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Latest Rapid Labs News
Jun 29, 2022
AXO Science (France) Growth in global number of road accidents and trauma cases requiring blood transfusions is a key driver for the growth of the global blood group typing market. Additionally, increase in demand for blood group typing in prenatal testing and rise in application of blood group typing in forensic sciences are some of the other drivers propelling the market growth. Nevertheless, high cost of blood group typing and lack of knowledge regarding blood group typing among developing economies are expected to restrain the global market growth. By Product Based on product, the market is segmented into consumables, services, and instruments. In 2021, the consumables segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is attributed to increase in surgical processes namely organ transplantation and the application of serological fluids and reagents in laboratories worldwide. Instruments segment projected to grow at a profitable CAGR during the forecast period. This is attributed to the growing investment in R&D activities for new instruments and products in the global market. By Techniques Based on techniques, the market is segmented into assay-based techniques, PCR-based and microarray techniques, massively parallel sequencing techniques, and other techniques. In 2021, the PCR-based and microarray techniques segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is attributed to increase in R&D undertakings concentrated on antibody-antigen interactions along with the high occurrence of chronic diseases worldwide. Assay-based techniques segment projected to grow at a profitable CAGR during the forecast period. This is attributed to the increasing investment in the assay-based technique by major biotechnology and pharmaceutical manufacturers globally. By Test Type Based on test type, the market is categorized into ABO blood tests, antibody screening, HLA typing, antigen typing, and cross-matching tests. In 2021, the antibody screening segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to the increase in demand for initial analysis and rise in incidence of chronic disorders worldwide. The ABO blood tests segment is anticipated to grow at a profitable CAGR during the forecast period, due to the increasing application ABO blood tests for blood grouping. Regional Insights In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the growth in the number of transfusions, presence of major players in the region, increase in the share of healthcare expenditure in the per capita income, growth in initiatives from government, accessibility of technological advanced products in the region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the increasing cases of chronic diseases in the region, growing government and corporate investment in healthcare sector, increasing travel tourism in the developing economies, and increase in cases of trauma and road accidents, are the major factors in this region.
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