Report : South America 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 5.7% CAGR, the SAM Blood Transfusion Diagnostics Market is speculated to be worth US$ 302.89 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM blood transfusion diagnostics market was valued at US$ 217.55 million in 2022 and is expected to reach US$ 302.89 million by 2028, registering an annual growth rate of 5.7% from 2022 to 2028. Elevated healthcare expenditure in emerging economies and technological developments in blood transfusion diagnostics are the critical factors attributed to the market expansion.
Healthcare budget allocations help countries strengthen the workforces and improve this sector's productivity, thereby contributing to economic performance. Rapid economic developments have fueled the healthcare expenditure in developing countries, which enables them to establish better medical service infrastructure. Developing countries are significantly focusing on expanding and improving their healthcare facilities and services by leveraging technological advancements. These nations aim to introduce advanced healthcare facilities and services to overcome critical health issues. Several initiatives are likely to provide lucrative opportunities for market players to introduce advanced technologies in blood transfusion diagnostics, which in turn, will add to the growth of the market during the forecast years.
On the contrary, problems associated with blood transfusion services hurdles the growth of SAM blood transfusion diagnostics market.
- Based on product, the SAM blood transfusion diagnostics market is bifurcated into instruments & kits and reagents. The instruments & kits segment held 67.9% market share in 2022, amassing US$ 147.77 million. It is projected to garner US$ 207.90 million by 2028 to expand at 5.9% CAGR during 2022–2028.
- Based on application, the SAM blood transfusion diagnostics market is bifurcated into blood grouping and disease screening. The disease screening segment held 61.2% market share in 2022, amassing US$ 133.18 million. It is projected to garner US$ 186.78 million by 2028 to expand at 5.8% CAGR during 2022–2028.
- Based on end user, the SAM blood transfusion diagnostics market is segmented into hospitals, diagnostic laboratories, blood banks, and plasma fractionation companies. The blood banks segment held 39.7% market share in 2022, amassing US$ 86.29 million. It is projected to garner US$ 124.06 million by 2028 to expand at 6.2% CAGR during 2022–2028.
- Based on country, the SAM blood transfusion diagnostics market has been categorized into Brazil, Argentina, and rest of SAM. Our regional analysis states that Brazil captured 55.3% market share in 2022. It was assessed at US$ 120.24 million in 2022 and is likely to hit US$ 174.72 million by 2028, exhibiting a CAGR of 6.4% during the forecast period.
Key players dominating the SAM 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 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.
- In July 2022, Quotient Limited announced an agreement with InfYnity Biomarkers, an R&D firm dedicated to utilizing biomarkers for the management of infectious and immunology diseases, under which the two companies will partner to advance the safety and effectiveness of infectious disease testing by leveraging Quotient’s MosaiQ solution.
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