Blood Transfusion Diagnostics Market is expected to reach US$ 6,483.75 Million by 2028

Instruments and Kits Segment, by Product, to Account for Largest Share in Blood Transfusion Diagnostics Market During 2022–2028

According to our latest study on “Blood Transfusion Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and End-User,” the market is expected to grow from US$ 4,096.93 million in 2021 to US$ 6,483.75 million by 2028; it is expected to grow at a CAGR of 6.9% from 2022 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.       

Based on product, the global blood transfusion diagnostics market is bifurcated into Instruments & Kits, and reagents. The instruments & kits segment is likely to account for the largest market share during 2022–2028. By application, the market is bifurcated into blood screening and blood grouping. The blood screening segment held the largest market share in 2021 and is likely to continue its dominance during the forecast period. By end user, the market is segmented into blood banks, hospitals, diagnostic laboratories, and plasma fractionation companies. The blood banks segment held the largest market share in 2021 and is likely to continue its dominance during the forecast period.

The blood transfusion diagnostics is increasing with the rapid rise in number of chronic diseases such as anemia, kidney disorders, etc. Blood transfusion diagnostics are widely used before surgeries in various surgical procedures, such as cardiac surgery and other invasive procedures. Chronic diseases, such as cancer, cardiovascular diseases, and renal disorders, are major causes of human death worldwide. These conditions are generally treated via surgical procedures, which are associated with a chance of excessive blood loss for which fresh blood is transfused into patients to maintain their normal blood levels. Moreover, with the rapid increase in chronic diseases, the use of blood transfusion diagnostic instruments, kits, and reagents also increases during the blood transfusion process which is boosting the growth of the global blood transfusion diagnostics market.

The outbreak of COVID-19 pandemic had a negative impact on global blood transfusion diagnostics market growth. It showcased a huge decline in revenue due to stringent restrictions imposed by the government resulting in decreasing number of surgical procedures performed. The blood transfusion devices are mainly used in surgeries with high blood loss such as orthopedic and cardiac surgeries. Due to decreasing number of surgeries performed, the demand for autologous blood transfusion devices has reduced. For Instance, according to the data published by American Medical Association (AMA) it was estimated that there was 48% reduction in total surgical procedures performed in the U.S. due to the COVID-19 pandemic. However, after the pandemic restrictions normalized, the volume of surgical procedures returned to normal levels. Thus, the overall COVID-19 impact on North America Blood Transfusion Diagnostics market is negative, but the market is again gaining traction and expected to grow in coming years.

BAG Diagnostics GmbH; Abbott; Bio-Rad Laboratories, Inc.; F. Hoffmann-La Roche Ltd; DiaSorin S.p.A.; Grifols, S.A.; Immucor, Inc.; Thermo Fisher Scientific Inc.; Ortho Clinical Diagnostics; and Quotient Limited are among the leading companies operating in the global blood transfusion diagnostics market.    

Global Blood Transfusion Diagnostics Market, by Region, 2021 (%)

Various organic and inorganic strategies are adopted by companies operating in the global blood transfusion diagnostics market. Organic strategies mainly include product launches and product approvals. Further, acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players in strengthening their customer base and expanding their product portfolios. A few of the significant developments by key players in the global blood transfusion diagnostics market are listed below.

• In July 2022, Quotient Limited announced an agreement with InfYnity Biomarkers, an R&D firm dedicated to utilizing biomarkers for the management of infectious and immunology diseases, under which the two companies will partner to advance the safety and effectiveness of infectious disease testing by leveraging Quotient’s MosaiQ solution.
• In November 2021, Roche announced the launch of the cobas 5800 System, a new molecular laboratory instrument, in countries accepting the CE mark.  The cobas 5800 System helps address challenges that laboratories are facing from an increase in patient testing, reimbursement complexities and the need for a more diverse testing menu while providing meaningful and timely results.