The global blood testing market size is forecasted to be worth USD 66.61 billion by 2027 and USD 58.50 billion in 2022, growing at a CAGR of 2.63% from 2022 to 2027.
Blood testing is a laboratory examination performed on blood samples taken from the patient's body with the assist of a needle or finger pierce to decide the situation of health. For example, blood culture tests can determine the function of organs and how well healing is going on. These tests are prevalent, and even the usual check-ups might require one.
Blood tests are often used in health care to understand biochemical and physiological states, mineral content, pharmaceutical drug effectiveness, organ function, disease, and drug tests to detect drug abuse. Multiple tests for specific blood components are often grouped into one test panel called blood panel or blood work. In addition, blood culture tests can determine the function of organs and how well a treatment is working.
Y-O-Y growth in the prevalence of target diseases such as diabetes and CVDs is majorly contributing to the growth of the global blood testing market.
As per the statistics published by the Diabetes Research Clinical Practice, an estimated 463 million people have diabetes across the globe, and this figure is further estimated to reach 700 million by 2045. According to WHO, an estimated 17.9 million people die each year due to CVDs. The prevalence and incidence of these diseases are significantly growing year over year and favoring the growth of the blood testing market.
The method of carrying out blood test procedures has immensely improved over the past few years, resulting in the growth of the global blood testing market. The automated method of carrying blood tests is less time-consuming and less complicated than manual techniques. So, the feasibility of carrying out automated blood test procedures will eventually help to level up market growth.
Additionally, technological advancements and the steady demand for enhanced blood testing technologies have intensified global competition. High growth in the global blood testing market can be accredited to the rising number of blood donations and blood donors, increasing awareness about the safety of donated blood, increasing demand for donated blood, and growing the occurrence of infectious diseases.
The rise in the number of patients worldwide has an increased opportunity for the global blood testing market. Furthermore, the increase in people suffering from these diseases will create a better chance for market growth. In addition, a growing number of pharmaceutical and biotechnology companies provide opportunities for Global Blood Testing Market growth.
The different kinds of blood tests available in the market for the common diagnostic purpose will provide significant growth opportunities for the blood testing market growth. Furthermore, correct and particular criteria in diagnosing significant diseases help increase revenue share and are likely to have lucrative opportunities during the foreseen period.
However, the lack of proper training for medical technicians in developing countries and other resource-poor nations is likely to hinder the revenue growth of the global blood testing market.
Furthermore, other factors such as high costs associated with automated blood testing, lack of awareness concerning the latest advancements, and regulatory approval processes are likely to dampen market growth. Lack of information about the emergence of new technologies and procedures related to blood testing will be another restraining factor. The patients need to be aware of the new tests or procedures available in the market to detect diseases easily. Therefore, the people's lack of awareness and reluctance to adopt new technology will affect the market's growth.
COVID-19 impact on the global blood testing market:
COVID-19 eruption has affected many people across the world. To control the spread of coronavirus, governments of multiple countries have imposed a lockdown and ban on international flights in almost every country during the first half of 2020. Due to this, the patient count visited hospitals has decreased, which degraded the growth rate of the blood testing market. Simultaneously, a significant rise in the COVID 19 cases and prevalence for early diagnosis of this disease have contributed excellent growth to the blood testing market and forecasted the near future for the market would be very bright.
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries worldwide, with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, given significant growth to the global blood testing market in 2020. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, creating supply chain and market disruption, and its financial impact on firms and financial markets. However, in the mid of the COVID outbreak, the market has faced growth due to rapid tests, immunity tests, and antibodies tests. The COVID-19 rapid testing kits moved market size for the blood testing market.
Market Size Available
2021 to 2027
2022 to 2027
By Type, Disease, Method, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This market research report on the global blood testing market has been segmented and sub-segmented based on type, disease, method, and region.
Blood Testing Market – By Type:
Based on type, the complete blood count segment is expected to lead the global blood testing market during the forecast period. The factors majorly contributing to the growth are the increasing number of blood screenings, the rising number of infectious tests, and advancements in technology in counting the blood cells. The Platelets sub-segment is one of the lucrative segments and is expected to register high growth during the forecast period. The growing number of blood donations and the presence of correct and specific tests in the diagnosis of many diseases help drive the market successfully.
Blood Testing Market – By Disease:
Based on the disease, the anemia segment is projected to lead with the highest revenue share in the blood testing market due to rising patient count suffering from lack of deficiency, a growing number of chronic diseases in people, and intensifying consciousness in people.
