Immunohematology Market Size By Product (Analyzers, Reagents), By Technology (Biochips, Gel Cards, Microplates, PCR, Erythrocyte-magnetized Technology), By End-use (Hospitals, Diagnostic Laboratories, Blood Banks), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
The immunohematology market is set to witness notable growth by 2027 owing to surging focus on the research and development of immunohematology devices across the globe.
Immunohematology refers to the study of RBC antigens and antibodies in relation to blood transfusion. Notably, after the onset of the COVID-19 pandemic, blood transfusion has been used extensively as an essential medication for severe cases of the viral infection. Consequently, the widespread use of blood transfusions as life-saving interventions has propelled the adoption of immunohematology globally, thereby bolstering market growth.
The number of blood banks and treatment facilities worldwide have increased significantly to cater to the burgeoning demand for blood transfusions during the pandemic. Rising incidences of hematological disorders and increasing blood donation awareness drives in various countries are some key drivers contributing to immunohematology market expansion across key regions.
Recently, many prominent industry players have devised new strategies to tap into emerging marketplaces through new product launches and collaborations, which has favorably affected market dynamics. For instance, in January 2021, Ortho Clinical Diagnostics, a leading in-vitro diagnostics company, announced the launch of its IPO after two of its antibody tests received Emergency Use Authorization (EUA) from the FDA.
Additionally, market participants have been working on expanding their consumer reach through diverse approaches, which has facilitated business expansion globally. To cite an instance, in July 2021, Ortho Clinical Diagnostics and Thermo Fisher Scientific inked a partnership agreement pertaining to the supply of Ortho's VITROS QC solutions. By merging Ortho Clinical Diagnostics controls with Thermo Scientific MAS Quality Controls, the VITROS QC Solutions intended to offer customers a complete quality control solution in the laboratory.
Furthermore, in June 2021, Grifols, the US-based pharmaceutical company, announced a strategic investment of USD 1 billion from GIC towards the expansion and strengthening of its U.S. plasma center network. As a result, lucrative strategies adopted by industry leaders have played a vital role in fostering market growth.
The immunohematology market has been segmented on the basis of product, technology, end use, and region. In terms of product, the market has been bifurcated into analyzers and reagents. The analyzers sub-segment is estimated to garner profitable gains by 2027 owing to the implementation of automated analyzers in blood test reports, which involve reduced chances of human error and provide timely results.
With respect to technology, the market has been divided into biochips, gel cards, PCR, microplates, and erythrocyte-magnetized technology. The biochips sub-segment held a sizeable valuation in 2020 and is estimated to observe prominent growth over 2021-2027.
From the end use perspective, the market has been segregated into hospitals, diagnostic laboratories, and blood banks. In 2020, the diagnostic laboratories sub-segment accounted for around 23.7% of the immunohematology market and is calculated to reach a considerable revenue by the end of the forecast period.
From the regional point of view, the Latin America immunohematology market was valued at over USD 146.8 million in 2020 and is anticipated to see substantial growth through the assessment timeline. Meanwhile, the Middle East and Africa immunohematology market is estimated to see robust growth by 2027, expanding at a CAGR of above 3.9% over the forecast period.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook