Blood Transfusion Diagnostics Market Size

Blood Transfusion Diagnostics Market Analysis

The Blood Transfusion Diagnostics Market is expected to register a CAGR of 6.9% over the forecast period.
The COVID-19 pandemic has significantly impacted the blood transfusion diagnostics market throughout the year. Strict regulation, social distancing, home quarantine, and other restrictions significantly impacted the blood donation and blood collection procedures. This resulted in a decreased amount of blood transfusion. For instance, according to American Red Cross, in March 2020, it was reported that a severe blood crisis was there owing to a huge number of blood donation drive cancellations for the COVID-19 outbreak which resulted in 86,000 fewer blood donations. Also, according to a research article by NCBI in March 2022, it was reported that active and inactive donors both were reluctant to donate blood which significantly impacted the overall blood donation intention. This alternatively decreased the need for transfusion diagnostic and hindered the adoption of transfusion diagnostic kits and other instruments. Apart from that, owing to relocating medical staff and lab technicians to the COVID-19 department, there was a shortage of healthcare professionals for blood transfusion diagnostics during the pandemic. This resulted in the slowdown of blood transfusion diagnostics procedures. However, in the post-pandemic situation, a thrive was observed for blood donation to diminish the effect of the pandemic. This alternatively offsets the impact of blood shortage and normalizes the situation for blood transfusion.

Further, the increasing prevalence of blood-related disorders, including hemophilia, thrombocytopenia, and other disorders, is increasing the demand for blood transfusion. This, in turn, is increasing the demand and adoption of blood transfusion diagnostics. For instance, according to an article published by Medscape on March 2022, it was reported that the prevalence of Hemophilia A is 20.6 cases per 100,000 males in the United States. Also, according to an article published by the Canadian Hemophilia Society (CHS) in February 2022, it was reported that the total number of Canadian suffering from Hemophilia A and B is estimated to be 3,100. Thus, the rising prevalence of blood-related disorders propels the demand and adoption of blood transfusion diagnostic products during the study period.
Moreover, the rising initiatives by the for-profit and not-for-profit organizations to increase blood donation awareness positively impact the market growth. For instance, according to a press release by the U.S. Department of Health & Human Services on August 2022, it was reported that the U.S. Department of Health and Human Services (HHS) announced a campaign to increase awareness of donating blood and plasma. Also, in October 2022, NHS Blood and Transplant introduced a sickle cell blood donation campaign to increase the number of blood donors for sickle cell anemia. Thus, an increasing number of awareness campaigns on blood donation and transfusion is alternatively increasing the demand for blood transfusion diagnostic products and fueling the market growth.
Therefore, due to the above factors, the market is anticipated to grow substantially during the study period. However, certain factors, including adverse reactions during the blood transfusion procedure, limit the market's growth to some extent.