Blood Screening Market to Reach $3.56 Billion by 2027, Growing at a CAGR of 6.9% From 2020 With COVID-19 Impact - Meticulous Research® Analysis

LONDON, April 20, 2021 /PRNewswire/ -- Meticulous Research^®, in its latest publication, titled "Blood Screening Market by Product (Reagents and Kits, Instruments, Software), Technology (NAAT [Real-time PCR], ELISA [CLIA, FIA, CI], Rapid Tests, Western Blotting, NGS), and End User (Blood Banks, Hospitals, Laboratories)-Global Forecast to 2027", states that he blood screening market is expected to grow at a CAGR of 6.9% from 2020 to 2027 to reach $3.56 billion by 2027.

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The objective of blood screening is to detect infection markers to prevent the release of infected blood and blood components for clinical use. Blood screening is a diagnostic method used to detect various health conditions, including chronic and infectious diseases. It is carried out in blood banks after collecting donated blood prior to its transfusion to avoid incompatibility issues and transfusion-transmitted infections. Blood tests also enable physicians to diagnose various diseases, administer suitable treatment, and monitor the diseases. Various technologies, such as nucleic acid amplification tests, ELISA, rapid tests, and next-generation sequencing, are utilized for blood screening.

The growth of this market is mainly attributed to the increasing number of blood donations and transfusion-related screenings, growing prevalence of infectious & chronic diseases, and increasing government initiatives. Emerging countries and technological advancements are some of the factors that offer significant growth opportunities for players operating in this market. However, the lack of legislation, regulations, and policies related to blood collection and the development of alternative technologies to replace blood screening are expected to hinder the growth of this market.

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The blood screening market experienced many challenges during the COVID-19 pandemic. Owing to the lockdowns and restrictions imposed during the peak of the COVID-19 pandemic, blood donations and collections were drastically reduced. It resulted in reduced blood and blood components and adversely affected blood system activities in many countries. Although, as the restrictions are being uplifted, the number of blood donations has been increasing. The American Red Cross also began testing all blood, platelet, and plasma donations for COVID-19 antibodies to provide the donor insight into whether they have been exposed to the coronavirus. The pandemic outbreak led to the rapid development of several serological tests that detect COVID-19 antibodies by many companies. The US-FDA granted Emergency Use Authorization (EUA) to about 50 serological tests to detect COVID-19 antibodies. To quantify the cases of COVID-19, serology testing for SARS-CoV-2 has experienced increased demand. These tests are intended to study the seroprevalence of the virus in a given population. Many diagnostic test manufactures have developed and started sales of rapid testing devices and facilities. Therefore, even though the blood donations and transfusion-related screening might have taken a hit during the pandemic's peak months, the overall impact of COVID-19 is expected to contribute positively toward the growth of the blood screening market.

The global blood screening market is segmented based on product and service, technology, end user, and geography.

Based on product and service, the blood screening market is segmented into reagents & kits, instruments, software, and services. In 2020, the reagents & kits segment accounted for the largest share of the overall blood screening market. The large share of this segment is primarily attributed to the recurrent use of reagents & kits, increasing blood donations and transfusion-related screenings, and growing prevalence of infectious and chronic diseases.

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Based on technology, the blood screening market is segmented into nucleic acid amplification, ELISA, rapid tests, western blotting, and next-generation sequencing (NGS). In 2020, the nucleic acid amplification segment accounted for the largest share of the overall blood screening market. The large share of this segment is primarily attributed to its high specificity & sensitivity over other technologies, growing focus on using POC devices, increasing prevalence of infectious & chronic diseases, and increasing blood transfusion-related screenings.

Based on end user, the blood screening market is segmented into blood banks, hospitals, and clinical laboratories. In 2020, the blood banks segment accounted for the largest share of the overall blood screening market. The large share of this segment is attributed to factors such as rising blood donations & transfusion-related screenings; growing prevalence of infectious disease pathogens, such as hepatitis B and C viruses and HIV; growing number of blood banks; and increasing awareness about transfusion-transmitted diseases.

Based on geography, the blood screening market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America held the largest share of the global blood screening market. Factors such as increasing blood donations and transfusion-related screenings, growing prevalence of infectious and chronic diseases, higher adoption of advanced blood screening technologies, presence of key players, the outbreak of COVID-19, and increasing geriatric population with increased awareness for early disease diagnosis & monitoring are responsible for the largest share of this region.

Some of the key players operating in the global blood screening market are Abbott Laboratories (U.S.), bioMérieux, Inc. (France), Bio-Rad Laboratories, Inc. (U.S.), Grifols, S.A. (Spain), Becton, Dickinson and Company (U.S.), Boster Biological Technology (U.S.), Cusabio Technology LLC (U.S.), Danaher Corporation (U.S.), Demeditec Diagnostics GmbH (Germany), and F. Hoffmann-La Roche Ltd. (Switzerland), among others.

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Scope of the Report:

Blood Screening Market, by Product

• Reagents & Kits
• NAT Kits & Reagents
• ELISA Kits & Reagents
• Other Kits & Reagents
• Instruments
• Software & Services

Blood Screening Market, by Technology

• Nucleic Acid Amplification
• Transcription Mediated Amplification (TMA)
• Real-time PCR
• ELISA
• Chemiluminescence Immunoassay (CLIA)
• Fluorescence Immunoassay (FIA)
• Colorimetric Immunoassay (CI)
• Rapid Tests
• Western Blotting
• Next-generation Sequencing (NGS)

Blood Screening Market, by End User

• Blood Banks
• Hospitals
• Clinical Laboratories

Blood Screening Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe (RoE)
• Asia-Pacific
• China
• India
• Japan
• Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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Content Source: https://www.meticulousresearch.com/pressrelease/376/blood-screening-market-2027 

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