Yahoo Finance With 7.2% CAGR, US Blood Transfusion Diagnostics Market Size worth USD 3.58 Billion by 2029
According to Fortune Business Insights, the global US Blood Transfusion Diagnostics Market size is projected to reach USD 3.58 billion in 2029, at CAGR of 7.2% during forecast period; Rising Demand for Blood and Blood Components to Accelerate the US Blood Transfusion Diagnostics Market Growth
Pune, India, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The US blood transfusion diagnostics market size was valued at USD 1.91 billion in 2021. The market is projected to grow from USD 2.20 billion in 2022 to USD 3.58 billion by 2029, exhibiting a CAGR of 7.2% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “US Blood Transfusion Diagnostics Market, 2022-2029.”
Key Industry Development:
June 2022: Alba Bioscience Limited (QUOTIENT LIMITED) made an announcement that they have been granted the US FDA sanction for ORTHO Sera and ALBAclone blood grouping reagents.
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Report Scope
Report Coverage | Details |
Forecast Period | 2022 to 2029 |
Forecast Period 2022 to 2029 CAGR | 7.2% |
2029 Value Projection | USD 3.58 Billion |
Base Year | 2021 |
Market Size in 2021 | USD 1.91 Billion |
Historical Data | 2018 to 2020 |
No. of Pages | 106 |
Key Players | QUOTIENT LIMITED (Switzerland), Grifols, S.A. (Spain), Immucor, Inc. (US), Bio-Rad Laboratories, Inc. (US) |
Growth Drivers | Rising Demand for Blood and Blood Components to Accelerate the US Blood Transfusion Diagnostics Market Growth |
Market to Witness a Negative Impact due to Decline in Blood Transfusion Procedures | |
Important Business-related Announcements by Key Players to Influence Market Dynamics |
Drivers and Restraints:
Rising Demand for Blood and Blood Components to Accelerate the US Blood Transfusion Diagnostics Market Growth
The rising incidence of blood-related diseases such as hemophilia, leukemia, and thrombocytopenia among the general population in the US as well as the quickening rise in chronic diseases are to blame for the rise in the transfusion of blood and blood components.
Additionally, a growth in the prevalence of blood disorders among older patients also contributes to an increase in the demand for blood transfusion diagnostics. Similar to how the number of anemia patients has increased, the need for blood transfusion diagnostic tests has increased across the nation.
Allergies, blood-borne infections, fever, and acute hemolytic responses are occasionally possible side effects of blood transfusions. These transfusion-related side effects could have a detrimental impact on the market's projected growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
https://www.fortunebusinessinsights.com/u-s-blood-transfusion-diagnostics-market-107024
COVID-19 Impacts:
Market to Witness a Negative Impact due to Decline in Blood Transfusion Procedures
Since COVID-19 had different effects in different markets, the effects on the American healthcare system differed. The US market for blood transfusion diagnostics has shrunk as a result of preventative measures, such as lockdowns, implemented by regulatory agencies to stop the virus's spread.
As blood transfusion diagnostic procedures refer to tests carried out as a prerequisite for surgical and transplantation procedures, the decrease in the number of patients visiting healthcare facilities was accompanied by a large decrease in their frequency. Additionally, the drop in blood donations resulted in fewer blood group typing and screening operations. As a result, the US market shrank as a result of both of these issues.
Segments:
Significant Product Launches in Reagents & Kits Leads to Segment’s Dominance
On the basis of product, the market can be segmented into instruments and reagents & kits. The reagents & kits segment holds a dominant share in the market.
Blood Screening Segment to Grow at a Comparatively Faster Pace Powered by Prevalence of Transfusion-Transmissible Infections
On the basis of application, the market can be segmented into blood screening and blood group typing. The blood screening segment is expected to register a comparatively higher CAGR during the forecast period.
Strong Patient Volumes in Independent Laboratories & Blood Banks Ensure Segment’s Dominance in 2021
By end-user, the market is divided into hospital-based laboratories and independent laboratories & blood banks. The independent laboratories & blood banks segment is projected to account for the highest US blood transfusion diagnostics market share during the forecast period.
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Report Coverage:
The report presents a systematic study of the market segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental market players frequently make significant announcements about certain business decisions, which have a favorable or negative impact on the market. The actions of players include buying businesses, launching new goods, forming partnerships, signing agreements with governmental bodies, and more.
List of Key Players Mentioned in the Report:
QUOTIENT LIMITED (Switzerland)
Grifols, S.A. (Spain)
Immucor, Inc. (US)
Bio-Rad Laboratories, Inc. (US)
Merck KGaA (US)
Beckman Coulter, Inc. (Danaher) (US)
QuidelOrtho Corporation (US)
F. Hoffmann-La Roche Ltd. (Switzerland)
Abbott (US)
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Table of Content
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Market Trends
Key Insights
Blood Donations Statistics, U.S., 2021
New Product Launches
Key Industry Developments
Prevalence of Key Bleeding Disorders, U.S., 2021
Insights: Blood Donation and Blood Group Type
Blood Group Distribution among Blood Donors in U.S.
Distribution of Blood Group Type, U.S. Population, 2021
Blood Transfusion Statistics, U.S., 2021
Impact of COVID-19 on U.S. Blood Transfusion Diagnostics Market
Overview: Technological Advancements in Blood Transfusion Diagnostics
U.S. Blood Transfusion Diagnostics Market Analysis, Insights and Forecast, 2018-2028
Market Analysis, Insights and Forecast – By Product
Instruments
Reagents & Kits
Market Analysis, Insights and Forecast – By Application
Blood Screening
Blood Group Typing
Market Analysis, Insights and Forecast – By End-user
Hospital-based Laboratories
Independent Laboratories & Blood Banks
ToC Continue…!
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