Blood Group Typing Market Is Prognosticated to Be Valued at a US $2.5 Billion by the End of 2022
Albany, NY -- (SBWire) -- 03/28/2018 --The global blood group typing market is foreseen to garner a massive demand in the foreseeable future owing to certain factors such as the rising demand for blood and blood products. Nonetheless, the market growth could see an escalation on the back of other factors such as increasing prenatal testing which requires blood grouping, mounting count of road mishaps and trauma incidences requiring blood transfusion, and increasing application in forensic sciences. The report offers a close study of such factors, trends, and opportunities that could hold the ability to up the demand in the market.
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Transparency Market Research (TMR) prognosticates the global blood group typing market to be worth a US$2.5 bn by the end of 2022 after progressing from a US$1.9 bn valuation attained in 2017. Between 2017 and 2022, the market is estimated to expand at a 5.6% CAGR.
The international blood group typing market is projected to mark higher growth prospects taking cue from the rising demand for consumables such as blood bank saline, red blood cells reagents, anti-human globulin reagents, and antisera reagents. The consumables segment could gain traction due to the increase in major surgical procedures such as organ transplant and blood donation rates. Developed regions such as North America could receive impetus from the availability of the reimbursement of several surgeries and growing occurrences of chronic disorders. Developing regions such as Asia Pacific are anticipated to center their growth around key markets, in this case, China and India.
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The international blood group typing market is envisioned to be classified according to four categories, viz. product, end user, test, and technique. On the basis of a segmentation by product, the market is anticipated to witness the superiority of consumables, which could take the lead while growing at a 5.4% CAGR. With respect to end user, clinical laboratories, hospitals, blood banks, and others could be key segments of the market. In terms of test, the market could testify the presence of antibody screening, human leukocyte antigen (HLA) typing, ABO blood tests, cross-matching tests, and antigen typing. Techniques such as massively parallel sequencing, assay-based techniques, PCR-based and microarray techniques, and others could make their contribution to the market.
Regionally, North America is predicted to be at the forefront of the international blood group typing market considering its dominant share all through the course of the forecast period. In 2017, it attained a valuation of US$0.6 bn. The Middle East and Africa (MEA) could expand at a lower CAGR of 3.7% while Japan is expected to bag a mere 8.0% of the total revenue share of the market. However, there could be opportunities birthing in lucrative regions such as Europe and Asia Pacific except Japan (APEJ).
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Some of the crucial industry players looking to secure a strong progress in the worldwide blood group typing market are expected to be Bio-Rad Laboratories, Inc., Merck Millipore, Ortho Clinical Diagnostics, Inc., Danaher Corporation, Grifols, S.A., Immucor, Inc., Quotient, Ltd., Bag Health Care GmbH, and Agena Bioscience, Inc.
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