
Published On: Nov 2022
Published On: Nov 2022
At 6.5% CAGR, the Europe Blood Transfusion Diagnostics Market is projected 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.
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.
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