The size of the Europe Blood Testing Market is estimated to worth USD 18.98 billion in 2028 and USD 16.89 billion in 2023, growing at a CAGR of 2.37% from 2023 to 2028.
The European blood testing market is likely to be driven by significant growth factors such as the rising demand for the identification of contagious agents, cancer biomarkers, cardiovascular diseases, and women's health issues. Also, technological advancements in the healthcare sectors in the region are one of the significant market growth factors. Furthermore, there are many CLIA-waived blood tests on the market utilized in various healthcare settings. As a result, the number of blood tests performed outside hospitals, such as at home and doctors' offices, has increased. As a result, technical progress and rising demand for blood test identification are two major drivers of the market growth. Increasing awareness among the people about safe blood transfusion and the rise in blood donors are driving the market. The proliferation of contagious diseases, growing demand for donated blood, and several blood donations are leading the market growth. The number of complicated surgeries performed in the region, such as chemotherapy, heart surgery, and organ transplant, which need a high number of blood samples, is expected to benefit the market.
Government laws requiring all donors and given blood to be screened for patient safety are expected to boost market growth further. Manufacturers of blood transfusion reagents benefit from such recommendations for transfusion services because they provide a regulated framework. HIV, HBV, HCV, parvovirus 19, and other viruses are all required to be tested in blood in Europe. The International Red Cross, the International Society of Blood Transfusion Act, and the German Transfusions Act govern Germany's blood transfusion services. In the coming years, the market is projected to gain considerable traction due to increased demand for quick products for assessing health problems. Blood testing is essential for the regular monitoring of illnesses; therefore, this is likely to create profitable prospects for operational organizations. However, increasing healthcare expenditure by the government to provide quality services to the people and regulatory bodies is expected to drive the market. Also, the government and other major organizations are constantly encouraging patients to get frequent diagnostic screenings by providing investments and funding, which is predicted to boost the market growth. Globally, the number of COVID-19 cases is increasing exponentially, driving the demand for large-scale diagnostic testing.
Blood screening market constraints include a lack of use of NAT technology in emerging nations, high costs of technology and instruments, and developing alternative technologies.
This research report on the European Blood Testing Market has been segmented and sub-segmented into the following categories:
Based on region, France and the U.K. are the emerging countries for the blood testing market in this region. The German blood testing market had accounted for the leading share in the European market in 2020 and is projected to maintain its position throughout the forecast period. According to WHO, the growth is caused by the increase in awareness regarding blood donation, where the blood donation growth rate has risen from 3.4% to 3.6% from 2008 to 2010. In this country, nearly 2 million people are donating blood frequently every year. Moreover, this country directs the blood testing market because of many key players and a high-quality structure for hospitals and clinical laboratories. Reducing the hospital stay duration, which is expected to offer profitable outcomes, technical advancements, and development in enhancing new equipment required for blood testing is expected to boost Europe's market growth.
Countries such as France and the UK are developing countries in Europe. The growth in these countries is attributed to the rising adoption of testing and testing methodologies and advanced technologies, availability of practiced and experienced professionals, which fuel the blood testing market growth over the period. Also, increasing infectious diseases, a frequent increase of new pathogens foster growth in this region.
Countries like Spain, Italy, Sweden, Russia, Switzerland, and other countries of this region are predicted to have considerable growth in forthcoming years.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the Europe Blood Testing Market profiled in the report are Bio-Rad Laboratories Inc. (U.S.), Siemens Healthcare (Germany), Grifols (Spain), Nanosphere Inc. (U.S.), BioMérieux (France), Dickinson and Company (U.S.), Ortho Clinical Diagnostics Inc. (U.S.), Roche Diagnostics (Switzerland), Alere Inc. (U.S.), Bruker Corporation (U.S.), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.) and Beckman Coulter (U.S.).
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