In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSQuidelOrtho Corporation has completed a merger between Quidel Corporation and Ortho Clinical Diagnostics Holdings plc to create QuidelOrtho, one of the leaders in in vitro diagnostics.
Seegene Inc. and Bio-Rad Laboratories, Inc., a global leader in biotechnology, have announced a partnership to develop diagnostic testing products for the American market.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 1 Billion |
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Forecast Year Market Size (2033) |
~ USD 2 Billion |
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Regional Scope |
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The global blood group typing market is estimated to garner a revenue of ~USD 2 Billion by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 1 Billion in the year 2022. The growth of the market can be attributed primarily to the rising prevalence of blood cancer worldwide such as leukemia and lymphoma, rising cases of chronic disorders that need regular blood transfusion such as anemia, and cancer, and the growing old age population as bone marrow of geriatrics cannot replenish blood that is lost. According to the American Cancer Society, in the year 2022, 60,650 new cases of leukemia were diagnosed, 24,000 people died from leukemia, and 20,050 cases of acute myeloid leukemia (AML) were reported in United States.
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Moreover, rising demand for blood-related products, the emergence of advanced automatic technologies, growing awareness of early disease diagnosis and screening, and the growing need for safe blood transfusions, coupled with a rise in blood donations worldwide, are expected to drive global blood group typing market growth during the forecast period. Approximately 40% of the 118.5 million blood donations collected worldwide are collected in high-income countries, home to 16% of the world's population, according to World Health Organization data.
Increasing Prenatal Testing to Detect Genetic Disorders of Baby Prior to Birth - For instance, 86% of pregnancies generally involved invasive diagnostic testing. As of 2019, trisomy 21 and 18 are found at a rate of 96% and 98%, respectively, compared to 74% and 82% respectively in 2006. In order to prevent hemolytic anemia in newborns during pregnancy (HDN), blood typing tests are very important during pregnancy. Hence rising demand for prenatal testing during pregnancy is expected to higher the adoption of blood group typing during the forecast period.
Rising Prevalence of Thalassemia Worldwide with Increasing Migrations - An individual with thalassemia has less hemoglobin than the average person due to an inherited blood disorder. It was observed that around the world, approximately 4.5 out of every 10,000 live births are affected by this disease.
Growing Need for Blood Transfusion Owing to Rising Surgeries, Injuries, and Illness - For instance, over 4.4 million people need blood transfusions every year in the United States, and this number is expected to increase in the future.
Increasing Road Traffic Accidents as Drunk Driving, Speeding, and Distracted Driving Grow - As a result of heavy blood loss during road traffic accidents, there is a surge in the demand for blood transfusions, which has a negative impact on blood supplies. Around 1.3 million people die each year in road traffic accidents, according to the World Health Organization.
Growth in the Number of Blood Donors with Government Blood Camps Rising Awareness among People - For instance as compared to 2019, new donor registrations in 2020 grew from 23,990 to 36,500, with the greatest growth between weeks 11–20 from 10,880 to 26,620.
Lack of Healthcare Infrastructure in Developing Countries
Highly expensive healthcare facilities are not covered by insurance, and some do not have any insurance help. Growing living costs and increasing food prices leave no choice for low-income people but to let go of their healthcare needs.
Reduction in Blood Donation Camps During COVID 19
Risk of Concern During Blood Transfusion
The global blood group typing market is segmented and analyzed for demand and supply by end-user into hospitals, blood banks, clinical laboratories, and other. Among these segments, the blood banks segment is anticipated to capture the largest market size in the global blood group typing market owing to the rising number of blood donation banks and centers, increasing organ transplantations, organ replacement surgeries, and growing c-sections around the globe. For instance, there are about 13,300 blood centers in 169 countries that reported collecting about 106 million blood donations. Moreover, increasing blood donation campaigns, and government initiatives to raise awareness about donating blood are expected to augment segment growth over the forecast period.
Regionally, the global blood group typing market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the increasing need for platelets and blood transfusion components. For instance, nearly 5,000 units of platelets and 6.500 units of plasma are needed daily in the U.S. and Nearly 16 million blood components are transfused each year in the U.S. Furthermore, availability of favorable reimbursement policies, rising cases of chronic diseases many of which require blood type determination for effective treatment, and high prevalence of infectious diseases are expected to drive blood group typing market growth in the region during the forecast period.
Source: Research Nester
Our in-depth analysis of the global blood group typing market includes the following segments:
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By Product |
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By Test Type |
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By Technique |
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By End-User |
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FREQUENTLY ASKED QUESTIONS
Increasing road traffic accidents, growing number of blood donors, along with increasing number of blood transfusion are the major factors driving the growth of the blood group typing market.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2033.
Reduction in blood donation camps during COVID 19 and lack of healthcare infrastructure in developing countries are the challenges affecting the market growth.
The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Seegene Inc., QuidelOrtho Corporation, Rapid Labs Ltd, BAG Health Care GmbH, Quotient Suisse SA, Bio-Rad Laboratories Inc., Beckman Coulter Inc., Grifols, S.A., Immucor Inc., Novacyt Group
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented byproduct, test type, technique, end user and, by region.
The blood banks segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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