NEW YORK, Aug. 25, 2020
- The increasing incidence of infectious diseases and the rise in the number of blood donations is expected to drive the growth of the Blood Screening Market.
- Market Size – USD 1.87 Billion in 2019, Market Growth - CAGR of 12.7%, Market trends – Growing prevalence of new pathogens.
NEW YORK, Aug. 25, 2020 /PRNewswire/ -- The Global Blood Screening Market is forecast to reach USD 4.86 Billion by 2027, according to a new report by Reports and Data. The primary driving factors for the growth of the blood screening market is an increase in the prevalence of infectious diseases, rise in healthcare awareness, growth in the number of blood donations, and surge in NAT (nucleic acid amplification test).
Moreover, support from the government for a better healthcare system and advancement in technology will propel the growth of the market. However, factors such as stringent regulatory approvals and the lack of skilled professionals are hampering the industry's demand.
Various factors are promoting the growth and demand for blood screening. One of these contributing factors is an increase in the rate of technological advancements in the healthcare industry. An increase in the demand for technologically advanced methods in context to sample extraction, preparation, testing, and amplification for nucleic acid-like RNA and DNA, along with strategic agreements with manufacturers of renowned research institutions are promoting research activities, which is forecast to have a positive impact on the market.
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North America accounted for the leading market share, owing to the increased prominence of blood tests, along with a large number of R&D activities taking place in the region. Presence of well-established and equipped health care organizations, government efforts in promoting the use of disposable blood bags, and constantly developing sterility aspects are some of the factors that would further fuel growth in the region.
COVID-19 Impact Analysis:
The market will witness a huge surge as biopharmaceutical innovators are in the front line for the human response to the global COVID-19 pandemic. A significant number of biotech firms are in the middle of the race to investigate the genome of the virus and are preparing a viable vaccine. These companies are investigating the virus at an unprecedented rate, and considerable funds are being put into the research. The companies are in trial, and the public and private sectors are working continuously for the development of the vaccine. There is a huge demand for testing kits for the diagnosis of SARS-CoV-2, which will foster the demand for the market.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data has segmented the Global Blood Screening Market on the basis of product and services, technology, end-user, and region:
Product and Services Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
End-User Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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