Blood Group Typing Market worth $3.0 billion | MarketsandMarkets

CHICAGO, Sept. 14, 2023 /PRNewswire/ -- In the near future, the blood group typing industry is poised for remarkable advancements driven by cutting-edge technologies and a growing emphasis on personalized medicine. Rapid, cost-effective, and highly accurate methods, such as next-generation sequencing and microfluidic devices, will revolutionize blood typing, making it accessible even in resource-limited settings. Moreover, the integration of artificial intelligence and machine learning algorithms will streamline data analysis and enhance compatibility matching for transfusions and organ transplantation. This evolving landscape will not only improve patient outcomes but also pave the way for innovative therapeutic approaches, including gene therapy tailored to specific blood types, ushering in an era of precision healthcare that will significantly impact the field of transfusion medicine.

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.

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 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.

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 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).

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

Blood Group Typing Market Advantages:

• Improved Patient Safety: Accurate blood typing ensures that patients receive compatible blood transfusions, reducing the risk of adverse reactions and improving overall safety during medical procedures.
• Efficiency and Speed: Modern blood typing methods are faster and more efficient than ever before, allowing for quicker decisions during emergencies and reducing wait times for patients in need of blood products.
• Cost-Effective Solutions: Advances in technology have led to cost-effective blood typing methods, making them accessible to a wider range of healthcare facilities and reducing the financial burden on healthcare systems.
• Enhanced Compatibility Matching: Advanced techniques and algorithms enable more precise compatibility matching for blood transfusions and organ transplantation, reducing the likelihood of complications and rejection.
• Personalized Medicine: The ability to accurately type an individual's blood allows for personalized medical treatments, including tailored transfusion strategies and potential advancements in gene therapy.
• Global Healthcare Impact: Blood typing plays a crucial role in global healthcare, ensuring that donated blood can be transported and used safely across borders, contributing to international healthcare efforts and disaster response.
• Streamlined Laboratory Processes: Automation and digitalization of blood typing procedures streamline laboratory workflows, reducing human error and improving overall laboratory efficiency.
• Research and Development: Blood typing advancements drive innovation in the field of transfusion medicine, opening doors to new research opportunities and potential breakthroughs in disease treatment and prevention.
• Wider Access to Blood Typing: The availability of various blood typing methods, including point-of-care testing and remote diagnostics, increases accessibility to blood typing services, particularly in remote or underserved areas.
• Public Health Impact: Accurate blood typing is fundamental in tracking and managing bloodborne diseases, such as HIV and hepatitis, contributing to public health initiatives to reduce the spread of these infections.

In summary, the blood group typing market's advantages encompass improved patient safety, cost-effectiveness, enhanced compatibility matching, personalized medicine, and broader global healthcare impact, making it a pivotal component of modern healthcare systems.

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 Transmedic Pte Ltd (Singapore) signed a distribution agreement, which will enable Transmedic 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:

RNA Analysis Market - Global Forecasts to 2028

Molecular Quality Controls Market - Global Forecasts to 2028

Cell Analysis Market - Global Forecasts to 2028

CT/NG Testing Market - Global Forecasts to 2028

Molecular Diagnostics Market - Global Forecasts to 2028

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