Blood Transfusion Diagnostics Market to Reach US$6.0 Billion by 2025: Automated Procedures Augur Well for Future, Notes TMR
22 Aug, 2017, 06:30 ET
ALBANY, New York, August 22, 2017 /PRNewswire/ --
A recent intelligence study by Transparency Market Research (TMR) has detected that the global Blood Transfusion Diagnostic Market is highly fragmented in nature, owing to the participation of many local and regional players. As per the report's findings, the top four companies didn't even account for one-third of overall shares of the global blood transfusion diagnostics market in 2016. Apart from a few major companies, such as Immucor Inc., Ortho-Clinical Diagnostics, Inc., Bio-Rad Laboratories, Inc. Abbott Laboratories, Quotient, Ltd., BAG Health Care GmbH, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., and Hologic, Inc., most of the smaller players offer their products regionally and locally. Immucor Inc. currently accounts for the most prominent share in the global blood transfusion diagnostic market, at 11.6% in 2016, owing to its wide offerings in transfusion, transplant, and molecular diagnostics. Robust portfolio of products and solutions keeps Ortho-Clinical Diagnostics, Inc. in good stead in the global blood transfusion diagnostics market.
As per the estimations of the TMR report, the demand in the global blood transfusion diagnostics market will increment at a healthy CAGR of 6.8% during the forecast period of 2017 to 2025, reaching a valuation of US$6.0 bn by the end of 2025, significantly up from its evaluated worth of US$3.3 bn in 2016. As far as recent market developments is concerned, Abbott Laboratories and St. Jude Medical, Inc., announced definitive agreement for Abbott to acquire St. Jude Medical, creasing a premier medical device leader with top positions and high growth worldwide. BAG Health Care GmbH launched a new BAGene kid and a new BAGene format to improve the results of its existing product BAGene SSP kit.
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In terms of revenue, the kits and reagents segment of product type is anticipated to dominate the market during the forecast period, whereas application-wise, blood grouping is losing shares owing to technological advancements towards automation. Hospitals are expected to remain the most profitable end-users, by a long margin. Geographically, North America accounted for 43.1% share of the total market in 2016.
Escalating Blood Transfusion Procedures Driving Demand
Increasing number of blood transfusion procedures is the key factor augmenting the demand in the global blood transfusion diagnostics market. According to the American National Red Cross, approximately 21 million blood components are transferred in the U.S. each year. Over 90,000 people are affected by sickle cell disease in the U.S. and blood transfusion is a frequent process in sickle cell patients. In addition to that, the World Health Organization estimates that around 16 countries across the world have inadequate facilities for screening donated blood for one or more infections. This shortage is attributed to the irregular supply of test kits. Rapid technological advancement and automation in blood processing equipment, which can reduce the contamination risk associated with the collection and handling procedures, shortage of blood transfusion infrastructure in developing countries, increasing government awareness programs and incentives for blood transfusion and donation, and the development of the WHO recommended national blood policy.
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Low Blood Donation Rate Obstructing Market Prosperity
On the other hand, low blood donation rate and stringent regulation related to safe blood transfusion are a few hindrances faced by the global blood transfusion diagnostics market. The report observes that although blood donation is a remarkably safe medical procedure, lack of knowledge and beliefs obstructs potential blood donors from obliging. In addition to that, high investment and steep operational costs restrain emerging economies such as Brazil, India, China, and Indonesia from adopting new blood processing technologies. That being said, persistent awareness programs by various health organizations and government agencies is expected to somewhat overcome this restraint over the course of the forecast period.
The information presented in this review is based on a Transparency Market Research report, titled, "Blood Transfusion Diagnostics Market (Product Type - Kits & Reagents and Instruments; Application - Blood Grouping and Disease Screening (Molecular Disease Screening and Serological Disease Screening); Distribution Channel - Hospitals, Diagnostic Laboratories, and Blood Banks) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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Key Segments of the Global Blood Transfusion Diagnostics Market
The global Blood Transfusion Diagnostics Market has been segmented into:
Global Blood Transfusion Diagnostics Market, by Product Type
- Kits & Reagents
Global Blood Transfusion Diagnostics Market, by Application
- Blood Grouping
- Disease Screening
- Molecular Disease Screening
- Serological Disease Screening
Global Blood Transfusion Diagnostics Market, by End-user
- Diagnostic Laboratories
- Blood Banks
Global Blood Transfusion Diagnostics Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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