The US blood transfusion diagnostics market size was valued at USD 1.91 billion in 2021. The market is projected to grow from USD 2.20 billion in 2022 to USD 3.58 billion by 2029, exhibiting a CAGR of 7.2% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “US Blood Transfusion Diagnostics Market, 2022-2029.”
Key Industry Development:
June 2022: Alba Bioscience Limited (QUOTIENT LIMITED) made an announcement that they have been granted the US FDA sanction for ORTHO Sera and ALBAclone blood grouping reagents.
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Drivers and Restraints:
Rising Demand for Blood and Blood Components to Accelerate the US Blood Transfusion Diagnostics Market Growth
The rising incidence of blood-related diseases such as hemophilia, leukemia, and thrombocytopenia among the general population in the US as well as the quickening rise in chronic diseases are to blame for the rise in the transfusion of blood and blood components.
Additionally, a growth in the prevalence of blood disorders among older patients also contributes to an increase in the demand for blood transfusion diagnostics. Similar to how the number of anemia patients has increased, the need for blood transfusion diagnostic tests has increased across the nation.
Allergies, blood-borne infections, fever, and acute hemolytic responses are occasionally possible side effects of blood transfusions. These transfusion-related side effects could have a detrimental impact on the market's projected growth.
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Market to Witness a Negative Impact due to Decline in Blood Transfusion Procedures
Since COVID-19 had different effects in different markets, the effects on the American healthcare system differed. The US market for blood transfusion diagnostics has shrunk as a result of preventative measures, such as lockdowns, implemented by regulatory agencies to stop the virus's spread.
As blood transfusion diagnostic procedures refer to tests carried out as a prerequisite for surgical and transplantation procedures, the decrease in the number of patients visiting healthcare facilities was accompanied by a large decrease in their frequency. Additionally, the drop in blood donations resulted in fewer blood group typing and screening operations. As a result, the US market shrank as a result of both of these issues.
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