Fact.MR: Rising incidence of bacterial infections has fueled the need for blood borne testing for early diagnosis of potential illness and ensuring timely treatment.
170 Pages Market Research Survey by Fact.MR, A Market Research and Competitive Intelligence Provider Emphasizes Key Trends Driving Blood Borne Testing Market Growth
The Fact.MR analysis on blood borne testing market highlights rising adoption of point of care devices as chief growth driver. It presents insights into various segments in the market including test type, modal, and end-user. The study identifies focus on product launches as key growth strategy among leading players. It also gauges the impact of their strategies on overall growth of the market.
Fact.MR: Rising incidence of bacterial infections has fueled the need for blood borne testing for early diagnosis of potential illness and ensuring timely treatment. Emergence of lethal pathogens such as Ebola, Dengue, Zika, and West Nile Virus is creating a pressing need for technologically advanced blood borne testing systems.
These factors have translated into high adoption of point of care devices, subsequently propelling sales of blood borne testing. As efforts to contain the spread of these infections continue to grow, the global blood borne testing market is projected to expand simultaneously at over 7-8% CAGR between 2021 and 2031, finds Fact.MR in a recent market analysis.
Increasing cases of transfusion-transmitted infections in highly vulnerable demographics including newborns, geriatric, and immunocompromised individuals are posing as a global burden. These infections have fatal consequences and lead to diseases progressions, thereby generating demand for blood borne testing to detect infections at their nascent stages.
In 2020, as the COVID-19 pandemic shook the world, opportunities for development of at-home rapid tests were also created. With restrictions in movement, at-home rapid tests were widely preferred, acting instrumentally in the containment of novel coronavirus.
Additionally, rapid increase in the incidence of severe infections including HIV, HBV, and Hepatitis C will spur sales of blood borne testing systems. Early detection of HIV using point-of-care testing systems will result in better monitoring of disease progression and streamlined patient management.
Government-backed technological advancements in blood borne testing devices are creating the need for efficient testing kits, including ELISA and rapid tests, which in turn is augmenting the global blood borne testing market growth.
High adoption of advanced digital technology in healthcare will lead to the expansion of blood borne testing market in the U.S. In addition, supportive government policies and robust healthcare infrastructure will propel the growth of blood borne testing market through 2031.
“Technological advancements in blood borne testing systems, coupled with rapid adoption of efficiency point-of-care devices will facilitate market growth during the assessment period,” says a fact MR analyst.
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Key Takeaways from Blood Borne testing Market Analysis
- Sales of rapid tests are anticipated to gain traction owing to factors including need for early detection of possible infection to contain rising cases of COVID-19.
- Based on end-users, at-home blood borne testing will continue gaining momentum.
- Demand for blood borne portable testing models will increase owing to rapid increase in adoption of point-of-care devices.
- The U.S. is forecast to dominate the blood borne testing market due to high presence of leading players and early adoption of digital healthcare technologies.
- The U.K. will emerge as a lucrative market with increasing number of government-back research and development undertaken in the country’s healthcare sector.
- Germany is anticipated to witness positive growth owing to presence of favorable national reimbursement policies that allow patients to access digital healthcare across the country.
Growth Drivers:
- Government policies implemented to ensure optimal healthcare support will propel the adoption and sales of blood borne testing systems.
- Product innovations in blood borne testing kits for detecting novel pathogens will spur sales in the market.
Key Restraints:
- Lack of patents and approvals regarding the potency of blood borne testing methods may stunt the growth of the market.
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Competitive Landscape
Key players operating in the blood borne testing market are aiming at innovations in products and new product launches as a part of their growth strategies to establish a strong footprint in the global market. For instance:
- In March 2020, CTK Biotech Inc. launched 2 testing kits for actively detecting the novel coronavirus. The tests included a real-time PCR-based nucleic acid detection kit and a serological rapid screening test.
- In October 2020, EKF Diagnostics announced the launch of new testing kits for secure collection, handling, and transportation of pathogenic samples, including influenza and COVID-19. These kits are available in postal sample kits for at-home use and multi-pack of sample kits for on-site mass sampling.
Top Distributors of Blood Borne Testing Include:
- CTK Biotech Inc.
- Biochrome Scientific.
- Intec
- Coris BioConcept
- Athenese Dx
- EKF Diagnostics
- Ads Biotec Inc.
- Abingdon Health
More Valuable Insights on Blood Borne Testing Market
Fact MR provides an unbiased analysis of the blood borne testing market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2020-2027. The study divulges compelling insights on the global blood borne testing market with a detailed segmentation on the basis of:
Test Type:
- Immunoassay
- ELISA
- Rapid Test
Modal:
- Benchtop
- Portable
End-User:
- Hospital
- Clinics
- At home
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
Key Questions Covered in the Blood Borne Testing Market Report
- The report offers insight into blood borne testing market demand outlook for 2021-2031
- The market study also highlights projected sales growth for blood borne testing market between 2021 and 2031
- Blood borne testing market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Blood borne testing market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact. MR’s Coverage on the Healthcare Domain
Blood Testing Devices Market - Due to a big patient pool and awareness of sophisticated technologies, as well as high demand for diabetes, cholesterol, fever, flue, and many other care items, North America is predicted to have the quickest growth in the worldwide blood testing equipment market. Global blood testing devices market to gain traction during 2018 to 2026. Different wireless, mobile app, smart cloud-based, and artificial intelligence-based blood testing equipment are available on the market.
Blood Bank Analyzers Market - In the near future, rising awareness of blood transfusion-related problems and illnesses in developing and developed countries is likely to drive the worldwide blood bank analyzers market. With the increasing effect of the immunohematology industry, the blood bank analyzers market is likely to grow positively in the future by accepting new technologies. The market for blood bank analyzers is predicted to grow in the future due to an increase in the number of well-equipped diagnostics laboratories.
Blood Transfusion Diagnostics Market - Growth is expected to be fueled by the implementation of national blood transfusion policies on blood typing and increased cost affordability. During the forecast period, the blood grouping sector is expected to account for more than a quarter of the worldwide blood transfusion diagnostics market. North America is expected to maintain its position as the global leader in blood transfusion diagnostics. Important growth factors include a high number of volunteer blood donors and the introduction of blood transfusion policies for safety and infectious disease testing.
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Source: Fact.MR