Blood-Screening Market to Reach USD 3.9 Billion in 2024
The global blood screening market size was valued at USD 1.6 billion in 2015 and is expected to grow at a CAGR of 10.2% during the forecast period 2016-2024 to reach USD 3.9 billion by 2024, driven by increasing screening of donors and continued technological advancements by the market players. The demand for blood screening tests continues to increase due to growing donations, increasing awareness about transfusion-transmitted diseases, and technological developments in the industry.
These are the latest findings of Grand View Research, Inc. (San Francisco, CA, USA), a market research and consulting company.
Based on technology, nucleic acid amplification test or Nucleic Acid Test (NAT) is expected to be the fastest growing segment during the forecast period, led by its increasing preference over ELISA tests due to the high sensitivity and specificity for viral nucleic acid. Moreover, the contract in 2014 between the Red Cross in Japan and Grifols for NAT for a blood donation camp in Japan is further expected to boost the market for NAT during the forecast period. However, ELISA held the second-largest share of the blood screening market in 2015 due to the continuous development for increasing its specificity, lower cost in comparison to NAT, and rising incidence of infectious diseases in Asia Pacific.
Based on products and services, reagent dominated the blood screening market in 2015 and is expected to maintain its leading position during the forecast period owing to the introduction of new assays for the detection of various diseases. Higher accuracy and specificity in detecting the presence and type of various elements in small sample, cost-effectiveness for customers and high return on investment to vendors is also expected to aid the growth of this market segment. On the other hand, the growth of the instrument segment is expected to be restrained during the forecast period by the high cost and reusable nature of instruments.
Geographically, North America dominated the global blood screening market in 2015 with a revenue share of more than 40% due to the presence of key industry players, rising adoption of blood screening process, stringent FDA regulations for transfusion, and increased patient affordability in the region. However, the Asia Pacific blood-screening market is expected to record the fastest growth during the forecast period, led mainly by Japan, China, India, Singapore, and Australia. Increasing awareness about blood donation and the transmission of diseases during transfusion, rising patient affordability, and growing focus of key industry players on the emerging countries in the region are expected to act as the key growth drivers of the blood screening market in Asia Pacific. However, lower-than-required donation and the high cost of kits and instruments are expected to restrain the growth of the blood screening market in low-income countries during the forecast period.
The market players are adopting the strategies of new products development and partnerships & collaborations for the development and commercialization of products to increase their share. Collaborations for commercialization and development are expected to propel the growth of the blood screening market during the forecast period.
