The Immunohematology Market to grow by USD 1.28 billion from 2022 to 2027 | Growing demand for blood banks and their potential to increase sales to drive the growth- Technavio

NEW YORK, Sept. 24, 2023 /PRNewswire/ -- The immunohematology market is expected to grow by USD 1.28 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 9.06% during the forecast period. The market is segmented by product (analyzers and systems and reagents), end-user (hospitals, blood banks, and diagnostic laboratories), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The growing demand for blood banks and their potential to increase sales is a key factor driving market growth. The need for blood banks worldwide is increasing. These blood banks collect and store blood from donors using blood mobile or donors can go to blood donation centers. It is then passed on to a variety of screening tests, including blood type screening for infectious diseases and plasma serology testing. Additionally, one of the biggest players in the market is cord blood banking. Once the umbilical cord blood is donated, the blood bank will keep it after sending it for a number of tests, including immunohematology tests. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions of the market's growth. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the immunohematology market: Becton Dickinson and Co., Biomed Global, Bio Rad Laboratories Inc., biosurfit SA, Cardinal Health Inc., Danaher Corp., DIAGAST SAS, Grifols SA, Hemo bioscience Inc., HUMAN Gesellschaft fur Biochemica und Diagnostica mbH, Institut de Biotechnologies Jacques Boy, MAK SYSTEM S.A., Merck KGaA, Mesa Laboratories Inc., Quotient Ltd., Siemens AG, Thermo Fisher Scientific Inc., Tulip Diagnostics Pvt. Ltd., Werfenlife SA, and Calibre Scientific Inc.
• The Immunohematology Market is fragmented in nature.
• Market to observe 6.44% YOY growth in 2023.

Market Dynamics:

Major Trends

• The paradigm shift toward molecular immunohematology is a major factor driving market growth.
• Molecular analysis has emerged as a primary approach for determining the molecular and genetic basis of antigens, providing clinicians with an important means of understanding the molecular basis of blood group antigens.
• Additionally, the growing popularity of this method is due to its effectiveness in understanding the compatibility between donor and recipient blood, making it especially useful for transfusion procedures.
• There is a growing trend toward applying molecular immunohematology in conjunction with traditional serotyping and HLA typing, a trend seen in many blood banks and healthcare facilities. 
• Hence, these factors are expected to drive market growth during the forecast period. 

Significant Challenge

• High maintenance costs and low reimbursement for blood components are some of the significant challenges restricting market growth.
• Blood banks are facing a growing financial strain due to the rising expenses associated with maintaining blood components, including labor costs, the cost of reagents and disposables, and storage costs. For example, the annual cost of handling cord blood averages around USD 1,500.
• Consequently, many public and private blood banks have implemented registration fees and annual charges for donors to offset these escalating costs.
• Additionally, the limited adoption of these products is attributed to the relatively low reimbursements available in the industry.
• Hence, these factors are expected to restrict market growth during the forecast period. 

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The analyzers and systems segment is estimated to witness significant growth during the forecast period. Factors such as potential high demand for automated analyzers in blood banks and new generation immunohematology analyzers with better throughput will significantly influence the growth of the systems market and Immunohematology analyzer. Several global immunohematology market players are focusing on developing next-generation immunohematology analyzers with improved speed, performance, and automation. For example, Immucor developed the NEO aimed at hospitals and level 1 reference laboratories. The main advantage of this analyzer is that it can process 224 test samples at a time and offers a wide range of tests for recipients and givers. Hence, these factors are expected to drive segment growth during the forecast period. 

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by End-User

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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