Home > Pressrelease > Blood Group Typing Market size to exceed $3bn by 2030

Blood Group Typing Market size to exceed $3bn by 2030

  • Published Date: September 22, 2022

Blood Group Typing Market size is estimated to reach USD 3 billion by 2030, according to a new research report by Global Market Insights Inc.

Increasing efforts to encourage voluntary blood donation will be a key factor driving the need for blood typing services. Both private authorities and government-led agencies are spreading awareness regarding the importance of blood donations and transfusions. For instance, in June 2022, the World Health Organization (WHO), along with the Red Crescent Societies and the International Federation of Red Cross, co-held the World Blood Donor Day (WBDD) in Mexico. The event was aimed at raising awareness regarding the need for safe blood & blood components.

Rising shortage of blood across the healthcare sector in emerging economies will elevate the demand for blood typing tests and instruments. According to a World Bank report, in every 10 minutes, around seven people need a blood transfusion in Kenya. However, only 16% of the country’s blood requirement is fulfilled. Aggravated by the COVID-19 pandemic, the demand for blood has also increased substantially worldwide.

Rising number of surgeries to boost market forecasts

Blood group typing market share from consumables segment accounted for over USD 1 billion in 2021. Technological advancement has facilitated the development of modern molecular diagnostic kits and reagents. A rise in the frequency of surgical procedures will accelerate the need for blood transfusion. According to a report by Detroit Medical Center, around 500,000 people undergo open-heart surgery in the US every year. A rise in the number of surgical procedures that involve heavy blood loss will elevate the use of blood typing consumables.

Browse key industry insights spread across 165 pages with 216 market data tables & 18 figures & charts from the report, “Blood Group Typing Market Analysis By Components (Consumables, Instruments, Services), By Technique (PCR-based & Microarray, Assay-based, Next Generation Sequencing {NGS}), By Test Type (Antigen Typing, Antibody Screening & Identification, ABO Tests, Cross-matched Tests), By End-use (Hospitals, Laboratories, Blood Banks), Industry Analysis Report, Regional Outlook Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:

Multiple benefits of crossmatch tests to complement industry growth

Blood group typing market from cross-matching tests segment was over USD 220 million in 2021. Crossmatch tests are typically performed prior to the administration of blood or blood products. These tests enable the detection of the presence of antibodies in the recipient against the red blood cells (RBCs) of the donor. Some of the benefits associated with crossmatch tests include reduced costs and faster blood availability. Crossmatch tests are also a crucial step that is performed prior to kidney transplantation procedures. Growing instances of renal transplant surgeries will also contribute to product demand.

High patient preference for hospital-based treatments to influence market trends

Hospitals segment accounted for over 50% business share in 2021. Increasing preference for hospital-based treatments by patients due to high-quality care and availability of advanced medical equipment and devices will augment industry scenario. These healthcare settings witness a constant demand for blood and blood products. Complex treatment procedures and therapies are largely performed in fully equipped medical facilities and hospitals.

Efforts to overcome blood shortage will foster LATAM industry statistics

Latin America blood group typing market surpassed USD 150 million in 2021. The region is anticipated to witness substantial blood banks sector expansion owing to rising awareness regarding the urgency for blood donations. According to the Brazilian Ministry of Health, around 1.9% of Brazil’s population donates blood, which is equivalent to about 4 million annual collections. Various countries across LATAM have also implemented new programs and schemes to encourage blood donations via intensified mass media and social media campaigns, bodies a surge in blood collection from army units.

Advanced product development to outline the market competition

Some of the major players in the global blood group typing market include Grifols, S.A., Ortho Clinical Diagnostics, Immucor, Quotient, BAG Diagnostics GmbH, Bio-Rad Laboratories, Inc., Agena Bioscience, Thermo Fisher Scientific, Inc. (One Lambda, Inc.), Danaher (Beckman Coulter Inc.), Rapid Labs Ltd. The competitive landscape involves continuous efforts to enhance business footprint through product development and commercialization.

Authors: Sumant Ugalmugle, Rupali Swain