New York City, NY, 04 December, 2019/ 24 Market Reports: It is estimated for the blood screening market to reach USD 3.5 billion by 2024 from that of USD 2.1 billion in 2019 witnessing the growth at a CAGR of 8.9% during the forecast period of 2019 to 2024. The increasing demand for donated blood, the rising number of blood donations, the growing prevalence of infectious diseases, and the increasing prevalence of newer pathogens are the factors that are influencing the growth of the market during the forecast period.
For the diagnosis of several diseases such as AIDS, hepatitis, syphilis and other clinical conditions such as pregnancy different tests are been carried out which is known as blood screening. It helps in the monitoring of various diseases and helps prevent health-related issues. Blood donor screening is a different mechanism implemented against the spread of infection before blood donation.
Reagents and kits segment to witness the highest growth in the market during the forecast period
Reagents and kits, instruments, and software and services are the segmentation for the blood screening market based on product & service. The reagents and kits segment has shown the highest growth in the blood screening market and is expected to continue to grow over the forecasted period owing to the accessibility of a wide range of reagents and the need for reliable, specific, and fast detection of TTIs. Also, the mandate for ELISA testing in several countries, the rising number of blood donations, and the growing demand for blood transfusion for treating blood disorders, these factors are contributing for the growth of the market during the forecast period.
NAT segment to acquire the highest share in the market throughout the forecast period
NAT, ELISA, rapid tests, western blot assays, and NGS are the segmentation for the market based on technology. The NAT segment accounted for the larger market share in 2018 and the trend is estimated to continue over the forecast period. The increasing number of blood donations and the increasing adoption of NAT technology due to its higher sensitivity over other blood screening technologies are the factors influencing the growth of the market during the forecast period.
North America to lead the global blood screening market during the forecast period
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the segmentation for the blood screening market based on technology. Followed by Europe, North America is estimated to account for the largest share in the market during the forecast period. Factors such as the increasing demand for donated blood, the rising number of blood donations, the growing prevalence of infectious diseases, and the increasing prevalence of newer pathogens, the presence of high-quality infrastructure for hospitals and clinical laboratories, and the presence of major market players in the region are propelling the growth of the market during the forecast period.
The following are the major objectives of the study:
- To define, describe, and forecast the blood screening market on the basis of product, disease pathology, and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the blood screening market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for blood screening market and their future potential during next decade?
- How competitive landscape is evolving in blood screening market?
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