Global Blood Testing Market

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 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 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).

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. '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'

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.

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.

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.

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