Global Blood Transfusion Diagnostics Market Forecast to 2028 - Featuring Bio-Rad Laboratories, Abbott, Thermo Fisher Scientific and Ortho Clinical Diagnostics Among Others - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Oct 3, 2022--

The "Blood Transfusion Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Application, and End User" report has been added to ResearchAndMarkets.com's offering.

The global blood transfusion diagnostics market is expected to grow from US$ 4,096.93 million in 2021 to US$ 6,483.75 million by 2028. It is estimated to grow at a CAGR of 6.9% from 2022 to 2028. The report highlights prevailing trends and factors driving the market growth.

The growth of the global blood transfusion diagnostics market is attributed to the rapid increase in chronic diseases and the need for blood transfusion due to the rise in organ transplant surgeries. However, the problems associated with blood transfusion services hinder the overall market growth.

Blood transfusion diagnostics refers to tests performed on blood and blood components before they are transfused to patients. A blood transfusion is a common procedure in which donated blood or blood components are transfused into the patient's body through an intravenous line (IV).

Each unit of blood must undergo blood typing, which refers to identification of blood type and blood screening, including disease detection tests to avoid side effects or transmission of infection. Blood screening before transfusion is performed through instruments, kits, and reagents to identify various diseases, such as HIV, hepatitis B, hepatitis C, Zika, and different viruses and infections.

According to the data published by the National Institute of Cancer Prevention and Research (NICPR) and the Indian Council of Medical Research (ICMR), the yearly prevalence of cancer in India is estimated at ~2.25 million, leading to numerous surgical procedures.

Chronic diseases, such as cancer, cardiovascular diseases, and renal disorders, are major causes of human death worldwide. These conditions are generally treated via surgical procedures, which are associated with a chance of excessive blood loss. Fresh blood is infused into patients to maintain their blood levels. Blood transfusion diagnostics are used during the blood infusion or reinfusion processes. Hence, the global blood transfusion diagnostics market is rising with the rapid increase in chronic diseases.

Impact of COVID-19 Pandemic on Global Blood Transfusion Diagnostics Market

The COVID-19 pandemic negatively impacted blood services operations worldwide. Blood collection was affected due to the decrease in donor availability caused by avoidance of public places, social distancing policies, and cancellation of blood drives. The negative impact on blood collection led to a reduction in blood transfusion due to insufficient blood supply.

For instance, a research conducted by RMIT University, Australia, titled "The Impact of COVID-19 on Blood Transfusion Services: A Systematic Review and Meta-Analysis," revealed that the average decrease in blood donations was found to be 38% in the country. To cope with the blood shortage, campaigns were implemented to appeal for blood donation, raise public awareness about the importance of blood donation, and gain donors' confidence in safe blood donation. For instance, upon Korean Red Cross Blood Services' (KRCBS) request, the Ministry of Health and Welfare (MoHW) approved the relaxation of the geographical restrictions regarding indigenous malaria, thus enabling the collection of more than 23,000 units of whole blood.

Furthermore, doctors took the initiative to control unnecessary blood transfusions. For instance, according to the news published by ABC Science, in March 2022, Australian doctors warned against unnecessary blood transfusions in Australian hospitals. Also, as medical and surgical practices were restricted, the need for blood transfusions was decreased too. Thus, the above factors and instances indicate that the blood transfusion diagnostic market witnessed a negative COVID-19 impact.

Market Dynamics

Drivers

• Rapid Increase in Chronic Diseases
• Need For Blood Transfusion due to Rise in Organ Transplants Surgeries

Restraints

• Problems associated with Blood Transfusion Services

Opportunities

• Elevated Healthcare Expenditure in Emerging Economies
• Growing Initiatives by Governments

Future Trends

• Technological Developments in Blood Transfusion Diagnostics

Companies Mentioned

• Grifols, S.A.
• F. Hoffmann-La Roche Ltd
• Immucor, Inc.
• Bio-Rad Laboratories Inc.
• Abbott
• Thermo Fisher Scientific Inc.
• Ortho Clinical Diagnostics
• DiaSorin S.p.A.
• Quotient Limited
• BAG Diagnostics GmbH

For more information about this report visit https://www.researchandmarkets.com/r/xkegrq

View source version on businesswire.com:https://www.businesswire.com/news/home/20221003005860/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./ CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

KEYWORD:

INDUSTRY KEYWORD: GENERAL HEALTH HEALTH OTHER HEALTH

SOURCE: Research and Markets

Copyright Business Wire 2022.