According to the deep-dive market assessment study by Growth+ Reports, the blood screening market was valued at ~US$ 2.3 billion in 2021. The market is expected to witness a CAGR of ~8.1% from 2022 to 2030.
The global blood screening market is expected to develop considerably during the forecast period. The growth can be due to various factors such as higher blood donation rates, the prevalence of chronic illnesses and infectious diseases, and expanding economies. Other market drivers include the rapid development of new technologies and the introduction of enhanced products. Another beneficial factor in the market is the increase in healthcare initiatives or investments from public and private organizations.
Growing chronic illness/disease occurrences also contribute to market expansion. An increase in such incidences is a prime cause of the rise in fatalities. The risk factors include poor eating habits, physical inactivity, and use of cigarettes/tobacco and alcohol. According to the WHO (World Health Organization) report for 2021, nearly 17.9 million people die every year due to chronic diseases such as cancers (9.3 million), respiratory diseases (4.1 million), and diabetes (1.5 million). Thus, these factors encourage the growth of the market globally.
Increasing technological innovation and product launches are major drivers for the market. Innovative techniques are developed to fulfill the unmet needs and provide satisfactory results. For instance, in March 2021, a team of laser physicists, physicians, and molecular biologists based at LMU Munich and Max Planck Institute for quantum optics introduced an innovative blood test, using infrared light as a future prospect of minimally invasive infrared spectroscopy. The development of such technologies, which can provide blood screening results with a non-invasive technique using automation and bringing novelty, can thereby boost the market growth.
Rising demand for blood donation around the globe greatly impacts market development. Initiatives by government and private bodies such as blood donation camps led to a hike in blood screening techniques because of the concern of blood safety from chronic/infectious illnesses by avoiding transfusion-transmissible infections, thus raising the demand for blood screening. According to the WHO 2022 report, nearly 118.5 million blood donations were collected worldwide. Almost 40% of these were collected from developed countries.
However, rising blood screening costs and stringent regulatory policies can be major obstacles to market development. Continuous rise in blood screening costs is a major restrain in the market. A dearth of alternative methods for the blood screening process, lack of reimbursement policies, and dissimilarities in the prices of blood screening tests according to the required applications also negatively influence the market growth. Additionally, the affordability issue with economically low countries or under-developed countries and economically low people can lower the share in the market.
North America holds the largest revenue share in the blood screening market. Due to its sophisticated healthcare system and high awareness regarding blood safety, North America is anticipated to hold the top spot in the market. Further factors influencing the expansion include higher disposable income, higher blood donation rates, a rise in the prevalence of chronic/infectious diseases, and widespread usage of blood screening procedures. Europe is the second-largest shareholder in this market due to the rapid implementation of modern technologies, advanced healthcare infrastructure, and investment availability.
While the Asia Pacific, on the other hand, is an expanding market in this industry due to rising chronic disease rates, increased blood donations and transfusions, and growing public awareness of blood safety. Moreover, growing government initiatives, expanding healthcare infrastructure, and establishing subsidiaries by market players, fuel the market growth in the Asia Pacific.
Some prominent players operating in the global blood screening market are Ortho-Clinical Diagnostics Inc., Thermo Fisher Scientific Inc., Abbott Laboratories, F. Hoffmann-La Roche AG, Grifols S.A., Quotient Technology Inc., Bio-Rad Laboratories Inc.; Becton, Dickinson and Company, Danaher Corporation (Beckman Coulter), and Siemens Healthineers among others.