Newark, April 17, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global blood screening market will grow from USD 2.99 Billion in 2023 to USD 8.96 Billion by 2033. The importance of undergoing blood screening lies in its capacity to identify potential health hazards and detect anomalies at an initial phase, often before the appearance of symptoms. Early recognition allows for prompt intervention and management of medical conditions, improving treatment efficiency that helps avoid complications. Additionally, blood screening plays a significant part in preventing diseases by aiding risk evaluation, creating tailored interventions, and promoting wellness approaches specific to individual requirements. Regular blood screenings are crucial in monitoring the effectiveness of treatment. They are especially important for individuals receiving medical treatments like chemotherapy or anticoagulant therapy to keep track of medication levels, detect any side effects and modify treatment schedules accordingly. Routine blood tests also play a critical role in managing chronic conditions such as diabetes or hypertension by assessing disease control, allowing healthcare professionals to adjust treatments for optimal health results.
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Key Insight of the Blood screening Market
Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia Pacific is expected to grow at the highest CAGR within the global blood screening market. The Asia Pacific region will significantly expand. The Asia Pacific region is experiencing tremendous growth in the global blood screening industry, thanks to its rapid economic development and expanding healthcare infrastructure. Countries including China, Japan, India and Southeast Asian nations comprise this diverse market with a range of regulatory frameworks and levels of healthcare expenditure. Investment towards blood safety awareness has increased due to growing concern about infectious diseases and government initiatives to improve health systems that demand better technology improvements for blood transfusion services. Given these developments, many players within the industry are focusing on expansion strategies such as partnerships or product customization, which would cater specifically for unique preferences across multiple markets simultaneously.
The ELISA segment is expected to grow at the highest CAGR during the forecast period.
The technology segment includes Nucleic Acid Amplification Test (NAT), ELISA, Chemiluminescence Immunoassay (CLIA) and Enzyme Immunoassay (EIA), Next Generation Sequencing and Western Blotting. The ELISA segment is expected to grow at the highest CAGR during the forecast period. ELISA, a highly adaptable platform for serological testing, has become an essential technology in blood screening due to its cost-effectiveness, high throughput capabilities and versatility. This approach relies on the interaction between antigens and antibodies and enzyme-mediated colorimetric or chemiluminescent reactions to identify specific biomarkers in serum samples. It is commonly used as part of infectious disease screenings such as syphilis and hepatitis C infections, amongst others, by enabling rapid detection that aids donor screening while also aiding accurate surveillance efforts against diseases like HIV/AIDS.
The instrument segment is expected to grow at the highest CAGR during the forecast period.
The product segment includes instrument and reagents. The instrument segment is expected to grow at the highest CAGR during the forecast period. The industry of blood screening encompasses the instruments category, which denotes all hardware and gear for scrutinizing blood samples. It comprises advanced analyzers, diagnostic tools, and testing equipment that are indispensable in conducting different tests to detect anomalies within the sample. A key aspect observed in this sector pertains to consistent technological progress culminating in higher-throughput analyzing devices alongside point-of-care inspection apparatuses aiming to augment precision levels while making such screenings more efficient and easily accessible than before, thus catering to an escalating demand for rapid diagnostics.
The hospital segment is expected to grow at the highest CAGR during the forecast period.
The end-user segment is bifurcated into hospitals and blood banks. The hospital segment is expected to grow at the highest CAGR during the forecast period. Hospitals are the primary providers of transfusion medicine services and comprise various healthcare facilities such as tertiary care hospitals, community hospitals, and specialty clinics. With blood banks and transfusion services, these institutions rely on them to deliver secure and suitable blood products needed for patient treatment during medical emergencies or surgical procedures. Hospitals assume a critical role in screening donated blood by determining what patients require transplants so that they may order appropriate product types while also guaranteeing prompt delivery & administration.
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Recent Developments:
• In July 2023: The first direct-to-consumer blood test to detect abnormal levels of beta-amyloid, a critical protein linked to Alzheimer’s disease that may show signs years before dementia symptoms do, was just released by Quest Diagnostics. The news stems from Leqembi, a drug developed by Eisai and Biogen in partnership, recently received regulatory approval in the United States. Leqembi is intended to remove amyloid from the brain and has shown promise in reducing the rate at which Alzheimer’s disease progresses in those who are still in the early stages of the illness.
Market Dynamics
Driver: Growing Emphasis on Preventive Healthcare
The growing importance of preventive healthcare is boosting the market growth and development in the present scenario. Blood screening is crucial in this approach as it allows for early detection and intervention against infectious diseases, genetic disorders, and chronic illnesses. This capacity enables timely medical treatment when required. Moreover, proactive approaches to managing one’s well-being have driven demand for comprehensive blood screening solutions offering support. As such, market growth reflects an increased focus on disease prevention initiatives to promote healthier lifestyles. This factor is stimulating the market growth and development.
Restraint: Risk of Blood Transfusion-Transmitted Infections
Although strict measures for blood screening have been put in place, there is still a lingering risk of transfusion-transmitted infections caused by viruses, bacteria, and parasites. The time window between the contraction of infection and detection can cause challenges to prompt identification. At the same time, the emergence of new pathogens could heighten potential risks associated with transfusions, leading to severe illness or death. Additionally, emerging infectious diseases such as Zika virus, dengue fever & chikungunya create further obstacles towards ensuring safe practices related to the procurement/national distribution/blood donation systems. These factors can lead to increased market instability.
Opportunity: Technological Advancements
The blood screening market’s evolution is primarily propelled by technological advancements, which serve as its cornerstone. Notably, the advancements in molecular diagnostics, automation and high-throughput technologies have resulted in a pioneering transformation of this industry – elevating efficiency levels via better accuracy rates while also increasing throughput capacity notably well. In contemporary times, precision detection techniques such as nucleic acid testing (NAT), polymerase chain reaction (PCR) & next-generation sequencing (NGS) are now utilized for assaying samples to bolster their capabilities further; each technique provides unparalleled specificity/sensitivity resulting in exceptional clinical functionality concerning infectious agent detection methods.
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Some of the major players operating in the Blood Screening Market are:
• Abbott Laboratories
• Bio-Rad Laboratories, Inc.
• Roche Diagnostics
• Grifols
• Thermo Fisher Scientific Inc.
• Ortho Clinical Diagnostics
• Quest Diagnostics
• Bio-Techne Corporation
• Siemens Healthineers
• Becton, Dickinson and Company (BD)
• BioMérieux SA
• F. Hoffmann-La Roche Ltd.
• Sysmex Corporation
Key Segments Cover in the Market:
By Technology:
• Nucleic Acid Amplification Test (NAT)
• ELISA
• Chemiluminescence Immunoassay (CLIA) and Enzyme Immunoassay (EIA)
• Next Generation Sequencing
• Western Blotting
By Product:
• Reagent
• Instrument
By End-user:
• Blood Banks
• Hospitals
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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