Blood Screening Market Is Driven by Strict Regulations Concerning Blood Contamination

According to a statement by a market research institution, P&S Intelligence, the blood screening industry is experiencing significant growth, and it will continue to grow further in the years to come.

To learn more about this report: https://bit.ly/3NitxE3

The key reasons driving the growth of this industry are the strict rules concerning contaminated blood, mounting healthcare expenses, advancement in the technology of blood screening, and high incidence of infectious, respiratory, and chronic illnesses.

Based on product type, the reagents and kits category accounted for the largest share in the past few years. This is because of the easy accessibility of numerous reagents and the necessity for these products in the first stage of the blood screening process.

In recent years, the North American industry contributed the largest share, owing to the high prevalence of respiratory and infectious illnesses in this region. The increasing government support concerning the adoption of advanced screening products is a key factor driving the regional industry growth.

The APAC blood screening industry is expected to observe the fastest growth in the years to come.

A major trend observed in the blood screening industry is the rising number of mergers and collaborations between main industry players.

In the past few years, the blood screening industry player has been involved in numerous new and advanced product launches, to gain a competitive edge.

It is because of the rising incidence of chronic illnesses, rules to ensure safety regarding blood contamination, technological advancements in screening technology, and the increasing number of blood donors, the blood screening industry will continue to grow in the years to come.

Read More

COVID-19 Impact Analysis on Blood Screening Industry. Insights on Strategies of Key Players

The prevalence of various diseases across the globe is rising on a rapid pace. While some mild infections or diseases can be treated by taking proper medication, severe cases often create need for operations and surgeries. Such cases, among many serious cases including injuries, sometimes require blood transfusion. The awareness regarding blood donation has risen considerably, which is why numerous people donate blood, at times, regularly. It is now news that blood transfusion is a serious matter and medical professionals need to take utmost care before and during carrying of such a procedure.

Prior to the donation, blood donors are asked a set of questions for determining whether or not they are in a position to donate blood, as the blood needs to free of any kind of disease that can be transmitted during the transfusion. If the donor is eligible for donating, the donated blood is then tested for Rh type and blood type. All of the donated blood for transfusion is also tested for evidence of some specified infectious diseases, such as hepatitis C and B and human immunodeficiency virus. This is referred to as the blood screening process.

Owing to the surging prevalence of diseases, the blood screening market generated a revenue of $2,402.3 million in 2019, and it is projected to advance at an 8.1% CAGR during the forecast period (2020–2030). Different types of products that are utilized during the blood screening process are software and services, reagents and kits, and instruments. Out of these, the largest demand in the years to come is expected to be created for reagents and kits, as these products are utilized during the very first stage of the blood screening process. These products are used extensively for effective and quick detection of transfusion-transmissible diseases. 

Geographically, North America emerged as the largest blood screening market in 2019, which is attributed to the surging incidence of infectious and respiratory diseases in the region. For example, the region has accounted for the largest number of COVID-19 cases and deaths, i.e. 560,000and 22,000, respectively, as of April 13th 2020. Other than this, the demand for blood screening is also predicted to rise considerable in the Asia-Pacific region in the near future. This is due to the presence of major players, rising incidence of cancer and other chronic diseases, and cost-effective labor.

Read more: https://www.psmarketresearch.com/market-analysis/blood-screening-market

This study covers

·         Historical and the present size of the blood screening market

·         Major factors driving the market and their impact during the short, medium, and long terms

·         Market restraints and their impact during the short, medium, and long terms

·         Recent trends and evolving opportunities for the market participants

·         Historical and the present size of the market segments and understand their comparative future potential

·         Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

·         Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders

Read More