Market Trends of Global Blood Group Typing Industry
This section covers the major market trends shaping the Blood Group Typing Market according to our research experts:
Blood Banks are expected to Witness Healthy Growth Over the Forecast Period
The major factor propelling the growth of the market includes a steep rise in accidental cases, a high prevalence of hematologic diseases, and an increasing geriatric population. In February 2020, According to a study published by the World Health Organization, nearly 1.5 million people each year in the world die because of road traffic injuries. Road traffic injuries cost over 3% of the country's gross domestic product every year. Apart from road injuries, accidental cases are also surging in sports. In February 2020, According to the article published by Sarah Megginson, 89% of Australian adults participate in sports every year, with 62% participating at least three times a week. Hence, these cases of accidents will contribute to the increasing demand for the blood banks segment. In addition, in the past few years, the burden of blood-borne diseases has also increased, coupled with the increasing prevalence of transfusion transmissible infection and surgeries, growing awareness about blood donation, and several government initiatives associated with blood donation, which are promoting the demand for blood banks segment and driving the overall market as it generates the need for blood group typing kits for diagnosis and treatment purpose.
Inthe year 2021, As per the World Health Organization, the prevalence rate of anemia in children is 48.2% and 12.8% in men, which is expected to rise in the coming years over the world. Thus, this increasing burden of blooddisordersr may drive the demand for early diagnosis and treatment wherein the blood has been widely used, resulting in the growth of the market.
The Blood banks play a critical role by storing blood for future use. Also, blood banks carefully screen donated blood to keep blood safe. Blood transfusions sometimes cause transfusion reactions, therefore extensive precautions are taken before any blood transfusion in order to prevent infections from happening. After that, the blood type of the unit is checked many times, and the unit is carefully matched to ensure that it matches the blood type and Rh factor of the person who will receive it by both the nurse and blood bank lab technician. Thus, the market is expected to witness high growth. A number of tests are generally performed in blood bank before blood transfusion which includes screening for antibodies that may produce adverse effects if transfused, screening for possible infectious agents, ABO group and Rh type, screening for blood-group antibodies, and serologic tests. With the rising trend of blood donation out of social concern, the importance of blood group typing is also likely to grow.
North America is Expected to Hold Largest Market Share over the Forecast Period
An increase in the number of road accidents and the rising prevalence of chronic diseases are the major factors driving the growth of the market studied. In July 2022, According to the Association for Safe International Road Travel, The United States is one of the busiest countries in terms of road traffic with nearly 284 million vehicles in operation as of the third quarter of 2021. It was further reported that more than 228.7 million drivers were holding valid driving licenses as of 2020. This level of traffic is one of the reasons leading to more road accidents. In September 2020, there were some 12.15 million vehicles involved in crashes in the United States, with over half that volume being passenger cars. Thus, the increasing road fatalities and crashes are increasing the demand for blood group typing. This is expected to augment the demand for the blood group typing market over the forecast period.
Furthermore, there is an increasing demand for blood transfusion in the United States. In October 2021, As per the estimates of the American National Red Cross, approximately 36,000 units of red blood cells are needed every day, and nearly 25 million blood components are transfused each year in the United States. In all of the above cases there is a huge need of blood typing and rising in the number of such cases will boost the growth of the market.
