Report : Europe Blood Transfusion Diagnostics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product (Instruments & Kits and Reagents), Application (Blood Grouping and Disease Screening), and End User (Hospitals, Diagnostic Laboratories, Blood Banks, and Plasma Fractionation Companies)
At 6.5% CAGR, the Europe Blood Transfusion Diagnostics Market is speculated to be worth US$ 1,858.70 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe blood transfusion diagnostics market was valued at US$ 1,272.35 million in 2022 and is expected to reach US$ 1,858.70 million by 2028, registering an annual growth rate of 6.5% from 2022 to 2028. The need for blood transfusion due to rise in organ transplants surgeries and rapid increase in chronic diseases are the critical factors attributed to the market expansion.
Organ transplant is a surgical procedure performed in case of organ failure. Usually, organ transplant surgeries are conducted for the heart, liver, kidney, and various other organs due to the rising cases of chronic diseases, such as chronic kidney disease (CKD), polycystic kidney disease, cystic fibrosis, and congenital heart disease, which require transplants. These procedures generally take hours, and there is a lot of blood loss and requires the need for blood transfusion. The public-private partnership, in collaboration with transplant coordinators, has significantly contributed to the improvement of organ transplants that require a constant need for blood transfusion. Both developing and developed countries have seen an increase in organ transplant surgeries. For example, developing countries, are emerging as medical tourism destinations. Countries are progressing in terms of providing better and advanced medical treatments. The rising need for organ transplants is among the key factors driving the demand for blood transfusion diagnostics across the region.
On the contrary, problems associated with blood transfusion services hurdles the growth of Europe blood transfusion diagnostics market.
- Based on product, the Europe blood transfusion diagnostics market is bifurcated into instruments & kits and reagents. The instruments & kits segment held 67.2% market share in 2022, amassing US$ 854.73 million. It is projected to garner US$ 1,260.85 million by 2028 to expand at 6.7% CAGR during 2022–2028.
- Based on application, the Europe blood transfusion diagnostics market is bifurcated into blood grouping and disease screening. The disease screening segment held 60.8% market share in 2022, amassing US$ 773.98 million. It is projected to garner US$ 1,138.01 million by 2028 to expand at 6.6% CAGR during 2022–2028.
- Based on end user, the Europe blood transfusion diagnostics market is segmented into hospitals, diagnostic laboratories, blood banks, and plasma fractionation companies. The blood banks segment held 39.9% market share in 2022, amassing US$ 507.44 million. It is projected to garner US$ 766.07 million by 2028 to expand at 7.1% CAGR during 2022–2028.
- Based on country, the Europe blood transfusion diagnostics market has been categorized into the UK, Germany, France, Italy, Spain, and rest of Europe. Our regional analysis states that Germany captured 24.8% market share in 2022. It was assessed at US$ 315.85 million in 2022 and is likely to hit US$ 490.17 million by 2028, exhibiting a CAGR of 7.6% during the forecast period.
Key players dominating the Europe blood transfusion diagnostics market are Abbott; BAG Diagnostics GmbH; Bio-Rad Laboratories, Inc.; DiaSorin S.p.A.; F. Hoffmann-La Roche Ltd; Grifols, S.A.; Immucor, Inc.; Ortho Clinical Diagnostics (QuidelOrtho Corporation); Quotient Limited; and Thermo Fisher Scientific Inc. among others.
- In March 2021, Roche has acquired GenMark Diagnostics, Inc. at a price of US$ 1.8 billion. The acquisition of GenMark is expected to broaden the diagnostics portfolio of Roche for home medical devices.
- In March 2022, Immucor, a leader in the immunohematology industry, announced that automated monoclonal Jka and Jkb phenotype testing is now available on the NEO Iris/NEO (v2.0). Immucor’s fully automated Jka and Jkb phenotype assay brings ease of use, high sensitivity, and reduced subjectivity for Kidd antigen testing.
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