(PharmaNewsWire.Com, February 03, 2021 ) 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 key factors driving the growth of this market.
The Blood Screening Market is projected to reach USD 3.5 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 12.8%.
The reagents & kits segment accounted for the largest share of the blood screening market, by product & service, in 2019
Based on product & service, the blood screening market is segmented into reagents and kits, instruments, and software and services. The reagents and kits segment accounted for the largest share of the blood screening market in 2019. The large share of this segment can be attributed to the high consumption and repeated use of reagents & kits in blood screening procedures. Also, the accessibility of a wide range of reagents and the need for reliable, specific, and fast detection of TTIs are driving the growth of the blood screening reagents & kits market.
Blood banks segment to register the highest growth rate during the forecast period
on end users, the blood screening market is segmented into blood banks and hospitals. The blood bank segment accounted for the larger market share in 2019 and is projected to witness a higher growth rate during the forecast period. This can be attributed to the increasing demand for donated blood, a growing number of organ transplantation surgeries, rising awareness regarding the safety of blood, an increasing number of donations worldwide, and growth in government funding to charitable trusts.
North America is the largest regional market for blood screening Based on region, the blood screening market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2019, North America accounted for the largest market share, followed by Europe. 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 driving the growth of the blood screening market in North America.
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