NEW YORK, United States, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Blood Transfusion Market Size, Share, Growth Analysis Report By Product (Reagents & Kits, Instruments and Others), By Application (Blood Grouping and Disease Screening), By End-User (Hospitals, Blood Banks, Diagnostic Laboratories and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Blood Transfusion Market size & share was valued at approximately USD 4.1 billion in 2021. The market is expected to grow above a CAGR of 6.90% and is anticipated to reach over USD 6.1 billion by 2028.”
The report analyses the Blood Transfusion market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Blood Transfusion market.
Market Overview:
Transfusion of blood is the process of putting blood or blood components intravenously into the bloodstream. In order to maintain blood levels and the blood components in the body, transfusions are performed for a variety of medical disorders such as anaemia, sickle cell disease, a bleeding illness like haemophilia, or cancer when the blood components are lost. Both one's own blood and other people's blood are used in blood transfusions.
The key drivers of the market include elements like the increase in accidents, trauma cases, surgical procedures, and blood illnesses. Owing to the rise in demand for Blood Transfusion, the Global Blood Transfusion Market is estimated to grow at a CAGR of 6.90% during the forecast period.
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Key Insights from Primary Research
- As per the analysis, the Blood Transfusion market is likely to grow above a CAGR of around 6.90% between 2022 and 2028.
- The Blood Transfusion market size was worth around US$ 4.1 billion in 2021 and is estimated to hit approximately US$ 6.1 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- By application, the disease screening segment will dominate the market in 2021.
- By end-use, the hospital's segment will dominate the market in 2021.
- On the basis of region, the North America will dominate the Global Blood Transfusion Market in 2021.
Competitive Players
The report contains qualitative and quantitative research on the global Blood Transfusion Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Blood Transfusion market includes;
- Immucor Inc.
- Ortho Clinical Diagnostics
- Abbott
- Bio-Rad Laboratories
- BAG Healthcare GmbH
- DiaSorin S.P.A.
- Danaher
- BIO KIT (Werfen)
- F. Hoffmann-La Roche AG
- Quotient Limited
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Growth Drivers
- Increasing demand for blood and blood components is likely to pave the way for global market growth
The prevalence of anaemia, leukopenia, leukocytosis, erythrocytosis, and thrombocytosis is increasing, which is assisting in the market's growth. The need for blood transfusions is expanding throughout the world as a result of natural disasters and extensive casualties. The global market is being driven by the rising use of blood transfusion in the paediatric, adult, and elderly populations.
Restraints
- Bloodborne infections due to Blood Transfusion may hamper the global market growth
A blood transfusion system's negative side effects, such as virus and infection illnesses that cause fever, allergic reactions, and blood borne diseases, are predicted to restrain this market's growth. The global market for blood transfusions in developing countries is being constrained by a lack of infrastructure and expensive equipment.
COVID-19 Impact Analysis
The market has been significantly impacted by the Covid-19 epidemic. The outbreak has reduced the amount of unscheduled blood donors and hindered the international movement of medical supplies. The public's concerns around transfusion-transmitted COVID-19 and the shortage of staff members were two of the greatest issues blood banks and hospitals faced during the crisis. The demand for blood transfusions has diminished throughout time as a result of rules limiting social distance and a focus on safety and hygiene.
Segmentation Analysis
The Global Blood Transfusion Market is segregated based on product, application, end-use, and region. Based on product, the market is categorized into Reagents & Kits, Instruments and Others. Among these, the reagents & kits dominate the market, accounting for more than 65.8% of global sales in 2021. Based on application, the market is classified into Blood Grouping and Disease Screening. Over the forecast period, the disease screening segment is expected to develop at the fastest rate, accounting for more than 60% of global sales in 2021. Based on end-use, the market is classified into Hospitals, Blood Banks, Diagnostic Laboratories and Others. The hospital segment will dominate the market in 2021.
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Regional Dominance:
North America dominates the Global Blood Transfusion Market and accounts for more than 35% of the global revenue in 2021 as, a result of an increase in the number of surgical procedures and trauma cases, which is pushing the demand for blood transfusions. The region's established healthcare infrastructure, higher acceptance of the blood transfusion method, and rising public awareness of blood donations all contribute to the dominance. The U.S. had the largest proportion in North America. Its dominance is mostly a result of the presence of major market participants close by, the availability of several diagnostic tests, and the more than 600 independent donation facilities.
In 2021, the Asia Pacific Blood Transfusion Market was expected to be the fastest-growing regional market. The rapid expansion is due to continuous government and non-governmental organization campaigns in developing countries to increase public awareness of blood donations and the prevalence of a significant population with critical blood disorders.
Recent Industry Developments:
- In April 2021, EryPharm introduced a cutting-edge technique that can create red blood cells in enormous quantities and create new sources of blood for transfusions. The business intends to boost the production of Cultured Red Blood Cells (cRBC) using Hematopoietic Stem Cells by starting a pilot production phase (HSC).
- In February 2019, the market for B2B IVD bulk reagents for blood grouping and latex serology testing was recently introduced by Torax Biosciences Limited. The company wants to offer its distribution partners, manufacturing businesses, or hospitals visible latex agglutination assays such as ASO, CRP, and RF, as well as blood grouping assays in filled or FFMU forms.
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 4.1 Billion |
| Projected Market Size in 2028 | USD 6.1 Billion |
| CAGR Growth Rate | 6.90% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Immucor Inc., Ortho Clinical Diagnostics, Abbott, Bio-Rad Laboratories, BAG Healthcare GmbH, DiaSorin S.P.A., Danaher, BIO KIT (Werfen), F. Hoffmann-La Roche AG, Quotient Limited, and Others |
| Key Segment | By Product, Application, End-use, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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The global Blood Transfusion market is segmented as follows:
[Segments]
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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