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Blood Group Typing Market Scope, Share, Trends Analysis And Forecasts(2024 - 2033)
Blood Group Typing Market Scope
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According to The Business Research Company's, The blood group typing market size has grown rapidly in recent years. It will grow from $2.76 billion in 2023 to $3.15 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to expansion in blood donation drives, aging population, rise in healthcare infrastructure development, rise in clinical trails.
The blood group typing market size is expected to see rapid growth in the next few years. It will grow to $5.18 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to increasing demand for blood and blood-related products, rising prevalence of chronic diseases, rising road accidents, rise in healthcare spending. Major trends in the forecast period include automation and high-throughput systems, data integration, public health initiatives, technological innovations.
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Market Drivers and Trends:
The increase in number of blood donations and transfusions drove the blood group typing market during the historic period. Different non-profit organizations, government organizations and other agencies are emphasizing the importance of blood donations and transfusions and spreading awareness through various campaigns. An increase in blood donations increased the demand for blood group typing so that the donor can know what type of blood they have. For instance, according to a report by the WHO in 2022, in high-income nations, which are home to 16% of the world's population, blood donations account for 40% of the 118.5 million donations that are made worldwide. Moreover, children under the age of five receive up to 54% of blood transfusions in low-income nations, compared to patients over 60 who receive up to 76% of transfusions in high-income countries. The increase in the number of blood donations and transfusions thereby contributed to the growth of the blood typing market.
Technological advancements such as automated technologies for blood typing gaining traction in the blood group typing market. Major companies in the market are focusing on introducing new types of tests based on innovative techniques that offer results in low turn-around time, with improved accuracy and efficiency. In September 2021, Ortho Clinical Diagnostics, a US-based in vitro diagnostics company, launched Immediate Spin Crossmatch (ISXM). ISXM is a serological test used in blood transfusions to identify ABO blood type mismatch between donor red blood cells and receiver serum or plasma. This new menu feature expands Ortho's complete automated testing offering with the addition of ISXM.
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Major Key Players of the Market:
Grifols S.A., Bio-Rad Laboratories Inc., Immucor Inc., Ortho-Clinical Diagnostics Inc., Quotient Limited, B. Braun Melsungen AG, AXO Science SAS, Agena Bioscience Inc., Merck KGaA, Beckman Coulter Inc., Sucuri Inc., Rapid Labs Ltd., Day Medical SA, Novacyt Group, Chemtrade Logistics Income Fund, DIAGAST SAS, Thermo Fisher Scientific Inc., One Lambda Inc., Tulip Diagnostics (P) Ltd., Guangzhou Wondfo Biotech Co. Ltd., Mesa Laboratories Inc., Hemaxis Inc., ZenTech S.A., Hemogenyx Pharmaceuticals plc, Lifespan Diagnostics LLC, TECOmedical AG, Blood Systems Inc., Japan Blood Products Organization, Medion Diagnostics GmbH, BioMedomics Inc., DiaSorin S.p.A., Grifols Diagnostic Solutions Inc., Hemo bioscience Inc.
Blood Group Typing Market 2024 Key Insights:
• The blood group typing market size is expected to see rapid growth in the next few years. It will grow to $5.18 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
• Fueling The Blood Group Typing Market The Impact Of Increasing Blood Donations And Transfusions
• Revolutionizing Blood Group Typing With Cutting-Edge Automated Technologies
• North America was the largest region in the blood group typing market in 2023
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