The global Blood Testing market size is expected to be worth around US$ 94.7 billion by 2030 from valued at US$ 60.9 billion in 2020 and is anticipated to grow at a CAGR of 16.6% from 2021 to 2030.
The global Blood Testing market size is expected to be worth around US$ 94.7 billion by 2030 from valued at US$ 60.9 billion in 2020 and is anticipated to grow at a CAGR of 16.6% from 2021 to 2030.
Report Highlights
- The glucose testing segment dominated the market for blood testing and accounted for the largest revenue share of 28.88% in 2021.
- A1C testing is anticipated to witness lucrative growth through the study period.
- North America dominated the blood testing market and accounted for the largest revenue share of over 43.23% in 2021.
- In Asia Pacific, the market for blood testing is anticipated to witness the fastest CAGR over the forecast period.
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Growth Factors
A rise in the demand for early detection of diseases is anticipated to propel market growth.
The market is anticipated to witness lucrative growth owing to the rising demand for point-of-care facilities for blood tests. The shortened length of stay at hospitals and reduced contact between patient and concerned physicians coupled with the rise in outpatient services have increased the demand for blood testing services.
Rising demand for early detection, especially in the case of cardiovascular and endocrinology-based diseases, is expected to drive the market during the forecast period. Other drivers include the growing global geriatric population and the introduction of various innovative solutions that enable faster and accurate diagnosis by employing methods.
Test Type Insights
The glucose testing segment dominated the market for blood testing and accounted for the largest revenue share of 28.88% in 2021. This can be attributed to the high market penetration of these tests in the global market. COVID-19 pandemic outbreak is expected to offer profitable opportunities to key operational entities for expansion of business expansion and innovative product offerings pertaining to glucose monitoring. For instance, DarioHealth Corp. announced in May 2020 that its Self-test Blood Glucose Meters have been granted U.S. FDA approval, for use in hospitalized diabetic patients.
Technological advancements in these glucometers, such as wireless connectivity and Bluetooth capabilities, further boost the adoption of these products in the market. iHealth Smart, iHealth Align, Dario Health Smart Meter, Glooko are some of the examples of smart glucose monitoring products. Companies such as LabCorp America, Mayo Clinic, and Quest Diagnostics are some of the major service providers in this market. Consumables required for glucose testing include test strips, lancets, syringe, diabetes testing kits, and other.
A1C testing is anticipated to witness lucrative growth through the study period. A1C testing also known as glycated hemoglobin testing is expected to witness significant market growth owing to high convenience. This is a relatively simple blood test that depicts average blood sugar level, aiding in the diagnosis of diabetes and monitoring of diabetes treatment. The tests are of significant use in Point Of Care (POC) diagnosis as they provide a long-term gauge of blood glucose control. Rapid or over-the-counter tests along with prescription tests are available in the market for monitoring glycated sugar levels in the blood using POC testing devices.
The outbreak of the SARS-CoV-2 virus around the world has fueled the global market for blood testing. Several market players are currently engaged in or have developed a serology test/COVID-19 antibody test that uses a blood sample from the suspected individual. Major market players, such as Abbott Laboratories; Beckman Coulter, Inc.; Bio-Rad Laboratories, Inc.; Biocan Diagnostics, Inc.; bioMérieux SA; and Cellex, Inc., have established strong market presence for their products, which has led to segment growth.
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Regional Insights
North America dominated the blood testing market and accounted for the largest revenue share of over 43.23% in 2021. A rise in the number of strategic initiatives being undertaken by government bodies and market players to increase plasma donations across the region is one of the factors expected to fuel the market growth. Blood donation centers across the country are increasing their efforts to collect plasma from individuals who have recovered from the disease.
A few sites such as the New York Blood Center, the American Red Cross, AABB, America’s Blood Centers, Armed Services Blood Program, and Blood Centers of America are engaged in collecting plasma and providing information regarding plasma donations. The rising number of blood donations is further anticipated to fuel the demand for testing products for pre-and post-transplant procedures
In Asia Pacific, the market for blood testing is anticipated to witness the fastest CAGR over the forecast period. The rising prevalence of chronic diseases in developing countries such as India and China is a major factor propelling the market growth. In addition, several multinational companies are investing heavily in this region. For instance, in October 2020, Siemens Healthineers announced to expand its COVID-19 and molecular assays manufacturing capacity in India. This new facility in Vadodara, Gujarat will develop antigen, antibody (serology testing), and RT PCR tests for COVID-19 in India.
Continuous research activities in developed Asian economies, such as Japan, are expected to fuel growth. In September 2020, researchers from the National Center for Global Health and Medicine, Japan developed a blood test that could provide early warning for serious COVID-19 cases. The tests have been deployed for 500 prototype machines to check their effectiveness. Such initiatives boost the growth of the Asian market.
Key Players
- Abbott Diagnostics
- Bio-Rad Laboratories Inc.
- Roche Diagnostics
- Quest Diagnostics
- Danaher Corporation
- Becton Dickinson & Company
- Biomerica, Inc.
- bioMérieux S.A.
- Siemens Healthcare
- Trinity Biotech PLC
Market Segmentation
- Test Type Outlook
- Glucose
- A1C
- Direct LDL
- Lipid panel
- Prostate-specific antigen
- COVID-19
- BUN
- Vitamin D
- Thyroid-stimulating hormone
- Serum Nicotine / Cotinine
- High sensitivity CRP
- Testosterone
- ALT
- Cortisol
- Creatinine
- AST
- Other tests
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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