What Will The Blood Screening Market Look Like In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s blood screening market report forecasts the blood screening market size to grow to $4.24 Billion by 2027, with a CAGR (compound annual growth rate) of more than 9%.
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Blood Screening Market Size Forecast
The global blood screening market is expected to grow from $2.65 billion in 2022 to $2.92 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global blood screening market size is expected to reach $4.24 billion in 2027 at a CAGR of 9.7%.
North America held the largest blood screening market share.
Key Blood Screening Market Driver – Increase In The Prevalence Of Infectious Diseases
According to a fact sheet produced by the World Health Organisation (WHO), a US-based government body, around 1.6 million people worldwide died from tuberculosis in 2021 (including 187 000 people with HIV). Furthermore, according to a World Health Organisation fact sheet published in December 2022, malaria cases jumped from 227 million in 2019 to 241 million in December 2022, and around 6,27,000 people were anticipated to die from malaria in 2020, an increase of 69,000 fatalities over 2019. As a result, the rising prevalence of infectious diseases is propelling the blood screening market forward.
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Key Blood Screening Market Trend – Product Innovation
To maintain their market position, major market players are focusing on research and development for product developments. For example, Intuity Medical, Inc., a diabetes management firm based in the United States, unveiled the POGO system, an autonomous blood glucose monitoring device, in November 2021. The Pogo system employs 10-test cartridge technology, which lances, collects, and analyses blood from the finger at the same time and shows results in a four-second countdown, eliminating the need to carry extra test strips and lancets. It offers a more straightforward blood glucose testing experience than a standard blood glucose metre.
Blood Screening Market Segment
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)
Blood Screening Market Major Players and Strategies
Major players in the blood screening market are Abbott Laboratories, Grifols S.A, Becton Dickinson and Company, F. Hoffmann-La Roche AG, bioMérieux SA, Bio-Rad Laboratories Inc., Thermo Fisher Scientific, Ortho Clinical Diagnostics, Beckman Coulter Inc., Siemens Healthineers, GE HealthCare, DiaSorin, Merck KGaA, PerkinElmer Inc., and Bio-Techne Corporation.
Hoffmann-La Roche AG, a Swiss pharmaceutical and diagnostic firm, paid an undisclosed sum to buy TIB Molbiol Group in December 2021. F. Hoffmann-La Roche AG hopes to improve its capacity for the rapid development of assays for new pathogens and future health hazards such as infectious illnesses with this acquisition. TIB Molbiol Group is a diagnostics company established in Germany that specialises in blood screening for testing, life science research, and medical diagnostics.
The Blood Screening Global Market Report 2023 covers regional data on blood screening market size, blood screening market trends and drivers, opportunities, strategies, and blood screening market competitor analysis. The countries covered in the blood screening market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
A method of screening blood, plasma, or blood components for transfusion or use in blood products is referred to as blood screening. It is used to look for antibodies or tumour markers, as well as to look for disease-causing substances or symptoms and to assess therapy success.
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