Other segments, such as Heart attack and coronary heart diseases, are predicted to hike at a healthy rate during the forecast period.
Blood Testing Market – By Method:
Based on the method, the manual blood culture testing segment is estimated to dominate the blood testing market with the largest revenue share during the assessment period. Small-sized hospitals and clinics have manual blood culture testing. In addition, the amplifying demand for point-of-care facilities for blood tests and rising demand for blood testing services propel market growth over the review period.
Blood Testing Market – By Region:
Geographically, the blood testing market in North America is expected to dominate the global blood screening market during the forecast period, with the U.S. being the most significant supporter. The U.S. is recognized as home to several prominent players operating in space. This, in turn, has resulted in the highest turnover in this regional market. Also, government initiatives and CLIA waivers on POC testing devices are estimated to be important factors in increasing acceptance levels for these devices in this region.
The blood testing market in North America is further expected to be driven by the new government initiatives, developing healthcare infrastructure, increasing the number of complex surgical activities, a rise in the geriatric population, the upsurge of the diseases, and technological advancements related to the market. In addition, an increase in several geriatric populations that suffer from diseases like diabetes, cancer, and cardiovascular diseases will also rapidly help the blood testing market grow in the North American region.
On the other hand, the blood testing market in the Asia-pacific region is poised to grow at a maximum CAGR during the forecast period. Growing occurrence and incidence of infectious diseases, high demand for donated blood, and improved awareness among people about the safety of donated blood propel the blood testing market in this region. In addition, the rise in the population suffering from infectious and other lifestyle diseases will help boost the market in Asia.
The blood testing market in Europe is expected to grow at a lucrative pace due to the presence of untapped market potential and growing awareness amongst the population regarding early disease detection tests. Furthermore, an increase in the number of government schemes to curb the rising healthcare expenditures in emerging economies is expected to drive regional market growth. Germany governs the blood screening industry because there is a rise in awareness about blood donation, the presence of high-quality infrastructure for hospitals and clinical laboratories, and the presence of major market players.
The Blood Testing Market in Latin America has been calculated at USD 5.72 billion in 2021 which is expected to be growing at a CAGR of 2.79% The market for blood testing continued to grow under the influence of aging population, rise in incidences of various diseases such as hepatitis, human immunodeficiency virus (HIV) infection, cancer, thyroids, genetic disorders and bacterial and viral allergic disorders, and expanding application of blood testing in other diagnostic areas.
The Blood Testing Market in Middle East & Africa is valued at USD 4.57 billion in 2021. A shift in healthcare providers' focus from treatment towards early exposure of diseases, particularly in fields of cardiovascular and endocrinology medicine, has poised the industry to observe lucrative growth during the forecast period.
KEY MARKET PARTICIPANTS:
A few of the promising companies operating in the global blood testing market profiled in this report are 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.)
RECENT MARKET DEVELOPMENTS:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Complete Blood Count
184.108.40.206 Red Blood Cells
220.127.116.11 White Blood Cells
5.1.2 Blood Chemistry Tests
18.104.22.168 Test for Electrolytes
22.214.171.124 Blood Glucose
126.96.36.199 Test for Kidney Function
5.1.3 Blood Enzyme Tests
188.8.131.52 Creatine Kinase
5.1.4 Blood Clotting Tests
184.108.40.206 Prothrombin time
220.127.116.11 Activated Partial Thromboplastin time
18.104.22.168 Blood Coagulation
5.2 By Diseases
5.2.5 Kidney Disorders
5.2.6 Heart Attack
5.2.7 Coronary Heart Disease
5.3 By Methods
5.3.1 Manual Blood Culture Testing
5.3.2 Automated Blood Culture Testing
22.214.171.124 Automated Blood Culture System
126.96.36.199 Blood Culture Instruments
6. Geographical Analysis
6.1 North America
6.1.2 United States
6.3.5 South Korea
6.4 Latin America
6.5 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Bio-Rad Laboratories Inc.
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Siemens Healthcare
8.4 Nanosphere Inc.
8.6 Dickinson and Company
8.7 Ortho Clinical Diagnostics Inc.
8.8 Roche Diagnostics
8.9 Alere Inc.
8.10 Bruker Corporation
8.11 Abbott Laboratories
8.12 Thermo Fisher Scientific Inc.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures
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