Rising incidence rate of infectious diseases along with the increasing awareness about blood donation and safety of donated blood is likely to boost the industry growth over the forecast period from 2016 to 2024. For instance, according to the WHO, an increase of about 10.7 million voluntary donations from 2008 to 2013 has been registered in 159 countries.
Development and commercialization of newer tests that are more sensitive, specific, and have a lower window period are facilitating the market growth and could help increase the market share during the forecast period. For instance, in March 2015 Roche launched next-generation assay to detect hepatitis B virus (HBV) load. COBAS HBV assay is highly robust, sensitive, and quantifies HBV DNA with low sample as well.
Asia Pacific and Latin America are the fastest growing markets due to increasing awareness about blood transfusion diseases and rising screening. China, India, Japan, Singapore, and Brazil are major contributing markets in Asia Pacific and Latin America. Government initiatives to boost the screening and investment by major key players in the region are likely to drive the market during the forecast period. In July 2015, Roche Diagnostics opened new Asia Pacific headquarters in Singapore. In addition, Roche invested in China to build a diagnostics manufacturing facility and is expected to be fully operational by 2018. According to Roche, this investment is due to growing demand of diagnostics tests in China and the Asia Pacific region.
Government initiatives and various initiatives by organizations to boost blood screening and limit transfusion disease are likely to propel the growth of market. For instance, the FDA recently proposed a new regulatory framework for laboratory tests. Moreover, in February 2015, the FDA conveyed a workshop for next-generation sequencing. In India, some state governments have made the nucleic acid testing (NAT) tests mandatory at all blood banks. However, high cost of advanced testing is a major concern in low-income countries in Middle East & Africa, Asia Pacific, and Latin America.
In-depth report on global blood screening market by Grand View Research: