A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Global Blood Testing Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2023 to 2030.
Global Blood Testing Market Analysis
According to cognizance market research, 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.
What is Global Blood Testing?
Blood testing is a medical evaluation used to determine the patient’s health status using blood samples drawn from the patient’s body using a needle or finger prick. For instance, blood culture studies can assess how well the body is healing and how well the systems are functioning. These exams are common, and even routine check-ups may call for one. In medicine, blood tests are frequently used to understand biochemical and physiological conditions, mineral composition, the efficacy of pharmaceutical drugs, organ function, illness, and drug tests to identify substance misuse. A blood panel, also known as blood work, is a collection of multiple examinations for distinct blood components. Blood culture studies can also tell how well a therapy is working and how well an organ functions.
Global Blood Testing Market Outlook
In the Global blood testing report, the market outlook segment mainly includes important dynamics of the market which include drivers, restraints, opportunities and challenges tackled by the industry. Opportunities and challenges are extrinsic factors whereas, drivers and restraints are intrinsic factors of the market.
The frequency and occurrence of target diseases such as diabetes and CVDs are both considerably rising year over year, which is helping the blood testing market expand. The technique for performing blood test methods has significantly improved over the past few years, which has led to the expansion of the world market for blood testing. Blood tests can be performed more quickly and with less difficulty using automatic methods as opposed to human ones. Therefore, the viability of computerized blood test processes will ultimately aid in boosting market development.
The global rivalry has gotten more intense as a result of technological breakthroughs and the ongoing demand for better blood testing technologies. The high development in the global blood testing market can be attributed to the increase in blood donations and blood donors, as well as the rise in infectious illnesses and knowledge of the safety of given blood. The global blood testing market has more opportunities due to the growth of people around the globe. Additionally, as more individuals contract these illnesses, there will be more opportunities for market expansion. The worldwide market for blood testing also has many pharmaceutical and biotechnology firms offering expansion prospects.
The various blood tests that are offered on the market for the same diagnostic reason will offer the blood testing market substantial growth possibilities. Additionally, accurate diagnostic factors for serious illnesses contribute to higher sales.
The global blood testing market has been segmented into test type, product, method, end-use and geography.
Based on test type, the global blood testing market is segmented into complete blood count (CBC), blood glucose test, COVID-19, BUN testing (blood urea nitrogen), direct LDL, ALT, A1C, creatinine, testosterone, prostate-specific antigen, lipid panel testing, cortisol and others. The market for blood testing was dominated by the glucose testing segment, which also generated the biggest revenue share. This can be explained by the substantial market spread of these tests on the international market.
Based on product, the market has been classified into reagents & kits, instruments and software. The instruments segment holds a dominant share in the global blood testing market. The COVID-19 outbreak created numerous possibilities for the introduction and growth of sophisticated blood testing products approved by regulatory agencies. The market forecasts will be boosted by the launch of new products like these and by robust regulatory support.
Based on the method, the global blood testing market has been further segmented into manual and automated. The manual segment is expected to hold a dominant position owing to growing investment interest in the healthcare centre.
Based on end-use, the market for global blood testing has been segmented into hospitals, clinics, blood banks, diagnostic centres, research laboratories and others. The diagnostic centres segment is the leading one in the market. The increasing number of compact, user-friendly, and accurate blood testing equipment is one of the main drivers of this development. Additionally, the growing popularity of biosensors due to their simplicity of use will support sector demand.
Based on geography the global blood testing market has been segmented into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
The biggest income share came from North America, which dominated the world market for blood testing. One of the key factors fueling the market development over the projection period is an increase in the number of strategic activities being carried out by various market participants and governmental agencies to boost plasma donations in the region. In terms of the sale worth of blood testing equipment, the United States came out on top. The demand for testing goods in the area is further expected to be fueled by the rising number of blood donors.
Additionally, over the course of the projection, Asia Pacific is anticipated to experience the blood testing market’s quickest CAGR growth. One major reason driving the market development is the steadily increasing prevalence of chronic diseases in developing nations like India, China, and Indonesia. Additionally, it is anticipated that increased investment by numerous international corporations in the region’s growth sector will benefit the market for blood tests globally. For example, the National Center for Global Health and Medicine in Japan created a blood test in September 2020 that allows us to receive early notice for severe COVID-19 cases.
The report offers the revenue of the global blood testing market for the period 2020-2030, considering 2020 & 2021 as a historical years, 2022 as the base year and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global blood testing market for the forecast period. The global blood testing market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the global blood testing market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the global blood testing market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global blood testing market. Secondary research involved a detailed analysis of significant players’ product portfolios. Literature reviews, press releases, annual reports, white papers, and relevant documents have been also studied to understand the global blood testing market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the study’s scope. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the global blood testing market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the global blood testing market. The subsequent section of the global blood testing report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
Global Blood Testing Market Competitive Landscape
The “Global Blood Testing Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as
In February 2020, Ortho Clinical Diagnostics revealed the introduction and availability of VITROS XT 3400, which completes its VITIOS XT solutions and aids labs in obtaining reliably quick, accurate, and dependable results.
Siemens Healthineers and Epocal Inc. signed a purchase agreement in June 2017. A division of Epocal Inc. creates and offers a point-of-care blood testing system for healthcare companies, including the epocßllod Analysis System.
Nanosphere, Inc., which offers assistance and services in the molecular and microbiology testing sectors, was acquired by Luminex Corporation in June 2016, as previously stated.
The report explores the competitive scenario of the global blood testing market. Major players operating in the global blood testing market have been identified and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the global blood testing market report.
The major players operating in the global blood testing market are 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.
Blood testing is a medical evaluation used to determine the patient’s health status using blood samples drawn from the patient’s body using a needle or finger prick.
The drivers in the global blood testing market include-
External funding for clinical studies aimed at developing new and advanced technology in diagnostic tests is a major driver of the growth of the market.
Rising awareness among patients about several types of self-testing and home diagnostic tests is likely to influence the growth of the global blood testing market.
Continuously increasing prevalence of chronic disease along with a rapid growth in the demand for fast products for accessing health problems is projected to propel the market in the coming years.
Some of the restraints in the global blood testing market are as follows-
Lack of awareness about the latest technology devices among patients in developing countries such as India, Indonesia, and Malaysia is expected to hinder the market growth during the forecast period.
High cost of the devices and self-testing kits is likely to be a factor restraining the market demand in the coming years.
The diabetes segment is expected to lead the global blood testing market owing to the substantial market spread of these tests on the international market.
Blood Testing Market
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