Market Overview
The global transfusion diagnostics market size was worth US$ XX million in 2012 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).
Blood transfusion is the process of transferring blood to the body. Transfusions are used for various medical conditions to replace lost components of the blood.
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Market Dynamics
The rising prevalence of blood cancer is one of the factors fueling the global transfusion diagnostics market.
According to the Leukemia Research Foundation, in 2018, more than 201,870 new cases of blood cancer are expected in the United States. Approximately 387,000 Americans are living with leukemia.
Market Segmentation
Based on application the global market for transfusion diagnostics is broadly segmented by blood grouping, disease screening, and others.
Among these, disease screening is the dominant segment, and it accounts for approximately XX% of the market, owing to new product development and regulatory approval for disease screening devices. For instance, in April 2018, Sanquin and Abbott have signed a multiple-year contract for the supply of primary serological equipment and consumables, including Abbott’s Alinity s system, for blood and plasma screening.
Geographical Analysis
The global transfusion diagnostics market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is dominating the global transfusion diagnostics market, due to the rising prevalence of blood cancer in the U.S, and regulatory approval for transfusion diagnostics, which is fueling the market growth. For instance, according to the Leukemia Research Foundation, around 866,000 Americans were living with Hodgkin’s or non-Hodgkin’s lymphoma in 2018. An estimated 75,000 people are living with myelodysplastic syndromes in the United States. In 2017, there were 68,000 death cases from blood cancer in the U.S.
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Competitive Analysis
The key players in the market are focusing on new product development as a key growth strategy to expand their product portfolios and reach the target population.
Some of the major players include Bio-Rad Laboratories, Inc., Grifols S.A., Ortho Clinical Diagnostics, Abbott, F. Hoffman-La Roche Ltd., Immucor, Inc., Quotient Limited, BAG Healthcare GmBH, DiaSorin S.p.A., and Hologic, Inc., among others.
Mergers & acquisitions, commercialization, and geographical expansion are some of the other significant strategies undertaken by market participants to gain a competitive edge over others. For instance, in September 2019, Roche received the U.S. FDA approval for its Cobas Babesia test for application on Roche’s Cobas 6800/8800 Systems to test individual blood donation.
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