The global blood testing market size was valued at USD 86.68 billion in 2022 and is projected to reach USD 177.65 billion by 2031, expanding at a CAGR of 8.3% during the forecast period, 2023–2031. The growth of the market is attributed to the growing medical spending by the government and regulatory bodies.
A blood test involves an analysis of blood sample using laboratory-based procedure. In general, the blood drawn from individual is put under examination for various applications especially to examine and assess a person's health condition. Blood samples are often used in the healthcare industry to determine organ function, physiological and biochemical conditions, disease transmission, and prescription medication efficacy.
A blood examination is undertaken for identification of a variety of health conditions and problems such as anemia, infection, leukemia, hypokalemia, and kidney disease. The growth of the blood testing market is significantly boosted due to the rapid expansion of lab diagnostics, which focus on various tests to begin the treatment of any disease condition.
Market Trends, Drivers, Restraints, and Opportunities
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External funding for clinical studies aimed at developing new and advanced diagnostic tests is helping to grow the market.
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Rising awareness among patients about various self-testing and home diagnostic tests is likely to influence the growth of the global blood testing market.
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Growing number of COVID-19 cases across the globe is forced to raise the demand for large-scale diagnostic testing. This is expected to boost the market.
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Increasing prevalence of chronic diseases along with a strong demand for fast products for assessing health problems is projected to propel the market forward. Blood testing is essential for the routine surveillance of diseases, so this is likely to create profitable benefits for operating agencies.
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Some of the blood testing for examining severe diseases take longer period of time and relatively costly, which act as major challenges to hamper the market expansion.
Scope of the Report
The report on the global blood testing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Blood Testing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Test Types (Glucose, Lipid, COVID-19, A1C, CRP, Vitamin D, ALT, AST, TSH, PSA, Cortisol, Creatinine, BUN, Direct LDL, and Testosterone)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Abbott; F. Hoffmann-La Roche AG; Bio-Rad Laboratories, Inc.; bioMerieux SA; Quest Diagnostics; Biomerica, Inc.; Becton, Dickinson and Company; Siemens Healthineers; Danaher Corporation; and Trinity Biotech Plc
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Global Blood Testing Market Segment Insights
Glucose segment is expected to dominate the market
Based on test types, the global blood testing market is segmented into glucose, lipid, COVID-19, A1C, CRP, vitamin D, ALT, AST, TSH, PSA, cortisol, creatinine, BUN, Direct LDL, and testosterone. The glucose segment accounted for a revenue share of 28.7% of the global market in 2020 and is expected to dominate the market during the forecast period owing to the high market penetration of these tests in the global market.
The COVID-19 pandemic outbreak is expected to provide lucrative opportunities for major companies to expand their market and deliver innovative glucose tracking product offerings. Technological advances in these glucometers such as wireless networking and Bluetooth capabilities are pushing to drive the adoption of the testing. Smart glucose tracking devices include iHealth Smart, iHealth Align, Dario Health Smart Meter, and Glooko.
On the other hand, the A1C segment is also projected to exhibit a significant growth rate in the coming years due to its high convenience of the testing type. A1C testing, also known as glycated hemoglobin testing, is a simple blood examination that shows the average blood sugar level, which helps in diabetes diagnosis and medication control.
These tests are useful in point-of-care (POC) diagnosis because they have a long-term indicator of blood glucose control. POC diagnostic instruments may be used to track glycated sugar levels in the blood using rapid or over-the-counter checks as well as drug tests.
North America is projected to constitute a large market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a large revenue share accounting for over 43.0% in 2020 and is expected to constitute a significant market share in the coming years.
One of the major reasons expected to fuel the segment growth is due to increase in the number of strategic initiatives being pursued by government bodies and market players to increase plasma donations across the region.
Plasma, from people who have recovered from the disease, is being collected in greater numbers at blood collection centers throughout the world. The rising number of blood donors is expected to increase the market for pre- and post-transplant testing products.
On the other hand, the market in Asia Pacific is expected to grow at a fast rate due to the increasing prevalence of chronic diseases in developing countries such as India and China.
Moreover, a number of multinational companies are heavily investing due to cheap labor and large scope for potential market expansion in the region. Continuous research efforts are expected to fuel growth in developing Asian economies such as Japan.
Segments
The global blood testing market has been segmented on the basis of
Test Types
- Glucose
- Lipid
- COVID-19
- A1C
- CRP
- Vitamin D
- ALT
- AST
- TSH
- PSA
- Cortisol
- Creatinine
- BUN
- Direct LDL
- Testosterone
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Abbott
- F. Hoffmann-La Roche AG
- Bio-Rad Laboratories, Inc.
- bioMerieux SA
- Quest Diagnostics
- Biomerica, Inc.
- Becton, Dickinson and Company
- Siemens Healthineers
- Danaher Corporation
- Trinity Biotech Plc
Competitive Landscape
Some of the major players competing in the market are Abbott; F. Hoffmann-La Roche AG; Bio-Rad Laboratories, Inc.; bioMerieux SA; Quest Diagnostics; Biomerica, Inc.; Becton, Dickinson and Company; Siemens Healthineers; Danaher Corporation; and Trinity Biotech Plc.
To expand their market reach, market players are involved in the production and introduction of new products. In May 2020, DarioHealth Corp. announced that its self-test blood glucose meters had been approved by the US Food and Drug Administration for the use in hospitalized diabetic patients.
Meanwhile, Siemens Healthineers announced in October 2020 that it had plan to extend its COVID-19 and molecular assays manufacturing capability in India. In India, this new facility in Vadodara, Gujarat, aimed to produce COVID-19 antigen, conduct antibody testing (serology testing), and RT PCR tests.
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