022 revealed an escalation in malaria cases from 227 million in 2019 to 241 million, and predicted around 6,27,000 deaths from malaria in 2020, a surge of 69,000 over the previous year’s toll. Therefore, the escalating prevalence of infectious diseases contributes to the growth of the blood screening market.

What Segments Are Central to the Blood Screening Market?

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)

What Emerging Trends Are Influencing Blood Screening Industry Dynamics?

The emergence of product innovation as a key trend in the blood screening market is gaining traction. Major companies dominating the market, are heavily investing in research and development for product innovation in order to maintain their market standing. For example, in November 2021, Intuity Medical Inc., a U.S based firm operating in the diabetes management sector, released the POGO system – an entirely automatic blood glucose monitoring device. The Pogo system incorporates 10-test cartridge technology that simultaneously lances, collects, and analyses blood from the finger, displaying results within a four-second countdown, thereby removing the need for carrying separate test strips and lancets. This offers a simpler blood glucose testing experience compared to a traditional blood glucose meter.

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Which Geographic Locations Are Critical to the Growth of the Blood Screening Market?

North America was the largest region in the blood screening market in 2023. The regions covered in the blood screening market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Blood Screening Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the blood screening market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Blood Screening Market Include

1. Blood Screening Market Executive Summary

2. Blood Screening Market Segments

3. Blood Screening Market Size And Template Market Growth Rate

4. Key Blood Screening Market Trends

5. Major Blood Screening Market Drivers

……

25. Key Mergers And Acquisitions In The Blood Screening Market

26. Top Blood Screening Companies

27. Blood Screening Market Opportunities And Strategies

28. Blood Screening Market, Conclusions And Recommendations

29. Appendix

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