Blood Group Typing Market worth $3.0 billion | MarketsandMarkets

CHICAGO, Sept. 7, 2023 /PRNewswire/ -- In the near future, the blood group typing industry is poised for groundbreaking advancements that promise to revolutionize healthcare and transfusion medicine. Leveraging cutting-edge genetic and molecular techniques, blood typing will become more precise and accessible, reducing the risk of transfusion-related complications and organ rejection during transplantation. Personalized medicine will take center stage as tailored blood products become a reality, enhancing patient outcomes and safety. Moreover, the industry will witness an expansion in point-of-care testing, allowing for rapid blood typing at the bedside, in emergency situations, and even in remote or underserved areas. These innovations will not only streamline healthcare delivery but also pave the way for more effective and efficient blood supply management, ensuring that patients receive the right blood products when they need them, ultimately saving lives and improving the quality of care.

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 high prevalence of cancer significantly impacts the increased demand for donated blood. Cancer patients undergoing chemotherapy or radiation therapy are often more likely to bleed, and they need blood transfusions to replace the lost blood. This will lead to an increased need for donated blood for transfusion, which will require mandatory blood group typing. Furthermore, some blood-related products used in cancer treatment have relatively short shelf lives. This means there is a constant need for fresh blood donations to ensure a sufficient supply of blood-related products to meet the pressing demand. Due to this, the demand has surpassed the supply of blood. Thus, the escalating demand for blood products in cancer care, coupled with their short shelf life, has led to a pressing need for increased blood donations, which is thereby expected to support the growth of the blood group typing consumables and instruments market.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=72074095

Browse in-depth TOC on "Blood Group Typing Market"

152 - Tables
42 - Figures
220 - Pages

Blood Group Typing Market Scope:

In 2022, the assay-based techniques segment held the largest share of the blood group typing market by technique segment.

The blood group typing market is segmented into assay-based techniques, PCR-based and microarray techniques, massively parallel sequencing, and other techniques based on techniques. The assay-based techniques segment accounted for the largest share of the blood group typing market in 2022. This segment covers the most commonly used methods for blood group typing, such as test-tube methods, slide methods, gel/column centrifugation, and microplate methods. These methods are commonly used in hospitals and blood banks for general blood typing as they are much more convenient and cheaper. As technologies continue to evolve, the efficiency and accuracy of gel column and microplate methods contribute significantly to the safety and success of blood transfusions and transplantation procedures.

The hospitals segment held the largest share of the blood group typing market by end-user segment in 2022.

The global blood group typing market is differentiated into hospitals, blood banks, clinical laboratories, and other end users. In 2022, the hospital segment dominated the blood group typing market. The blood group typing market in hospitals is expected to grow at a high rate owing to the growing requirement for blood during surgical treatments and the increasing number of hospitals. With a burgeoning global population, the need for blood transfusions has escalated significantly, fueling the requirement for accurate and swift blood typing procedures. Hospitals are at the forefront of this surge, as they cater to routine medical care and handle emergencies, where timely and precise blood typing can be a lifesaver. This expanding network of healthcare institutions directly translates to a substantial market share, reflecting the pivotal role hospitals play in safeguarding patient well-being through meticulous blood group typing practices.

North America is the largest regional market for blood group typing market.

The market for blood group typing has been divided into five key geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the predominant portion of the blood group typing market. This can be attributed to the region's advanced healthcare facilities and substantial healthcare investments, which are pivotal in fueling the requirement for blood group typing. Moreover, the projected rise in organ transplantation procedures is anticipated to contribute to the expansion of the market. Organ transplantation is a life-saving procedure for individuals with end-stage organ failure. Successful transplantation requires a compatible match between the donor and recipient, which includes blood group compatibility. Blood group typing is essential to prevent adverse reactions and organ rejection. As the demand for organ transplants rises, so does the need for precise blood group typing to ensure successful and safe procedures. According to the United Network of Organ Sharing, the number of transplants performed in the US has increased annually, with more than 42,800 organ transplants performed in the US in 2022. This is expected to drive the demand for blood group typing products & services in the region.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=72074095

