The global blood group typing market is anticipated to flourish notably within the forecast period from 2017 to 2022. Some of the major players from the industry are Bio-Rad Laboratories, Inc., Ortho Clinical Diagnostics, Inc., Grifols, Immucor, Inc., Bag Health Care GmbH, Merck Millipore, Danaher Corporation, S.A., Quotient, Ltd., and Agena Bioscience, Inc. These firms are investing in research and development activities to improve their position in the regional and global market, both. In October 2016, Bio-Rad Laboratories, Inc., an important player in the market, which manufacture clinical diagnostic and life sciences products, got an approval from the U.S. Food and Drug Administration (FDA) for its IH-1000 blood equipment.
According to Transparency Market Research (TMR), the global blood group typing market is expected to expand at a steady CAGR of 5.6% within the forecast period from 2017 to 2022. In 2017, the market was valued at around worth a US$1.9 bn. This figure is likely to grow around a value of a US$2.5 bn by 2022. On the basis of product, the consumables segment is foreseen to dominate the global blood group typing market, with a significant revenue of worth a US$1.0 bn by the end of forecast duration. The segment was accounted for 42% of overall market share in 2017. Geographically, North America is prognosticated to dominate the global market, with a revenue of near about US$0.8 bn. However, the CAGR of the region could be a bit lower than the other regions in the amrket.
Increased Road Accidents to Surge demand for Blood Group Typing Market
The significant driving factor behind this development are the rise in the utilization of blood group typing in forensic science, requirement for grouping of the blood in case of pregnancy and prenatal testing; rise in cases of road accidents and injuries that requires blood transfusion, increment in the demand of blood products and blood items, and rise in blood donation. Blood group typing is exceptionally urgent for the recognition of hemolytic disease of the infant (HDN) in pregnant ladies which in the long run empowers the use of blood group typing, thus leading to the development of the global market.
The improvement of novel molecular analytic instruments which helps in fast and accurate identification proof of blood groups in huge samples is anticipated to give plenteous chances to the market players. Besides, the increase in the number of blood donation cases is another major trend in the blood group typing market, all over the world. Likewise, the advancements in technology such as magnetic beads and quantum dots (QDs) in assays that improves identification proof and upgrade healthcare safety of blood transfusion is being witnessed all around.
Strict Government Rules to Hinder Overall Market Growth
Administrative rules for the blood transfusion are stringent as it is an exceptionally important procedure. Stringent government needs are likely to hamper the development of the global blood group typing market. Other key factor restricting the development of the global market is shortage of skilled and trained experts which can cause misleading transfusion among the patients.