Blood Testing Market Segmentation by Types (Glucose Testing, Lipid Panel Testing, Prostate Specific Antigen (PSA) Testing, Blood Urea Nitrogen (BUN) Testing, Thyroid Stimulating Hormone Testing, and Other Types); by Method (Manual Blood Testing, and Automated Blood Testing); by End Users (Diagnostic Laboratories, Hospitals, Clinics, and Other End Users)-Global Demand Analysis & Opportunity Outlook 2031
21 Oct 2022
Healthcare & Pharmaceuticals
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022...
The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2035 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2022 as base year, 2023 as estimated year and forecast to 2035. This will have market drivers, recovery rate in the market, insights and competitive analysis.
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.
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.
Our in-depth analysis of the global blood testing market includes the following segments:
Lipid Panel Testing
Prostate-Specific Antigen (PSA) Testing
Blood Urea Nitrogen (BUN) Testing
Thyroid Stimulating Hormone Testing
Manual Blood Testing
Automated Blood Testing
By End Users
Other End Users
Growth Drivers and Challenges Impacting the Growth of the Global Blood Testing Market
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
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.
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
FREQUENTLY ASKED QUESTIONS
Increasing prevalence of infectious diseases and various cancers, rising need for the identification of various types of infections, and growing healthcare spending by the government and regulatory bodies are the major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022-2031.
Lack of awareness regarding development of latest technologies and the process related to blood testing, and stringent regulatory approval process regarding testing are estimated to hamper the market growth.
North America region is anticipated to provide more business opportunities over the forecast period for the growth of the market.
The major players in the market are Danaher, Bio-Rad Laboratories, Inc., ThermoFisher Scientific Inc., Abbott, bioMérieux SA, Quest Diagnostics Incorporated, Biomerica, Siemens Healthcare GmbH, Trinity Biotech Plc., Ortho Clinical Diagnostics, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by types, method, end users, and by region.
Which sub-segment captures the largest market size in types segment in the global blood testing market?
The glucose testing segment is anticipated to hold largest market size in value and display significant growth opportunities.
Please enter your personal details below
- Bio-Rad LaboratoriesInc.
- Thermo Fisher Scientific Inc.
- bioMérieux SA
- Quest Diagnostics Incorporated
- Siemens Healthcare GmbH
- Trinity Biotech Plc.
- Ortho Clinical Diagnostics