Immunohematology Market
Number of pages: 100 | Report Format: PDF | Published date: February 15, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 2.4 billion |
|
Revenue Forecast in 2030 |
US$ 3.57 billion |
|
CAGR |
5% |
|
Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product Type, Technology, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global immunohematology market was valued at US$ 2.4 billion in 2021 and is expected to register a revenue CAGR of 5% to reach US$ 3.57 billion by 2030.
Immunohematology Market Fundamentals
Immunohematology screens donor blood for blood antigens, Rh factor, plasma, and white blood cell components. Immunohematology is widely applicable in blood banking since it deals with the preparation of blood components for transfusion. Increased investment in blood bank construction by public and private organizations is the key factor driving the immunohematology market revenue growth. Hence, owing to the growing base of blood banking across nations, the sales of immunohematology devices are projected to increase in the next few years.
The global immunohematology market is expected to grow steadily with the increasing prevalence of hematological disorders and the proportionately growing demand for blood transfusions. Technological advancements in cross-matching and blood typing procedures and increase in research investments are driving revenue growth in the immunohematology market. On the ground of the growing demand for blood components, there has been an increase in healthcare expenditure and awareness of blood donation in regions such as Asia Pacific. Conversely, the global immunohematology market may face challenges due to limited reimbursement and stringent regulations, along with the high cost of blood screening and testing procedures.
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Immunohematology Market Dynamics
The global immunohematology market is predicted to register growth at a higher revenue CAGR during the forecast period due to the development of breakthrough blood screening technologies and new product releases. Hospitals and diagnostic laboratories are focusing on the automation of instrumentation and integration of many operations on a single platform, fueling market revenue growth. Furthermore, the rapid development of blood banks by government and private organizations, increased awareness about blood donation, significant technical improvements, and the growth of the healthcare sector are projected to drive the immunohematology market during the forecast period. Additionally, the immunohematology market is growing due to the rising frequency of blood-related disorders, such as anemia, thalassemia, sickle cell anemia, and hemophilia. Anemia affects 22.8% of the world’s population, with children and women being the most affected. Anemia is a serious illness that can result in miscarriage, stillbirth, premature birth, and other complications in pregnant women and women of reproductive age. As a result, the market is expected to be driven by high rates of anemia in pregnant women, increased rates of hematological illnesses, and a rise in the risk of anemia in neonates due to genetic abnormalities.
The increasing usage of automation and digitalization in testing and screening procedures is one of the most important trends in the immunohematology market. The need to improve efficiency and accuracy in blood typing, cross-matching, and other procedures, as well as a growing demand for point-of-care testing and remote diagnostics, is driving this trend. Automation and digitalization can improve the accuracy and reliability of testing and screening procedures while lowering the risk of human error and increasing throughput. The digitization of patient and donor data can also improve blood product tracking and management, thereby improving the safety and effectiveness of blood transfusions.
Immunohematology Market Ecosystem
The global immunohematology market has been analyzed from four perspectives: product type, technology, end user, and region.
Immunohematology Market by Product Type
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Based on product type, the global immunohematology market has been segmented into analyzers and reagents & consumables.
The reagents and consumables segment dominated the immunohematology market in 2021. The high uptake of reagents and consumables in immunohematology is attributed to the growing volume of transfusions, blood donations, and blood tests and the growing need for accurate and reliable test results. Reagents and disposable consumables are commonly used in various procedures, such as cross-matching, antibody screening, and blood typing. As the prevalence of blood disorders continues to grow, the demand for reagents and consumables is anticipated to continue to increase. Moreover, technological advancements and the continuous introduction of novel reagents will further contribute to the revenue growth of the reagents and consumables for the immunohematology market.
Immunohematology Market by Technology
Based on technology, the global immunohematology market has been segmented into biochips, gel cards, microplates, polymerase chain reaction, erythrocyte-magnetized technology, and others.
Due to the increasing number of serological tests and the prevalence of hematological disorders, the polymerase chain reaction (PCR) segment leads the global immunohematology market. PCR generates numerous copies of genetic material to detect viral load (DNA or RNA).
Immunohematology Market by End User
Based on end user, the global immunohematology market has been segmented into blood banks, hospitals, diagnostic laboratories and research, and academia.
The hospitals segment is expected to show lucrative revenue growth during the forecast period due to high volumes of blood transfusion and donation procedures occurring in hospitals due to high patient footfall. This necessitates hospitals to have set standards for hematology components and undertake pre-transfusion compatibility studies on donors and receivers.
Immunohematology Market by Region
Based on region, the global immunohematology market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America leads the global market due to the high prevalence of leukemia, the large concentration of market players, and increased government financing for blood transfusion procedures. Furthermore, the availability of well-established healthcare infrastructure and current clinical studies for leukemia therapy in the United States are expected to boost market revenue growth even further.
Europe accounted for the second-largest market revenue share. One of the primary reasons driving the market in the region is the widespread adoption and usage of high-quality diagnostics and treatments. This can be ascribed to the region’s growing number of diagnostic laboratories and blood banks, increased government support for research activities, and greater usage of immunohematology in transfusion safety.
The market is expected to register growth at the highest revenue CAGR in Asia Pacific during the forecast period. The region’s high per capita income and significantly large volumes of blood donations have increased the usage of blood testing and screening procedures. As reported by the WHO, around 50% of global blood donation volumes currently occur in Asia Pacific.
Immunohematology Market Competitive Landscape
The leading players in the global immunohematology market include:
Immunohematology Market Strategic Developments
High adoption of automation and digitization in screening procedures is the most prominent trend in the global immunohematology market.
Grifols SA, Becton, Dickinson & Company, Ortho Clinical Diagnostics Inc., Immucor Inc., and Abbott Laboratories Inc. are among the top market players.
The reagents and consumables segment is anticipated to grow at a rapid pace during the forecast period.
Asia Pacific is expected to mark the highest revenue growth during the forecast period.
The high cost of products and stringent regulations are the most prominent restraints in the global immunohematology market.
*Insights on financial performance are subject to the availability of information in the public domain