Blood Screening Market Size

Blood Screening Market Analysis

The Blood Screening Market size is estimated at USD 2.92 billion in 2024, and is expected to reach USD 4.41 billion by 2029, growing at a CAGR of 8.58% during the forecast period (2024-2029).

As the number of COVID-19 cases increased worldwide, governments were looking into allowing private laboratories to increase blood screening. Immediate detection of COVID-19 cases necessitated a wide range of diagnostics to control the virus's rapid spread. For instance, according to an article published in the Nature Journal in May 2022, a machine-learning model for COVID-19 diagnosis was developed which showed that symptomatic patients with COVID-19 were efficiently diagnosed from the results of routine blood tests. Moreover, with the resumption of diagnosis services, the studied market is expected to grow over the forecast period.

The major factors attributing to the market's growth include rising blood donations, an increase in the incidence of infectious diseases, and government initiatives, all contributing to the market's rapid growth.

Rising blood donations, an increase in the incidence of infectious diseases, and government initiatives fuel the market's rapid growth. According to the article published in the National Library of Medicine in December 2021, approximately 234 million major surgeries are performed yearly. Blood transfusions are commonly prescribed in complicated childbirths to prepare for childhood acute anemia, trauma, and congenital maternal blood disorders. Moreover, the increasing blood donation activities are expected to boost the market's growth. For instance, in September 2022, Akhil Bhartiya Terapanth Yuvak Parishad (ABTYP), with 350 branches, launched a major mega-blood donation drive. The drive intends to organize over 2,000 camps and donate over 100,000 units of blood worldwide.

Furthermore, the rising prevalence of infectious diseases is anticipated to drive market growth over the forecast period. For instance, the Global HIV and AIDS Statistics 2021 fact sheet by the Joint United Nations Programme on HIV/AIDS (UNAIDS) estimated that approximately 38.4 million people were living with HIV worldwide in 2021, with 36.7 million being adults and 1.7 million being children (under the age of 15). In addition, as per the same source mentioned above, 1.5 million people were infected with HIV in 2021. Hence, the growing burden of infectious diseases such as HIV is expected to increase demand for early and effective diagnosis, driving market growth over the forecast period.

Various organizations and governments are launching campaigns to raise awareness about blood donation and screening before transfusion. For instance, every year, WHO celebrates World Blood Donor Day on June 14 to raise global awareness about the need for safe blood and blood products for transfusion. As a result, rising awareness and a high demand for safe blood transfusion are creating opportunities for market growth in emerging countries.

Additionally, growing strategic collaboration among the market players is expected to fuel the availability of advanced diagnostic tests in the market, hence anticipated to augment the market growth over the forecast period. For instance, in March 2023, TruDiagnostic, a health data company, formed a new partnership with NADMED, a Finnish nicotinamide adenine dinucleotide (NAD) diagnostic company, to launch a new NAD+ blood diagnostic test for patients in the United States.

Thus, all the factors above are expected to boost the blood screening market over the forecast period. However, the development of alternative technologies and the need for more legislation, regulations, and policies restrained the market's growth over the projected period.