USD 89.25 Billion
Global Blood Testing Market Size, Share, Growth Analysis, By Test Type(Glucose Testing, Lipid Panel Testing), By End-User(Diagnostic Laboratories, Hospitals) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2519 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
66 |
Figures:
75
Global Blood Testing Market Insights
Global Blood Testing Market size was valued at USD 89.25 Billion in 2019 and is poised to grow from USD 95.94 Billion in 2023 to USD 171.11 Billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).
Growing medical spending through the government and private regulatory bodies is a major factor expected to bring an extensive growth in the global blood testing market during the forecast period. Multinational healthcare organisations are focusing in the discovery of new emerging techniques and promote awareness about the chronic disorders as well as eradication. Introduction to constructive regulatory parameters have a positive impact to promote the usage of POC testing.
A rapid growth in the prevalence of chronic disease along with the high demand for products for assessment of health conditions is projected to offer a significant momentum to the market in the coming years. Several operational entities in the global blood testing market is expected to gain lucrative opportunities as blood testing is integral for the regular monitoring of diseases. According to International Diabetes Federation, approximately 537 million adults have diabetes in 2019, and this number is expected to rise to 643 million by 2031 and 783 million by 2031. Due to this rapid increase in the number of diabetes patients, the demand for blood testing is expected to increase with a strong rate.
Regulatory bodies such as Centers for Medicare and Medicaid Services (CMS), FDA, and Federal Trade Commission play a crucial role in the regulation of diagnostic tests. These regulatory bodies have taken initiatives to commercialize Clinical Laboratory Improvement Amendments (CLIA) complaint diagnostic tests that can aid in early detection of diseases.
US Blood Testing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Diagnostic Laboratories
Fastest Growth
Diagnostic Laboratories
Growth Rate
7.5% CAGR
Global Blood Testing Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Blood Testing Market Size By End-User 2022-2028 ($ Bn)
Global Blood Testing Market Size By End-User 2022-2028 (%)
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Global Blood Testing Market Segmental Analysis
Global blood testing market is segmented on the basis of test type, end-user, and region. By test type, the Blood Testing Market is segmented into glucose testing, lipid panel testing, BUN testing, A1C testing, and others. By end-user, the Blood Testing Market is categorized into diagnostic laboratories, hospitals, clinics, and others.
Blood Testing Market Analysis by Test Type
Based on test type, the market is sub-segmented into glucose testing, lipid panel testing, BUN testing, A1C testing, and others. The glucose testing segment dominated the market in 2021, accounted for the largest revenue share of 29.7% and is expected to maintain their dominance throughout the forecast period. The availability of advanced glucose meters, which enables patients for regular examinations anytime and anywhere, are the leading factors driving the market growth in the segment. For instance, in May 2020, DarioHealth Corporation, announced that its Self-test Blood Glucose Meters have been approved by U.S. FDA, for use in hospitalized diabetic patients.
A1C testing is anticipated to witness a significant growth during the forecast period owing to high convenience. It depicts the average blood sugar level, aiding in the diagnosis as they provide long term gauge of blood glucose control.
Blood Testing Market Analysis by End-User
Based on end-user, the market is categorized into diagnostic laboratories, hospitals, clinics, and others. Out of these, the diagnostic laboratories segment is expected to grow fastest during the forecast period. In patients with chronic diseases or immunological disorders, laboratory tests are quietly helpful in establishing a diagnosis, tracking disease progression, and predicting disease severity. According to our findings, around 29,200 diagnostic and medical laboratory business are available in the United States in 2022. And, there are over 95,000-100,000 diagnostic laboratories in the emerging nations such as India.
Global Blood Testing Market By End-User 2021 (%), 2023 (%)
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Global Blood Testing Market Regional Insights
North America dominated the global blood testing market and accounted for the largest revenue share of over 45% in 2021. A rise in the number of strategic activities which are being undertaken by several market players and government bodies to increase the donation of plasma in the region is one of the major factors driving the market growth over the forecast period. The United States topped in the export value blood testing instruments in 2021. In the United States, the export value for blood testing instruments was USD 27,782,430 thousand in 2020 which rises to USD 30,967,176 thousand in 2021 with an annual growth rate of 11%. The increasing number of blood donations is further anticipated to fuel the demand for the testing products in the region.
