The global “blood screening market” size is projected to reach USD 4.09 billion by the end of 2026. The increasing awareness regarding blood disorders will lead to a wider adoption across the world. According to a report published by Fortune Business Insights, titled “Blood Screening Market Size, Share & Industry Analysis, By Product Type (Instruments, and Reagents & Kits), By Technology (Molecular Tests, and Serology Tests), By End User (Independent Clinical Laboratories, Hospital-based Laboratories, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 2.31 billion in 2018 and will exhibit a CAGR of 7.4% during the forecast period, 2019-2026.
Blood screening is a process that is carried out before blood donations or transfusions. It is carried out to examine and study the nature of the blood and detect infectious presence. Contributions from government as well as private organizations towards the use of blood screening processes will emerge in favour of the companies operating in this market. The increasing number of regulatory approvals for new tests will bode well for the market in the coming years. Moreover, the increasing investment towards developing advanced processes will have a positive impact on the growth of the market in the foreseeable future.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.
North America to Emerge Dominant; Increasing Investments by Major Companies Will Aid Market Growth
The report analyses the ongoing blood screening market trends across North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America currently dominates the global market accounting to the massive adoption of blood screening procedures by people across the country. The increasing awareness regarding the adverse effects of use of contaminated blood has played a major part towards the rapid adoption of this procedure. As of 2018, the market in North America was worth USD 967.0 million and this value is projected to increase further in the coming years.
A few of the leading companies that are operating in the global blood screening market include:
- Bio-Rad Laboratories, Inc.
- Hoffmann-La Roche
- Ortho Clinical Diagnostics
- DiaSorin S.p.A.
- Thermo Fisher Scientific Inc.
- Other Players
Increasing Number of Regulatory Approvals Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing number of regulatory approvals has had a massive impact on the growth of the market in recent years. The high investments made by large scale companies have yielded improved products; subsequently leading to an increasing number of FDA cleared products. Grifol’s latest approval for its Procleix Ultrio Elite and Procleix WNV is a perfect example of a major industry development of recent times. Grifol’s latest approval will come as a welcome step towards the growth of the company. Moreover, this step will have a direct impact on the global market, considering the worldwide consumer base coverage of the company.
April 2019: Bio-Rad Laboratories, Inc. announced that it has received approval from the U.S Food Drug and Administration (FDA) for its IH-500 system.
Key Segments within the Market
By Product Type
- Reagents & Kits
- Molecular Tests
- Serology Tests
By End User
- Independent Clinical Laboratories
- Hospital-based Laboratories
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)