The size of the Latin American Blood Screening Market was valued at USD 0.27 billion in 2023. It is further expected to reach USD 0.39 billion by 2028, growing at a CAGR of 7.9% during the forecast period.
Blood screening refers to several tests conducted on blood samples to diagnose diseases such as AIDS, hepatitis, and syphilis, as well as other clinical situations such as pregnancy. Thus, it helps detect and prevent diseases and a variety of other disorders like infections and cancer. One of the major factors driving the Latin American blood screening market over the forecast period is increased blood donations among people.
One of the most desirable and favored techniques for diagnosing numerous infectious diseases is blood screening. Blood screening allows doctors to accurately diagnose diseases, which aids in administering appropriate medicines and patient monitoring to prevent disease spread. The market's further expansion can be possible due to increased donor screening and industry participants' continual technical advancement. Blood screening tests are in high demand due to rising donations, increased awareness of transfusion-transmitted diseases, and technological advancements in the business. Furthermore, governments in several nations are working to make it mandatory to test all donated blood for various viruses.
The huge pool of patients, expanding health care infrastructure, increasing disposable income, growing demand for donated blood, and increased government support in the region are other significant market driving forces for the blood screening market in the Latin American region. In addition, pathogen reduction technologies, microbiological screening, and multiplexing (a single test for HIV, HBV, and HCV) would help to expand the market for blood screening.
However, the absence of legislation, regulation, and policies governing blood transfusion-related operations in some countries and the emergence of alternative technologies to blood screening is projected to stymie the market's growth during the forecast period. In addition, a lack of a qualified workforce and high initial capital expenditure and testing expenses are further stifling the Latin American blood screening market's growth.
This research report on the Latin American blood screening market has been segmented and sub-segmented into the following categories:
By End User:
Due to a huge underpenetrated market, Latin America has a lower market share in the global market. As a result, it is predicted to have a lower CAGR among all the regions throughout the forecast period. Nevertheless, the Latin American blood screening market is expected to grow steadily over the next few years, thanks to government programs to raise public awareness. This region's market is rising as people become more aware of the safety of blood. Mexico is the market leader and has remained so throughout the period, followed by Brazil and Argentina.
The massive number of progressing improvements and advancements in the social insurance and hardware divisions, rising spending abilities and the usability of restorative devices, rising rates of chronic infections among all demographics, all of these variables have prompted a greater acceptance of the innovation, thereby accelerating development. Furthermore, high throughput test examination and increased work process productivity contribute to the market's growth.
Increased awareness of the importance of maintaining the safety of donated blood, increased prevalence of infectious diseases, increased demand for donated blood, increased healthcare spending, increased adoption of nucleic acid testing, technological advancements in blood screening, increased healthcare awareness, and increased number of initiators.
KEY MARKET PLAYERS:
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. are some of the noteworthy companies operating in the Latin American blood screening market.
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