ALBANY, New York, Aug. 21, 2019 /PRNewswire/ -- The global blood group typing market was valued at US$ 1,500.0 Mn in 2017 and is projected to reach US$ 3,556.0 Mn by 2026, expanding at a CAGR of 10.3% from 2018 to 2026. Expansion of the market is attributed to the increase in demand for kits & reagents for blood group typing tests and increase in rate of adoption of technologically advanced products.
Rising Government Initiatives and Positive Response from People Augmenting Growth in the Market
With increasing awareness and importance about blood donation, large number of people started donating blood, which has increased the blood donation rate. Owing to this factor, the demand for blood group typing products has also increased that includes consumables, instruments, and reagents. Most of the demand for blood group typing products is from clinics, hospitals, and blood banks where people can easily give their blood.
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Rising government's initiatives to spread the word about the importance of blood donations further benefitted the growth in the blood group typing market. For instance, the government of Philippines launched free blood group typing program in 2017. This program helped in easy identification of potential blood donors during the time of disease outbreak. The departments of health along with DU30 cabinet spouses association initiated this program named Type ng Bayan.
Stakeholders to Understand Risk Areas for the Market to Grow at a Positive Rate
Hindrance and challenges is a common phenomenon in every market, in the global blood group typing market it is related to strict government regulations and risks associated with during or post blood transfusions. Few complications during the time of blood transfusion are related with acute immune hemolytic reaction in which the transfused red blood cells are attacked by the immune system in case the donor's blood type is not a good match. Additionally, lack of expertise and knowledge about blood transfusions can lead to disingenuous blood transfusion. Players and market participants are expected to manage these issues for the better growth of the market.
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Competition among the players in the global blood group typing market is intense and is likely to increase in the coming years, as there are large number of local and global players operating in the market. This factor has created a fragmented landscape in the market. Leading players in the market are making engaged in discovering new and innovative techniques to fortify their position against their competitors. Region-wise also their activities and strategies change, as in some regions active government participation helps them in expanding their position. In cases where the get governments support, they are able to spread awareness about their products by promoting them through government initiated programs. Mergers and acquisition is also widely accepted strategy used by the players in this market. For example, Grifols acquired Hologic's unit associated in development, research, and manufacture of instruments and assays based on NAT (Nucleic Acid Testing) technology that is used for transplantation and transfusion screening. This will give the company a boost and capability to strengthen their position in the global blood group typing market.
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In the report published by Transparency Market Research, detailed description about the players and their key strategies has been discussed. Few of the prominent players mentioned in the report are Merck KGaA, Bio-Rad Laboratories, Inc., QUOTIENT LIMITED, Ortho Clinical Diagnostics, Immucor, Inc., BAG Health Care GmbH, and Beckman Coulter, Inc.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Blood Group Typing Market (Product - Instrument (Automated, Semi-automated, Manual), Consumables (Reagent, Test Kits, Antisera), Services; Technique - PCR-based, Microarray-based, Assay-based Technique, Massively Parallel Technique; Test - Antibody Screening, HLA Typing, ABO Blood Test, Cross Matching Test, Antigen Typing; End use - Hospitals, Clinical Laboratories, Blood Bank) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026".
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