Product ID: SQMIG35A2519
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.
Global Blood Testing Market Report Snapshots
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