Convalescent Plasma Therapy, which involves extracting plasma from a formerly infected patient and introducing it into currently symptomatic patients, has provided a ray of optimism amongst medical practitioners about eradicating the virus. Convalescent plasma is known to contain the relevant antibodies needed to inhibit the growth of the coronavirus.
DUBLIN, IRELAND / ACCESSWIRE / June 22, 2020 / Blood transfusion has emerged as an important component of contemporary healthcare. Rising incidences of chronic conditions such as leukemia, thalassemia and aplastic anemia have augmented blood transfusion rates, compelling pharmaceutical and healthcare companies to accelerate research and development in enhancing the procedure by the introduction of technologically-advanced testing kits, assays and instruments for different healthcare settings.
While significant progress has been made in this field, the risks associated with blood transfusions have equally heightened. Fortunately, these transfusion transmitted infections are entirely preventable with the use of nucleic acid neutralizing additives or immunoglobulins to destroy pathogens.
The COVID-19 pandemic has opened up new avenues for research in enhancing blood transfusion technologies in order to find a potential cure for the disease. With the signs of a possible vaccine or drugs to eliminate SARS-CoV-2 being very far away on the horizon, blood transfusions could play a critical role in boosting immunity against the coronavirus.
A series of experiments involving plasma transfusions yielded positive results with regard to the recovery of COVID-19 patients. The Proceedings of the National Academy of Sciences (PNAS), an American journal, reported that all ten patients who were administered the convalescent plasma from formerly infected patients recovered within 3 days of its transfusion. Based on these trends, the blood transfusion diagnostics market is poised to embark on a healthy growth trajectory in the future.
"An amalgamation of chronic conditions and blood loss due to external stimuli such as road accidents, injuries and surgical procedures have provided a wide platform for blood transfusion diagnostics to flourish. Research is underway to develop artificial blood solely for the purpose of transporting oxygen and carbon-dioxide which would prove useful for patients who suffer from blood disorders, providing a possible breakthrough in blood transfusion diagnostics," says a Fact.MR analyst.
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Global Blood Transfusion Diagnostics Market- Key Takeaways
- The global blood transfusion diagnostics market will expand positively at a CAGR of over 6% between 2020 and 2025;
- Blood transfusion kits & reagents register extensive usage, attributed to a burgeoning number of blood transfusions for several chronic ailments;
- North America remains at the forefront of blood transfusion diagnostics due to increasing proportion of blood banks and use of sophisticated technology. Asia-Pacific is set to expand rapidly attributed to rising medical tourism in the wake of reduced costs;
- A majority of blood transfusions occur at blood banks, hence its dominant share in the global blood transfusion diagnostics market. Blood banks are well-equipped to conduct multiple transfusions due to possession of adequate equipment;
- The ever-prevalent risk of contracting transfusion transmitted infections (TTIs) will augment the popularity of molecular disease screening in terms of applications of blood transfusion diagnostics.
Global Blood Transfusion Diagnostics Market- Driving Factors
- Implementation of protocols for donor blood disease screening and mandatory use of nucleic acid tests for hepatitis C & B and HIV screening will provide traction to the market.
- Collaborations between non-profit organizations and government agencies will increasing funding for blood transfusion diagnostic tests.
- Increased volume of surgical procedures, increasing number of road accidents and chronic blood conditions leverage the scope of the market.
Global Blood Transfusion Diagnostics Market- Leading Impediments
- Fragmented transfusion services lead to inconsistencies in blood transfusion management, attributed to a decentralized monitoring system, which is leading to shortages of blood availability in certain countries like India.
- Rapid increase in automation is not consistent with the availability of skilled technicians adept at utilizing transfusion equipment.
- There is a general decline in the overall blood donation rates largely due to the fears of contracting TTIs.
Anticipated Market Impact of COVID-19
Since its onset, the novel coronavirus pandemic has brought the whole world to its knees. Healthcare settings have been experiencing immense pressure while coping with the exponentially rising cases on a daily basis. Hospitals are facing immense shortages of essential equipment, beds and testing facilities. Leading pharmaceutical and healthcare companies are leaving no stone unturned to maintain a continuity of operations in healthcare settings by supplying essential equipment at more flexible terms. Simultaneously, copious research is being conducted to develop possible cures for this deadly virus.
In the case of blood transfusion diagnostics, a silver lining is visible to all stakeholders. Research and use cases prove that patients who have recovered from COVID-19 develop certain antibodies against the novel coronavirus in their bloodstream. Thus, if one were to extract these antibodies and inject them into an infected patient, they would recover faster and fatalities could be prevented until an appropriate antiviral drug or vaccine is out in the market. Banking on this trend, healthcare specialists are optimistic about the eradication of the pandemic. As a consequence, the number of blood transfusions for extracting these antibodies is anticipated to rise in the near-term.
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Competition Landscape
The global blood transfusion diagnostics market is characterized by high competitive rivalry with a fragmented market and the availability of a wide range of blood transfusion products. Some prominent players include Grifols S.A., CSL Behring, Immucor, Inc., Abbott Laboratories, QUOTIENT Limited, F. Hoffmann-La Roche, Bio-Rad Laboratories, DiaSorin S.p.A and Ortho Clinical Laboratories to name a few. Unceasing innovations in blood transfusion technologies, collaborations with other players and product launches characterize the strategies adopted by the market players to consolidate their footprints in the industry. Besides these strategies, companies are investing heavily in plasma fractionation, attributed to the urgent need for addressing the coronavirus pandemic. Plasma fractionation is also beneficial for a host of other ailments too such as immunodeficiencies, coagulation and pulmonary disorders and trauma.
More on the Report
Fact.MR offers detailed insights on the global blood transfusion diagnostics market by providing valuable historical and future projections. The market has segmented on the basis of product type (instruments and kits & reagents), application (blood grouping and disease screening (molecular disease screening and serological disease screening)) and end-user (hospitals, diagnostic laboratories, blood banks, plasma fractionation companies and others) across five regions (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa).
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