Blood Screening Market Size to Reach USD 3.9 Billion By 2024

The global blood screening market is expected to reach a value of USD 3.9 billion by 2024, based on a new report by Grand View Research, Inc. The growth of the market is attributed to the increasing screening of donor and continuous technological advancements by the market players. Demand for blood screening tests is increasing continuously due to increasing donation, rising awareness about transfusion-transmitted diseases, and technological developments in the industry.

Thorough screening is necessary for all donated blood to ensure that recipients receive the safest products. As of 2015, such testing consists of screening for red cell antibodies, and the infectious diseases agents: HIV-1, HIV-2, hepatitis virus, West Nile Virus (WNV), Human T-Lymphotropic Virus (HTLV) T. Cruzi, and T. pallidum (syphilis). Result of all these assays must be negative for blood donation.

Technological developments in the market increase the sensitivity and efficiency of the tests. For instance, in 2016, the U.S. FDA approved the Procleix Zika virus assay from Hologic, Inc. and Grifols to screen donated blood. Furthermore, the U.S. FDA approved next-generation sequencing (NGS) technology in 2013. The technology is cheaper and faster than previous DNA analysis methods.

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http://www.grandviewresearch.com/industry-analysis/blood-screening-market

Further Key Findings from the Study Suggest:

• Nucleic acid amplification test or nucleic acid test (NAT) is expected to be the fastest growing segment during the forecast period. It comprises transcription mediated amplification (TMA) tests and polymerase chain reaction. Increasing demand of NAT over ELISA test due to high sensitivity and specificity for viral nucleic acid is contributing to the fastest growth during the forecast period.
• In 2015, reagent dominated the product segment. Introduction of new assays for the detection of various diseases is expected to enable the segment to gain the maximum share of market in the coming years. For instance, in January 2015 the FDA approved Roche’s blood screening assay COBAS TaqScreen MPX Test for the detection and identification of HCV, HIV, and HBV. 
• In 2015, regionally North America dominated with a revenue share of more than 40%. Government initiatives, presence of major players, and more patient affordability are the major factors that contributed toward its dominance.
• In August 2016, the FDA recommended the testing of all the donated blood in the U.S. and its territories for Zika virus in order to prevent transmission of this virus through the blood supply.
• Asia Pacific is expected to be the fastest growing region due to increasing investment of industry players, government initiatives, and rising awareness about transmission of diseases during its transfusion.
• The Red Cross in Japan entered into a contract with Grifols for nucleic acid testing (NAT) for a blood donation camp in Japan in 2014. This agreement is anticipated to propel the NAT market during the forecast period. However, low donation as compared to requirement and high cost of kits and instruments are likely to restrain the growth in low-income countries during the forecast period.

Access press release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-blood-screening-market