Blood transfusions have gained wide acceptance amongst medical practitioners and healthcare stakeholders, in the wake of rising prevalence of chronic ailments such as sickle cell anemia, aplastic anemia and leukemia. As a result, several key market players have augmented their spending on research and development of advanced instruments, assays and kits for hospitals and blood banks.
With the COVID-19 pandemic’s outbreak, the prospects for the global blood transfusion diagnostics market are set to heighten. Recently, the United States FDA has approved trials of plasma transfusions from recovered COVID-19 patients to infected ones. The plasma from formerly infected patients contain antibodies which are anticipated to help infected patients fight the disease. Based on these trends, the global blood transfusion diagnostics market is set to leverage at a CAGR of 6.3% across the forecast period.
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Key Takeaways of Global Blood Transfusion Diagnostics Market Study:
- By product type, the kits & reagents segment is projected to grow the fastest, at a CAGR of 6.8%. Increase in the volume of blood donations and rise in the number of blood transfusion procedures have augmented consumption of blood transfusion kits and reagents.
- By application, molecular disease screening is poised to register maximum growth, attributed to rising prevalence of Transfusion Transmitted Infections (TTIs) such as Hepatitis C &B and introduction of techniques such as Nucleic Acid Amplification Test (NAT). The segment is anticipated to expand 1.4x during the forecast period.
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- By end-users, blood banks are projected to find substantial usage of blood transfusion diagnostics. Increasing number of blood banks and rising adoption of automated instruments for blood grouping and disease screening tests are anticipated to drive the growth of this segment. More than two-fifths of the global blood transfusion diagnostics market shall be held by blood banks.
- By region, North America shall dominate the global blood transfusion diagnostics market. This is courtesy a high proportion of voluntary blood donors, favorable policies allowing adoption of advanced testing methods, and increasing number of blood transfusions which are key growth determinants of this region. The North American market shall expand approximately 1.4x, capturing more than 3/10th of the overall market.
- Asia-Pacific is poised to grow most rapidly. Increased incidences of TTIs in low and middle-income countries, rising blood donors and blood donation centers and demand for pre-transfusion testing are key factors driving the region’s growth. The Asia-Pacific market shall leverage at a CAGR of 7.0%, capturing more than 2/5th of the market in the forecast period.
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- The ongoing COVID-19 pandemic has posed significant challenges to the healthcare industry, with paramedics and healthcare professionals working round-the-clock to find potential cures and eradication methods. Convalescent Plasma Therapy (CP) is being explored as a potential approach towards diagnosing and suggesting possible cure for the COVID-19 disease. The CP therapy has been in use since a century to prevent and treat several infectious diseases. Recent applications include cures for MERS, SARS and H1N1 infections.
- Market players such as CSL Behring are conducting research on eradicating the novel coronavirus. CSL is part of an alliance of companies working on developing an unbranded anti-SARS-CoV-2 polyclonal hyperimmune immunoglobin medicine with the potential to treat individuals with a high risk of COVID-19, and support national governments in their efforts to fight the current pandemic.
“The global blood transfusion devices shall burgeon, owing to rising prevalence of chronic ailments and technological breakthroughs which shall aid in treating debilitating diseases. Techniques such as plasma fractionation are seen as potent solutions for eradicating debilitating conditions such as leukemia,” concludes a Fact.MR analyst.
Global Blood Transfusion Diagnostics Market Competition Landscape:
The global blood transfusion diagnostics market consists of the following prominent market players: Grifols S.A., Bio-Rad Laboratories, Inc., Immucor, Inc., CSL Ltd., Abbott Laboratories, and DiaSorin S.p.A. These market players concentrate on introducing technological advancements in testing procedures. An example of such technological development is plasma fractionation.
CSL Ltd., is a major player in the plasma fractionation industry. The company collected an estimated 9 million liters of plasma in 2016. In this technique, various components such as immunoglobulins, albumin and other proteins are extracted for several treatment procedures.
Likewise, Grifols S.A also specializes in plasma fractionation techniques. It manufactures plasma derived products for treating various conditions such as coagulation disorders, pulmonary disorders, immunodeficiencies and shock and trauma. Its products include the BloodChip multiplex blood group genotyping kit based on Luminex technology for the main allelic variants of red blood cells and human platelet antigens.
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The research study on the global blood transfusion diagnostics market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global blood transfusion diagnostics market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of Product Type (Instruments and Kits & Reagents), Application (Blood Grouping and Disease Screening) and End-User (Hospitals, Diagnostic Laboratories, Blood Banks, Plasma Fractionation Companies and Others) across five major regions.
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