A blood test is the laboratory study of a blood sample, and the blood is typically drawn from an arm vein using a syringe or a finger prick to assess the patient’s health. Blood tests are frequently used in medical care to understand biochemical and physiological states, mineral content, the effectiveness of pharmaceutical drugs, organ function, and disease, and to detect drug abuse in drug tests. One test panel known as a blood panel or blood testing is frequently composed of multiple tests for various blood components. Blood culture tests can be used to assess an organ’s performance and the efficacy of a therapy.
The Global Blood Testing Market was valued at US$ 90.4 Billion in 2022 and is anticipated to reach US$ 155.6 Million by the end of 2030 with a CAGR of 7.0% from 2023 to 2030.
Blood tests look at various blood constituents or measure various blood cell kinds. Blood studies are recommended to check for tumor indicators, antibodies, or disease pathogens as well as to monitor the effectiveness of proposed therapies. Blood tests assist doctors in diagnosing illnesses and heart disease risk factors, determining the effectiveness of medications, identifying instances of infection or hereditary conditions, and determining how well the blood clots. Blood tests can be performed in any nearby hospital or facility and only take a few minutes to finish.
Increasing Prevalence of Target Diseases Such as Diabetes and CVDs To Boost Global Blood Testing Market
According to data released by Diabetes Research Clinical Practice, approximately 463 million individuals worldwide are affected by diabetes, and this figure is projected to surge to 700 million by 2045. Additionally, the World Health Organization’s estimations reveal that cardiovascular diseases claim the lives of around 17.9 million people annually. The escalating prevalence and frequency of these ailments year after year have spurred the expansion of the blood testing market. Technological advancements in blood testing methodologies over time have streamlined the process, allowing for automated approaches that deliver swifter and more efficient results compared to manual methods. The market’s growth trajectory is poised for further augmentation due to the viability of automated blood testing techniques.
In light of these technological advances and the clamour for more sophisticated blood testing technologies, the global competition within the blood testing market has intensified. The upswing in blood donations and volunteers, coupled with the rise of infectious diseases and heightened awareness concerning the safety of donated blood, have collectively fuelled the market’s robust growth. The global blood testing market is now presented with an array of opportunities, driven by the expanding global population and the escalating numbers of individuals afflicted with these diseases, thereby fostering a conducive environment for market expansion. Additionally, various pharmaceutical and biotechnology companies offer promising avenues for the worldwide blood testing market’s expansion.
Forecasts predict that the blood testing market is poised for significant growth, chiefly due to the diverse array of available blood tests catering to common diagnostic requirements.
North America to Spearhead the Global Blood Testing Market
The North American region is witnessing a remarkable upsurge in the global blood testing market, driven by a confluence of key factors. One pivotal aspect is the escalated emphasis on strategic initiatives orchestrated by both governmental entities and market players, all aimed at fostering plasma donation across the region. This concerted push bolsters the availability of vital blood components.
Furthermore, a substantial infusion of investments from both private enterprises and government bodies is directed towards healthcare infrastructure enhancement and robust research and development endeavors. This dynamic landscape is catalyzing innovation and the emergence of novel blood testing products and methodologies.
The thrust of technological progress is another cornerstone, with advancements like miniaturized diagnostic devices revolutionizing testing protocols. These devices, renowned for their prompt and accurate outputs, have considerably amplified the region’s market influence. For instance, the introduction of the iGlucose sensor by Smart Meter in August 2021 for prenatal diabetes management exemplifies this trend. This sensor empowers healthcare professionals with instantaneous access to test results, epitomizing the marriage of technology and medical advancement.
Lastly, the escalating burden posed by chronic diseases within the United States is exerting a significant impact on market growth. According to the National Diabetes Statistics Report of 2020, a staggering 10.5% of Americans grapple with diabetes, while 1.6 million individuals in the country contend with type 1 diabetes. This prevalence underscores the dire need for efficient blood testing solutions, thereby driving the market’s expansion within the North American region..
To enhance their market foothold and drive revenue growth, entities active in the global blood testing market have executed diverse strategies. Notable players in this landscape encompass Abbott Diagnostics, Becton Dickinson & Company, Biomeric, Inc., bioMérieux S.A, Bio-Rad Laboratories Inc., Danaher Corporation, Luminex Corporation, Ortho Clinical Diagnostics, Quest Diagnostics, Roche Diagnostics, Siemens Healthcare, and Trinity Biotech PLC. These entities engage in strategic collaborations to bolster their market standing collectively.
Partnerships and collaborations emerge as a favored avenue, facilitating the amalgamation of resources and expertise to expedite the global blood testing market’s evolution. Capitalizing on their respective strengths, enterprises can efficiently craft novel therapies. For instance, Siemens Healthineers and UNICEF entered a collaboration on February 17, 2022, aimed at enhancing healthcare accessibility in sub-Saharan Africa. Abbott’s acquisition of WALK VASCULAR, LLC on September 02, 2021, reflects a strategic move within this realm.
Another robust growth strategy entails product development and launches. Companies allocate resources to research and development to engineer fresh blood testing products and enhance existing ones. The introduction of novel products to the market empowers companies to expand their portfolios and establish a competitive edge. A prime illustration is Ortho Clinical Diagnostics’ release of VITROS XT 3400 in February 2020, which complements their VITROS XT solutions by providing swift, precise, and reliable results.
Geographical expansion constitutes another prevailing trajectory, as companies venture into new markets and regions showcasing significant growth potential. This strategic maneuver enables them to tap into untapped customer bases, thereby fueling revenue augmentation.
Lastly, the option of acquisitions or mergers with other entities emerges as a potent growth avenue. Such actions furnish access to novel technologies, expertise, and product pipelines. These strategic moves amplify companies’ capabilities, augment their product offerings, and amplify their market share. Siemens Healthineers’ purchase agreement with Epocal Inc. in June 2017 stands as a case in point. Epocal Inc., known for its point-of-care blood testing system catering to healthcare entities, including the epoc® Blood Analysis System, aligns seamlessly with this strategic intent.
All in all, these diverse growth strategies empower companies to expand their market presence, innovate novel products, and amplify their revenue within the expansive global blood testing market..