Blood Group Typing Market in terms of revenue was estimated to be worth $2.0 billion in 2023 and is poised to reach $3.0 billion by 2028, growing at a CAGR of 8.7% from 2023 to 2028 according to a new report by MarketsandMarkets™. The need for blood donations is on the rise due to the growing incidence of chronic diseases and an increasing number of surgical procedures, which, in turn, highlights the essential role of precise blood group typing in facilitating secure and efficient blood transfusions.
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In recent years, the field of blood group typing has witnessed the emergence of novel and innovative technologies that are revolutionizing the way we determine and understand blood group characteristics. Precise and dependable determination of blood group types is of utmost importance prior to administering a blood transfusion. The conventional approach to blood group typing involves serological testing, which relies on hemagglutination responses between red blood cell antigens and specific antibodies. However, novel techniques in blood group analysis are emerging as potential substitutes or complementary strategies in instances where serological techniques fall short in identifying blood groups. Additionally, certain innovative methodologies, such as the advancing utilization of blood group genotyping, have the capability to accurately pinpoint variant antigens with clinical relevance.
Based on products & services, the global blood group typing market is segmented into three segments, namely, consumables, instruments, and services & software. In 2022, the consumables segment dominated the blood group typing market. The significant growth of this segment can be attributed to the need for large quantities of these consumables compared to instruments. Unlike instruments, reagents necessitate repeat purchases, ensuring a consistent and stable demand among end users.
Based on test type, the blood group typing market is segmented into ABO blood tests & Rh typing, antibody screening, HLA typing, cross-matching tests, and antigen typing. In 2022, the ABO blood tests & Rh typing segment dominated the blood group typing market. These are rapid, reliable, and cost-effective solutions to meet clinical needs, contributing to their widespread adoption.
The global blood group typing market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. During the forecast period, the Asia Pacific market is estimated to experience the highest CAGR. Many countries in the Asia Pacific region, including China, Japan, and India, have been experiencing steady growth in healthcare expenditure. Growth in this market can be attributed to the increasing prevalence of chronic conditions such as cancer, the growing per capita income, the expansion of private-sector hospitals to rural areas in various APAC countries, and the presence of high-growth markets in the region.
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Blood Group Typing Market Dynamics:
Drivers:
1. Increasing prevalence of chronic diseases and rising number of surgical procedures necessitating need for blood donations
2. Growing number of road accidents, emergencies, and trauma cases necessitating blood transfusions
3. Increasing demand for blood group typing in prenatal testing
4. High usage of blood group typing in forensic sciences
5. Extensive R&D in blood typing
6. Stringent regulatory standards for blood transfusion
Restraints:
1. Emergence of blood alternatives
Opportunities:
1. Growth opportunities in emerging economies
Key Market Players:
The key players in this market are Bio-Rad Laboratories, Inc. (US), QuidelOrtho Corporation (US), Grifols, S.A. (Spain), Thermo Fisher Scientific Inc. (US), Immucor, Inc. (US), Danaher (US), Merck KGaA (Germany), Quotient Limited (Switzerland), Novacyt (France), BAG Health Care GmbH (Germany), Rapid Labs Ltd (UK), Agena Bioscience, Inc. (US), Biorex Diagnostics (UK), HUMAN Gesellschaft für Biochemica und Diagnostica mbH (Germany), Prestige Diagnostics (UK), Span Diagnostics SARL (France), DIALAB GmbH (Austria), Lorne Laboratories Limited (UK), Atlas Medical GmbH (Germany), Torax Biosciences Limited (Northern Ireland), Fortress Diagnostics (UK), AXO Science (France), Maxwin Health Care Pvt. Ltd. (India), Anamol Laboratories Pvt. Ltd. (India), J. Mitra & Co. Pvt. Ltd. (India), and MedSource Ozone Biomedicals Pvt. Ltd. (India).
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