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May-2022

Global Blood Testing Market Is Expected To Grow At A CAGR Of 2.63% From 2022 To 2027

Geographically, the North American region accounted for the largest share of the blood testing market in 2021.

As per our research report, the global blood testing market is estimated to be rising at a CAGR of 2.63% from 2022 to 2027 and worth USD 66.61 billion by 2027 and USD 58.50 billion in 2022.

Browse details of the report @ https://www.marketdataforecast.com/market-reports/blood-testing-market

The Global emergence of COVID-19 has created increased pressure on the healthcare markets. Governments globally implemented lockdowns, and the market witnessed blood donation disruption and reduced the market growth. Some COVID-19 Infected people witness abnormal blood clotting, inflammatory response, and the cytokine storm that raises clotting factors in the blood. Healthcare professionals taking care of COVID-19 have described different changes in routine blood parameters. However, these changes hinder them from performing COVID-19 diseases. Patients with fever, cough, myalgia, and other symptoms can now have initial routine blood tests assessed by our diagnostic tool. All patients with an optimistic COVID-19 prediction would then undergo standard RT-PCR studies to confirm the diagnosis.

As the number of cases of COVID19 increases worldwide, governments worldwide are looking for ways to enable private laboratories to enhance blood tests. In addition, immediate detection of COVID-19 cases requires wide availability of diagnostics to control the virus's rapid spread. However, the market is projected to register a predominant share during the forecast period.

MARKET DYNAMICS:

The global blood testing market is expected to be driven by factors such as the increasing prevalence of chronic diseases such as cancer, diabetes, and other contagious diseases. Also, preliminary blood testing procedures used in medical and wellness facilities play a significant role in patient health management and cardiovascular disease and diabetes prevention. Within the last few years, the blood testing market has seen a substantial increase in the growing worldwide owing to the high demand for products for the assessment of health which is expected to boost the market growth. In addition, the ever-increasing older population is significantly boosting the market growth. Chronic diseases are associated with the senior people and require regular monitoring and screening of the blood testing, which influences the market growth. In addition, the growing awareness among the people about home diagnostics tests and self-testing, especially among patients suffering from chronic illnesses such as diabetes that require long-term reliable self-diagnosis capabilities, is increasing the market for blood testing. 

The key players in the market are implementing effective market strategies such as strategic mergers, acquisitions, and partnerships, which are expected to expand the blood testing market globally—also inflicting growth of the marketplace leader's product portfolio and strengthening their marketplace presence. However, in the blood test market, favorable government policies and the Federal Trade Commission play a key role in regulating genetic testing, including the FDA, the Center for Medicaid and Medicare Services, and the Federal Trade Commission.

Furthermore, healthcare professionals have become increasingly reliant on diagnostic care provided by consumables and medical devices, reducing test time and accuracy to levels comparable to laboratory testing. Diabetes monitoring is also carried out before surgical intervention. This will increase the use of blood glucose tests. Technological advancement in the healthcare sector is supporting market growth. In addition, the growing adoption of innovative methods for blood testing increases the market growth. However, several new blood tests have recently been launched to detect circulating DNA fragments in the bloodstream to facilitate diagnosis. Such tests, including cancer and prenatal testing, quickly became more important because they are relatively demanding. Therefore, expanding research activities to unleash the potential of blood tests is expected to propel market growth.

Furthermore, blood tests in other diagnostic sectors will be expanded, increasing the prevalence of diseases such as bacterial and viral allergy diseases, thyroid diseases, human immunodeficiency virus (HIV) infections, genetic diseases, and cancer. Increases in hepatitis, for example, could boost market performance during the forecast period. 

However, stringent regulatory approval procedures and a lack of understanding of the high cost of automated blood tests, on the other hand, are expected to restrain the market growth. 

Avail sample market brochure of the report to evaluate its usefulness; get a copy @ https://www.marketdataforecast.com/market-reports/blood-testing-market/request-sample

 Key market insights: 

Based on the type, the blood count segment witnessed a significant share in the market over the forecast period. The increasing number of blood screenings, technological advancements, and rising number of infectious tests boost segment growth. In addition, the platelets are likely to grow owing to the growing number of blood donations, and the increasing need for blood testing is driving the market growth.

Based on the disease, the anemia segment is estimated to record a significant share during the forecast period based on the disease. The increasing prevalence of chronic diseases fuels the segment growth, rising number of people with lack of deficiency, and intensifying consciousness. On the other hand, heart attacks and coronary heart diseases are growing significantly.

Based on the method, the manual blood culture testing segment is projected to witness a dominant share during the forecast. Amplifying demand for the blood test is propelling the segment growth. 

North America accounted for the largest share of the blood testing market during the forecast period based on the region. Favorable reimbursement policies, advanced healthcare infrastructure, and technological advancements in the healthcare sector boost the regional market growth. In addition, the United States is the major shareholder in the region, presence of significant market players and high healthcare spending contributes to the market growth. 

Europe is the second-largest market for blood testing market. The evolving healthcare sector, high prevalence of diseases, and presence of local players such as Germany, the UK, France, Italy, and Spain contribute to the regional market expansion. The UK holds a significant share in the market.

The Asia Pacific is expected to grow significantly during the forecast period. The growing population, increasing prevalence of chronic diseases, improving healthcare infrastructure, and supportive government policies propel regional market growth. Emerging countries such as Japan, China, and India expand the APAC regional market growth with a significant market share. In addition, with the increase in medical tourism, the demand for patient monitoring by blood test services is also increasing. This has a positive impact on the blood testing industry in the Asia Pacific region. The industry is driven by the presence of several SMEs in the region.

China recorded the largest share of the market in Asia pacific. High unmet medical needs associated with specific disease segments such as diabetes, cardiovascular disease, and other infectious diseases fuel market growth. In addition, the growing geriatric population and technological advancements in the healthcare sector are expected to accelerate the blood testing market in the country. 

The Indian blood testing market is estimated to record a promising share during the forecast period. Growing population, improving the medical sector, supportive government policies, and the high prevalence of chronic disease drive market growth. Moreover, blood donations and the initiatives to create awareness positively influence market growth. 

Bio-Rad Laboratories Inc. (U.S.), Siemens Healthcare (Germany), Grifols (Spain), Nanosphere Inc. (U.S.), BioMérieux (France), Dickinson and Company (U.S.), Ortho Clinical Diagnostics Inc. (U.S.), Roche Diagnostics (Switzerland), Alere Inc. (U.S.), Bruker Corporation (U.S.), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.) and Beckman Coulter (U.S.) are a few of the notable players operating in the global blood testing market.

This report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/blood-testing-market/customization

SEGMENTS ANALYZED UNDER THIS REPORT:

By Type:

  • Complete Blood Count
    • Red Blood Cells
    • White Blood Cells
    • Hemoglobin
    • Haematocrit
    • Platelets
  • Blood Chemistry Tests
    • Electrolytes
    • Blood Glucose
    • Calcium
    • Test for Kidney Function
  • Blood Enzymes Tests
    • Troponin
    • Creatine Kinase
  • Blood Clotting Tests
    • Prothrombin time
    • Activated Partial Thromboplastin time
    • Blood Coagulation

By Disease:

  • Anemia
  • Infection
  • Leukemia
  • Hypokalemia
  • Kidney Disorders
  • Heart Attack
  • Coronary Heart Disease

By Method:

  • Manual Blood Culture Testing
  • Automated Blood Culture Testing
    • Automated Blood Culture System
    • Blood Culture Instruments

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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WRITTEN BY: Market Data Forecast

Market Data Forecast