increasing prevalence of chronic disorders is driving the Blood-Grouping Reagents Market
Technavio analyzes that the Blood-Grouping Reagents Market is expected to grow at a CAGR of 8.13% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 520.68 million.There are various factors that contribute to the growth of the market. The blood-grouping reagents market is experiencing significant growth due to the increasing prevalence of chronic disorders and the subsequent need for frequent blood transfusions. These reagents play a crucial role in identifying the blood type of donors and recipients, ensuring compatibility and preventing transfusion reactions. The rising demand for safe and effective blood-grouping reagents is driving market growth, with key players investing in research and development to innovate and improve their offerings.
The hospitals and healthcare facilities segment dominates the global blood-grouping reagents market due to the significant usage of these reagents in inventory management for blood transfusion services. The increasing prevalence of blood cancers and other chronic conditions, leading to higher hospitalizations, fuels the demand for blood-grouping reagents. In emergency situations, such as road accidents or cardiac arrests, quick identification of blood groups through assay-based techniques, like serology, is crucial for timely and effective treatment. Consequently, blood-grouping reagents are extensively utilized in emergency departments, urgent care centers, and intensive care units (ICUs) of hospitals, where efficiency and accuracy are paramount. Arena BioScience and other key players cater to this segment with advanced solutions, including artificial intelligence and automation, to streamline inventory management and improve diagnostic accuracy.
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Blood-Grouping Reagents Market Segmentation
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The Blood-Grouping Reagents Market involves the production and supply of antigens and antibodies used for identifying and typing different blood groups, including ABO and Rh factor. Companies like Novacyt Group and Ortho Clinical Diagnostics dominate this market. These reagents play a crucial role in blood transfusions, chronic diseases treatment, and accident victims' care, ensuring blood safety and proper inventory management. Blood typing processes, such as cross-matching, PCR-based and microarray, assay-based, massively parallel sequencing, antibody screening, and HLA typing, are essential for hospitals, blood banks, and transplantation procedures using red blood cells.
The global blood-grouping reagents market is a significant segment of the expansive life sciences tools and services industry. According to Technavio, this market is integrated within the larger life sciences tools and services market, which encompasses firms involved in the research and development (R&D) of various product categories, including capital equipment, instruments, accessories, and consumables. These tools and services are utilized for R&D on pharmaceuticals and biotechnology products, as well as laboratory diagnosis of various diseases. Furthermore, the market includes life sciences-related services such as contract research, contract manufacturing, and contract sales. The global healthcare market size is determined by Technavio based on the consolidated revenue generated by manufacturers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Key components of this market include antigens, antibodies, blood group typing, Rh factor, and blood banks.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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