Blood Screening Market to Rise at 7.4% CAGR till 2026; Increasing Number of Regulatory Clearances Will Open up a Huge Potential for Market Growth

The global blood screening market size is projected to reach USD 4.09 billion by the end of 2026. The increasing awareness regarding blood screening will lead to a wider adoption of these tests across the world. According to a report published by Fortune Business Insights, titled “Blood Screening Market Size, Share & Industry Analysis, By Product Type (Instruments, and Reagents & Kits), By Technology (Molecular Tests, and Serology Tests), By End User (Independent Clinical Laboratories, Hospital-based Laboratories, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 2.31 billion in 2018 and will exhibit a CAGR of 7.4% during the forecast period, 2019-2026.

Blood screening is the process of clinical examination of the blood in order to prevent it from being distributed or used for other medical purposes. This process is normally conducted before blood donations and transfusion processes. Recent technological advancements have allowed improved product performances. Accounting to operations in shorter times, there is a wider adoption for these tests by people across the world. The increasing awareness regarding blood disorders and diseases, coupled with the severity associated with these disorders, will lead to huge demand for blood screenings across the world. The high emphasis on blood examination will emerge in favour of the companies operating in the market and subsequently have a positive impact on the growth of the market in the coming years.

FDA’s Approval for Bio-Rad’s IH-500 Will Have a Massive Impact on Market Growth

The report highlights a few of the major industry developments of recent times and states their influence on the global market. Due to the increasing demand for blood screening tests across the world, several large scale companies are looking to introduce newer and advanced systems. Subsequently, there has been a wider adoption of blood screening procedures across the world. In April 2019, Bio-Rad Laboratories announced that it received approval from the US Food and Drug Administration for its latest blood screening process. The company received usage approval for its IH-500, a system aimed at random blood testing and screening. Bio-Rad’s latest approval will not only help the company growth, but will have a direct impact on the growth of the market in the coming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/blood-screening-market-102552

Use of Automated Molecular Platforms Will Fuel Product Demand

The report encompasses several factors that have contributed to the growth of the market in recent years. Recent technological advancements have allowed improved product operations and subsequently high product adoption across the world. The use of automated molecular platforms has yielded faster as well as accurate results. The increasing investments in the R&D of advanced blood screening systems will contribute to the growth of the market in the coming years.

Grifols to Shift Focus on Acquisition of Emerging Companies

Due to the healthy market competition, leading companies are shifting their focus on mergers and acquisitions of smaller and medium enterprises. Grifols, SA, a leading company in the healthcare domain, is focusing on acquiring newer companies. A few of the leading companies that are operating in the global blood screening market include:

• Bio-Rad Laboratories, Inc.
• F. Hoffmann-La Roche
• Ortho Clinical Diagnostics
• BD
• DiaSorin S.p.A.
• Thermo Fisher Scientific Inc.
• Abbott
• QUOTIENT
• Other Players

Further Report Findings:

The report analyses the ongoing blood screening market trends across North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America currently dominates the market with a value of USD 967.0 million in 2018.

The market in Asia Pacific will exhibit a higher CAGR in the coming years driven by increasing number of regulatory approvals.

Industry Developments:

• June 2018: Grifols announced that it has received approval from the U.S Food and Drug Administration (FDA) for Procleix Ultrio Elite and Procleix WNV.

The global blood screening market is segmented on the basis of: