SAN FRANCISCO, May 11, 2021 /PRNewswire/ — The global blood testing market size is expected to reach USD 140.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.3% from 2021 to 2028. The shortened length of stay at hospitals and reduced contact between patient and concerned physician coupled with the rise in outpatient services have increased the demand for blood testing services. Additionally, the growing prevalence of target diseases such as diabetes, COVID-19, and cardiovascular diseases is expected to drive the market at a significant rate.
Key suggestions from the report:
- The COVID-19 testing segment dominated the market in 2020 owing to higher sales of these tests in comparison with the other segments
- Higher adoption of at-home glucose tests is anticipated to increase revenue generation in the market, making it the 3rd largest testing segment in 2020
- High incidence of type I and type II diabetes coupled with the rising risk of hereditary diabetes is among the factors responsible for the higher share of the glucose test segment
- Furthermore, diabetes monitoring is carried out before any surgical intervention. This increases the usage rate of blood glucose tests
- The availability of glucose monitoring meters that are reusable and user-friendly also contributes to the growth of the segment
- North America held the largest revenue share in 2020 and is expected to maintain its share during the forecast period
- Favorable government initiatives aimed at early disease diagnosis, the presence of well-established healthcare infrastructure, and the local presence of key service providers and instrument manufacturers such as Abbott Laboratories and Laboratory Corporation of America Holdings (LabCorp) in North America are the factors driving the market in the region
- In Asia Pacific, the market is expected to witness significant growth due to the presence of high unmet diagnostic needs, rapidly rising patient awareness regarding point-of-care diagnostic technologies and rising healthcare expenditure in India and China
- Growing medical tourism is also boosting the demand for patient monitoring using blood testing services. This positively impacts the blood-testing industry in the Asia Pacific
- The industry is driven by the presence of several large, mid-sized, and small companies in the region
- The key players are involved in the development and launch of novel products to increase their footprint. For instance, in August 2020, Trinity Biotech Plc company filed a EUA for COVID 19 testing product-Covid-19 IgG ELISA antibody test-with the FDA.
Read 108 page research report with ToC on «Blood Testing Market Size, Share & Trends Analysis Report By Test Type (Glucose, Lipid, COVID-19, A1C, CRP, Vitamin D, ALT, AST, TSH, PSA, Cortisol, Creatinine, BUN, Direct LDL, Testosterone), By Region, And Segment Forecasts, 2021 – 2028» at: https://www.grandviewresearch.com/industry-analysis/blood-testing-market
The preliminary blood testing techniques employed in medical and wellness settings play a crucial role in the management of patient health and prevention of cardiovascular disorders along with diabetes. However, presently several novel blood tests have been introduced into the market, which detect circulating DNA fragments in the bloodstream to facilitate diagnosis. Such tests, including, cancer and prenatal tests; have gained immediate traction as they are comparatively sophisticated. Thus, expanding research activities to unlock the potential of blood tests is expected to boost the market growth.
On the other hand, several biotech companies are investing in the development of cutting-edge, affordable blood testing products that could be employed each time at a doctor’s visit. For instance, SomaLogic, a company operational in Colorado, has developed the SOMAscan platform. This platform functions by quantifying large amounts of proteins in a blood sample to find relevant health traits in susceptible individuals. The company has already employed this approach to develop tests that detect early signs of heart disorders, liver disease, and diabetes, among few other conditions.
Scientists at Washington University in St. Louis (WUSTL) have recently performed a research activity showcasing a relatively faster and simpler blood testing solution. This blood test is designed to detect Covid-19 patients with higher susceptibility to severe complications or fatality in one day of hospital admission. This product detects mitochondrial DNA levels indicating predictable cell death in the body.
Grand View Research has segmented the global blood testing market on the basis of test type and region:
- Blood Testing Type Outlook (Revenue, USD Million, 2017 – 2028)
- Direct LDL
- Lipid panel
- Prostate-specific antigen
- Vitamin D
- Thyroid-stimulating hormone
- Serum Nicotine / Cotinine
- High sensitivity CRP
- Other tests
- Blood Testing Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- South Africa
List of Key Players of Blood Testing Market
- F. Hoffmann-La Roche AG
- Bio-Rad Laboratories, Inc.
- bioMerieux SA
- Quest Diagnostics
- Biomerica, Inc.
- Becton, Dickinson and Company
- Siemens Healthineers
- Danaher Corporation
- Trinity Biotech Plc.
Find more research reports on Clinical Diagnostics Industry, by Grand View Research:
- Blood Culture Tests Market – The global blood culture tests market size was valued at over USD 3.7 billion in 2018 and is anticipated to expand at a CAGR of 9.1% over the forecast period. Rising prevalence of infectious diseases, BSIs, and sepsis are expected to be the main factor driving market growth.
- Blood Screening Market – The global blood screening market size was valued at USD 1.6 billion in 2015 and is projected to grow at a CAGR of 10.2% over the forecast period.
- Hemato Oncology Testing Market – The global hemato oncology testing market size was estimated at USD 2.5 billion in 2019 & is expected to expand at a CAGR of 14.6% from 2020 to 2027. Hemato oncology is typically associated with the treatment, diagnosis, and prevention of blood-related diseases and cancers.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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