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 major players operating in blood group typing 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).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=72074095

Blood Group Typing Market Advantages:

• Enhanced Patient Safety: Accurate blood typing minimizes the risk of transfusion reactions, ensuring that patients receive compatible blood products, reducing adverse events, and improving overall patient safety.
• Precision Medicine: Advances in blood typing technologies allow for personalized medicine approaches, tailoring transfusion and transplantation treatments to an individual's specific blood group and genetic profile, optimizing therapeutic outcomes.
• Streamlined Healthcare: Point-of-care blood typing devices enable rapid and convenient testing at the bedside or in remote settings, reducing wait times, expediting treatment decisions, and improving healthcare efficiency.
• Blood Supply Management: Improved blood group typing helps blood banks and healthcare systems manage their blood inventories more effectively, reducing wastage and ensuring a stable supply of compatible blood products.
• Transplantation Success: Precise blood group matching in organ transplantation reduces the risk of rejection, enhances graft survival rates, and increases the likelihood of successful transplant procedures.
• Research and Development: The blood typing market's ongoing innovation drives research and development efforts in transfusion medicine and genetics, fostering continuous advancements in healthcare.
• Global Health Impact: Accessible and affordable blood typing solutions empower healthcare providers worldwide, even in resource-limited areas, contributing to better healthcare equity and reducing the burden of transfusion-related diseases.
• Cost-Efficiency: Efficient blood group typing practices help healthcare systems optimize resource utilization, reducing the overall cost of healthcare delivery.
• Public Health Benefits: Accurate blood group data collection and analysis support public health initiatives, such as epidemiological studies and tracking disease trends, helping authorities respond effectively to health crises.
• Improved Quality of Life: By ensuring the right blood products are administered to patients, the blood group typing market ultimately enhances the quality of life for individuals receiving transfusions, transplants, or other blood-related treatments.
• Overall, the blood group typing market's advantages extend beyond individual patient care, positively impacting healthcare systems, research, and global health outcomes.

Recent Developments:

• In June 2023, Quotient Limited (Switzerland) launched its ALBA products in the Netherlands and Sweden in addition to the following geographies: Austria, France, Germany, Greece, Hungary, Italy, Luxembourg, the Netherlands, Poland, Romania, Slovakia, and Sweden.
• In May 2023, Bio-Rad Laboratories, Inc. (US) launched the IH-500TM NEXT System, a fully automated system for ID cards. The IH-500 NEXT System not only reduces instrument downtime and increases laboratory productivity but also provides the flexibility and freedom to use high-performing Bio-Rad Reagent Red Blood Cells (RBCs), as well as the lab's own RBCs or third-party Reagent RBCs.
• In March 2022, Quotient Limited (Switzerland) received the Conformité Européenne (CE) Mark for its MosaiQ Extended Immunohematology (IH) Microarray. The expanded array of features of MosaiQ allows for the comprehensive characterization of blood donor samples (blood typing and disease screening) through a single test procedure.
• In June 2023, Quotient Limited (Switzerland) and TransMedics, Inc. (US) signed a distribution agreement, which will enable TransMedics to distribute Alba by Quotient and MosaiQ in five countries in Southeast Asia.
• In March 2023, With the acquisition of Immucor, Inc. (US), Werfen (Spain) expanded its presence as a company of reference in the specialized diagnostics market and grew its portfolio of diagnostic solutions for hospitals and clinical laboratories.

Related Reports:

Blood Culture Tests Market - Global Forecasts to 2028

Blood Collection Devices Market - Global Forecasts to 2027

Needles Market - Global Forecasts to 2027

Blood Screening Market - Global Forecasts to 2026

Apheresis Market - Global Forecasts to 2025

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/blood-group-typing-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/blood-group-typing.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg