The size of the blood screening market in the Asia-Pacific is estimated to value USD 0.46 billion by 2027 and USD 0.31 billion in 2022, growing at a CAGR of 7.9% during the forecast period.
The development of new diseases, rising investment rates in advanced technology development, a growing elderly population, and favorable government blood screening regulations are all expected to enhance the blood screening market's growth in the Asia Pacific region. A blood screening is a medical procedure that involves examining blood for the presence of a certain disease or condition. It aids in the detection and prevention of diseases and several other problems such as infections and cancer.
Some other key factors driving the growth of the Asia Pacific blood screening market are an increase in the number of blood donations and blood donors, increased awareness about maintaining the safety of donated blood, increased prevalence of infectious diseases, increased awareness about health care, and an increase in the number of initiatives by various governments and government associations. During the forecast period, a large cancer patient pool combined with a rise in accidental cases is producing high demand for blood for their treatment, increasing the use of blood screening tests.
Increased healthcare spending, along with increased technology innovation, will fuel many of the new opportunities, propelling the blood screening industry forward. Pathogen reduction technology, microbiological screening, and multiplexing (a single test for HIV, HBV, and HCV) might help the blood screening market grow. Growing public awareness about the dangers of infectious illnesses in the blood, as a result of numerous initiatives, has resulted in a strong demand for blood screening tests in the Asia Pacific region. Accidents are becoming more common, and chronic diseases like cancer are becoming more common, resulting in a large need for blood for patient treatment.
The high costs of blood samples are expected to restrict the expansion of the blood screening industry. Complex regulatory frameworks for approval, a shortage of skilled workforce, the existence of competing technologies such as digital immunoassay, and expensive initial capital investment and testing expenses are all hindering the APAC blood screening market's growth.
Lack of legislation, regulation, and policies governing blood transfusion-related operations, as well as the development of alternative technologies to blood screening, is likely to limit the market's growth.
This research report on the APAC Blood Screening Market has been segmented and sub-segmented into the following categories:
By End User:
Regionally, the Asia-Pacific region is expected to expand in the near future due to improved access to treatment facilities and rising demand for government initiatives, advanced technology, higher adoption rates, and rising healthcare expenditure. The large pool of patients, improved health care infrastructure, increasing disposable income, growing demand for donated blood, and increased government support in APAC are the major drivers for the blood screening market in developing countries. Because of expanding public awareness about blood donation, patients' increasing buying power, and big corporations' growing interest in developing countries in the region, Asia Pacific is the fastest-growing region. In the Asia Pacific area, Japan, China, India, Australia, and Singapore are the major contributors. In addition, due to the advent of pathogen reduction technologies and the demand for multiplex testing, China and India are seen as emerging economies.
KEY MARKET PLAYERS:
Notable companies operating in the APAC Blood Screening Market profiled in the report are Becton, Dickinson and Company, Thermo Fisher Scientific Inc, Ortho Clinical Diagnostics, Danaher Corporation, Abbott Laboratories, Bio-Rad Laboratories, Inc, F. Hoffmann-La Roche Ltd, Grifols, Siemens AG, and Beckman Coulter, Inc.
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