Furthermore, Asia Pacific is likely to grow at fastest CAGR in the blood testing market over the forecast period. Continuously rising prevalence of chronic disease in the developing countries such as India, China, Indonesia is a leading factor propelling the market growth. In addition, increasing investment by various multinational companies in the sector of development in the region is expected to have a positive impact on the global blood testing market. For instance, in September 2020, National Centre for Global Health and Medicine, Japan developed a blood test that enable us to get early warning for serious COVID-19 cases.
Global Blood Testing Market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Blood Testing Market Dynamics
Blood Testing Market Drivers
- External funding for the clinical studies aimed at developing new and advanced technology in diagnostic tests is a major driver to 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.
Blood Testing Market Restraint
- Lack of awareness about latest technology devices among patients in the developing countries such as India, Indonesia, 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.
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Global Blood Testing Market Competitive Landscape
The global blood testing market is highly fragmented in the nature with the presence of several big players such as Danaher Corporation, Abbott Laboratories, BioRad Laboratories. These key players are implanting on certain strategies such as merger, acquisition, new product launch, partnerships, which help them to consolidate and strengthening their market position. For instance, in June 2022, Apollo Cancer Centres in partnership with Datar Cancer Genetics launched a type of blood test that can detect breast cancer at early stages in asymptomatic individuals.
Top Players in the Global Blood Testing Market
- Abbott Laboratories
- Bio-Rad Laboratories
- F. Hoffmann-La Roche Ltd.
- Danaher Corporation
- Grifols, S.A.
- Siemens Healthcare
- Sysmex Corporation
- Quest Diagnostics Incorporated
- Laboratory Corporation of America Holdings
- Novartis Diagnostics
- Alere Inc.
- Becton, Dickinson and Company
- BioMerieux S.A.
- Cepheid Corporation
- GenMark Diagnostics
- Hologic, Inc.
- Ortho-Clinical Diagnostics, Inc.
- PerkinElmer, Inc.
- Thermo Fisher Scientific Inc.
- Trinity Biotech Plc
Blood Testing Market Recent Developments
- In March 2022, AXIM Biotechnologies Inc., an International healthcare solutions firm focused on dry eye disease, changed their concentration for COVID-19 Neutralizing Antibody Test to for only research use.
- In May 2022, the company Guardant Health Inc. announce the availability of shield, which is a blood based test for the detection of early stage colorectal cancer (CRC).
- In February 2022, Tasso, a manufacturer of portable blood collection devices, partnered with telemedicine company Vault Health to help enable diagnostic test functions at home.
Global Blood Testing Key Market Trends
- Key players in the global blood testing market are focusing on new and innovative ways to make their products and to introduce more effectively for the end-users. The use of latest technology such as Artificial Intelligence to detect accurate results at early stage of a disease is having positive impact on the end-users.
- The COVID-19 pandemic has wreaker havoc across the world. A large number of blood tests have done for the detection of COVID-19 in the body. For instance, Tenet Diagnostics has launched a drive-through facility for conducting inflammatory markers blood tests for COVID. These aspects are projected to help in the growth of the blood testing market.
Global Blood Testing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global blood testing market is expected a significant growth during the forecast period due to the increasing awareness, advancements of technology, rising population, and increasing investments by several big players of the market. In addition, easy availability of advanced glucometers, reach of diagnostic laboratories are few other factors likely to boost the market growth during the forecast period. However, strict government regulations for the approval of devices and tests can hinder the demand and growth of the market throughout the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 89.25 Billion |
| Market size value in 2031 | USD 171.11 Billion |
| Growth Rate | 7.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Blood Testing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Blood Testing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Blood Testing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Blood Testing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Blood Testing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Blood Testing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Blood Testing Market Report Snapshots
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