Global Blood Testing Market Highlights Over 2022 - 2031

The global blood testing market is estimated to garner around USD 140 billion in revenue by the end of 2031 by growing at a CAGR of nearly 8% throughout the forecast period, i.e., 2022 –  2031. The growth of the market can be attributed to the increasing prevalence of infectious and chronic diseases, such as COVID-19, influenza, diabetes, cardiovascular diseases, liver diseases, and various cancers. For instance, according to International Diabetes Federation, it was estimated that the total number of people with diabetes, globally, will reach to 643 million by 2030 and further increase to 783 million by 2045. Additionally, growing healthcare spending by the government and regulatory bodies, and the rising need for the identification of various types of infections are expected to drive the market growth.

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The COVID-19 pandemic has had a positive impact on the blood testing market owing to the increasing number of COVID cases worldwide. Blood testing helps in the immediate detection of coronavirus which has significantly increased the need for blood testing. Further, governments are analyzing the possibilities of approving more number of private laboratories to widen blood testing procedures.

However, a stringent regulatory approval process and lack of awareness regarding the development of the latest technologies and the process related to blood testing are restraining the growth of the market.

The market is segmented by types into glucose testing, lipid panel testing, prostate-specific antigen (PSA) testing, blood urea nitrogen (BUN) testing, thyroid-stimulating hormone testing and other types. Among these segments, the glucose testing segment is anticipated to hold the major share over the forecast period. The presence of portable glucose meters that can be used by patients for routine checkups anywhere anytime has resulted in high demand for glucose testing kits, which is driving the growth of the segment.

Global Blood Testing Market Regional Synopsis

Regionally, the global blood testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness significant growth over the forecast period on the back of technological advancements such as the introduction of miniaturized diagnostic devices. These devices provide rapid and accurate test results that have higher market penetration in the region. Moreover, favorable medical insurance policies are further increasing the market adoption of such products. Additionally, the rise in the number of strategic initiatives implemented by government and private agencies to increase plasma donations in the region are driving the market growth.

On the other hand, the Asia-Pacific region is predicted to grow at the highest compound annual growth rate owing to the increasing prevalence of chronic diseases, and a few multinational companies investing heavily in the region. 

Market Segmentation

Our in-depth analysis of the global blood testing market includes the following segments:

By Types

• Glucose Testing

• Lipid Panel Testing

• Prostate-Specific Antigen (PSA) Testing

• Blood Urea Nitrogen (BUN) Testing

• Thyroid Stimulating Hormone Testing

• Other Types

By Method

• Manual Blood Testing

• Automated Blood Testing

By End Users

• Diagnostic Laboratories

• Hospitals

• Clinics

• Other End Users

Growth Drivers and Challenges Impacting the Growth of the Global Blood Testing Market

Growth Drivers

• Increasing prevalence of infectious diseases, and various cancers

• Rising need for the identification of various types of infections

• Growing healthcare spending by government and regulatory bodies

Challenges

• Lack of awareness regarding development of latest technologies and the process related to blood testing

• Stringent regulatory approval process regarding testing

Key Companies Dominating the Global Blood Testing Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global blood testing market that are included in our report are Danaher, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Abbott, bioMérieux SA, Quest Diagnostics Incorporated, Biomerica, Siemens Healthcare GmbH, Trinity Biotech Plc., Ortho Clinical Diagnostics, and others.

Latest Developments in the Global Blood Testing Market:

•  April 2020: A new blood test manufactured by Thermo Fisher Scientific Inc., ImmunoCAP Specific IgE Stinging Insect Allergen Components, was approved by the United States Food & Drug Administration (FDA) for in vitro diagnostic use. It analyzes patients' sensitivity, and help healthcare professionals discriminate between true sensitization and cross reactivity, identifying the culprit insect(s) in patients with inconclusive patient history.

• July 2020: PerkinElmer Inc., announced the launch of a dry blood spot based test for SARS-CoV-2 IgG using finger-prick sample collection device which allows for both decentralized sample collection and high-throughput testing.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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