At 9.50% CAGR, Global Blood Group Typing Market Size & Share Will Hit US$ 5093.63 Million by 2028 | Industry Trends, Demand, Growth, Value, Analysis & Forecast Report by Zion Market Research

NEW YORK, Aug. 1, 2022 /PRNewswire/ -- As per Zion Market Research study, The global blood group typing market size was worth USD 2,954.90 million in 2021 and is estimated to grow to USD 5,093.63 million by 2028, with a compound annual growth rate (CAGR) of approximately 9.50 percent over the forecast period.

Blood Group Typing Market: Overview

Blood tests are the most basic diagnostic method used to determine the malfunction of the human system. Regular blood tests are the easiest way to track your health. It is essential to have regular blood tests for good health and to make informed decisions about health in particular. Blood tests are also important to reduce the risk of various illnesses and related complications. Increased government and regulatory healthcare costs are expected to drive the market during the forecast period. Therefore, governments and key organizations constantly strive to encourage patients to undergo regular diagnostic tests. Furthermore, recent advances, the regulatory approval process, and a lack of awareness of the high cost of automated blood tests will hinder market growth over the next few years. Multinational healthcare institutions can help discover new technologies and raise awareness for eradicating & diagnosing common and chronic diseases. Solid external funding for clinical trials being conducted to develop new and innovative diagnostic tests is expected to boost the market. The introduction of constructive regulatory parameters to encourage POC tests is a major rendering driver on the market.

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Key Industry Insights & Findings of the Blood Group Typing Market Reports:

• As per the analysis shared by our research analyst, the Blood Group Typing Market is expected to grow annually at a CAGR of around 9.50 % (2022-2028).
• Through the primary research, it was established that the Blood Group Typing Market was valued at approximately USD 2954.90 million in 2021 and is projected to reach roughly USD 5093.63 million by 2028.
• North America gained the largest share in the global blood group typing market in 2021 due to increased blood transfusions in high-income countries such as the U. S. According to World Health Organization (WHO) data for 2019, 42% of blood donations come from high-income countries.
• The growth of the hospital segment is due to the growing awareness and importance of blood donations and the increasing number of blood donations.
• North America will continue to dominate the market over the forecast period due to reimbursement for multiple surgeries and the increased prevalence of chronic diseases.

Zion Market Research published the latest report titled "Blood Group Typing Market by Product & Service (Consumables, Instruments, Services) by Technique (PCR-based and Microarray Techniques, Assay-based Techniques, Massively Parallel Sequencing Techniques, and Other Techniques), by Test Type(Antibody Screening, HLA Typing, Cross-matching Tests, ABO Blood Tests, and Antigen Typing), by End User (Hospitals, Blood Banks, Clinical Laboratories, and Other End Users) and By Region-Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.

Industry Dynamics:

Blood Group Typing Market: Growth Drivers

• Growing number of transfusion and blood donation drives the growth of the market.

The increasing number of blood donations and transfusions will drive the global blood group typing market growth during the forecast period. Various nonprofits, government agencies, and other authorities have emphasized the importance of blood donations and blood transfusions. They are raising awareness through various campaigns, which are estimated to spur the market expansion.

Blood Group Typing Market: Restraints

• Lack of skilled practitioners and awareness of blood donation benefits will hamper the blood group typing market growth.

Lack of awareness and lack of qualified & trained professionals can lead to misleading blood transfusions, reduced sales of blood bank reagents, and ultimately hinder the growth of the blood group typing market. Lack of awareness of the health benefits of blood donations, such as reducing the risk of cancer & heart attack and improving liver health, is anticipated to hinder market growth. Moreover, inadequate blood supply infrastructure and the risk of infectious diseases such as hepatitis B & HIV can hamper the market growth in the coming years. 

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Global Blood Group Typing Market: Segmentation

• The global blood group typing market is segregated on the basis of product & service, technique, test type, end-use, and region.

By product & service, the market is divided into consumables, instruments, and services. Among these, the instruments segment dominates the market.

By technique, the market is classified into PCR-based & microarray techniques, assay-based techniques, massively parallel sequencing techniques, and other techniques. Over the forecast period, the PCR-based & microarray techniques segment is expected to develop at the fastest rate with a large share and high growth in this segment is due to the increased prevalence of chronic diseases and increased R & D activities focused on understanding the molecular basis of blood and antibody-antigen interactions.

By test type, the market is classified into antibody screening, HLA typing, cross-matching tests, ABO blood tests, and antigen typing. The antibody screening segment dominates the market during the forecast period.

By end-user, the market is divided into hospitals, blood banks, clinical laboratories, and other end users. Over the forecast period, the hospital segment is projected to grow rapidly owing to the growing awareness of blood donations & their importance, an increasing number of blood donations, and a growing need for blood in surgery.

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List of Key Players in Blood Group Typing Market:

• GrifolsS.A.
• Immucor Inc.
• Ortho Clinical Diagnostics In.
• Rapid Labs
• Quotient Ltd.
• Novacyt Group
• Bio-Rad Laboratories Inc
• BAG Healthcare GmbH
• Day medical SA
• DIAGAST
• AXO Science.

Key questions answered in this report:

• What are the growth rate forecast and market size for Blood Group Typing Market?
• What are the key driving factors propelling the Blood Group Typing Market forward?
• What are the most important companies in the Blood Group Typing Market Industry?
• What segments does the Blood Group Typing Market cover?
• How can I receive a free copy of the Blood Group Typing Market sample report and company profiles?

Report Scope:

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Recent Developments

• In April 2022, Grifols, a global pioneer in plasma-derived medicines, announced that it had acquired 100% of the equity capital of Tiancheng (Germany) Pharmaceutical Holdings AG. With the acquisition of Biotest AG, which is owned by Grifols and Tiancheng (Germany) Pharmaceutical Holdings AG, the company has accelerated and expanded its product range, improved patient access to plasma medicines, and has a private network of Europe's largest plasma facilities. 87 places) can now be operated and increase business and margin expansion
• In February 2022, Grifols announced a partnership with Endpoint Health, Inc. Grifols is a pharmaceutical company focused on solving pressing problems in immune-responsive critical care to commercialize and develop antithrombin III (AT-III) drugs for the treatment of sepsis.

Regional Dominance:

• Increasing number of transfusions is likely to help North America dominate the global market.

North America gained the largest share in the global blood group typing market in 2021 due to increased blood transfusions in high-income countries such as the U. S. According to World Health Organization (WHO) data for 2019, 42% of blood donations come from high-income countries. In addition, according to the Centers for Disease Control and Prevention (CDC), about 18 million prenatal visits were made in the United States in 2015. This increases the demand for blood grouping during prenatal testing is likely to drive the regional market growth. Moreover, market players who launch new products are expected to contribute to the region's growth.

Global Blood Group Typing Market is segmented as follows:

Blood Group Typing Market: By Product & Service Outlook (2022-2028)

• Consumables
• Instruments
• Services

Blood Group Typing Market: By Technique Outlook (2022-2028)

• PCR-based and Microarray Techniques
• Assay-based Techniques
• Massively Parallel Sequencing Techniques
• Other Techniques

Blood Group Typing Market: By Test Type Outlook (2022-2028)

• Antibody Screening
• HLA Typing
• Cross-matching Tests
• ABO Blood Tests
• Antigen Typing

Blood Group Typing Market: By End User Outlook (2022-2028)

• Hospitals
• Blood Banks
• Clinical Laboratories
• Other End Users

Blood Group Typing Market: By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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