Blood Testing Market

Blood Testing Market Size (2023 to 2028)

The global blood testing market is forecasted to be worth USD 68.35 billion by 2028 and USD 60.03 billion in 2023, growing at a CAGR of 2.63% from 2023 to 2028.

Blood Testing Market Key Insights:

• Based on the test type, the blood glucose test segment is one of the most lucrative segments and is anticipated to showcase a CAGR of 6.2% from 2023 to 2028.
• Based on the method, the manual segment is projected to rise at a CAGR of 6.06% from 2023 to 2028.
• North America held the major share of the worldwide market in 2022.
• Bio-Rad Laboratories, Danaher Corporation, Abbott Laboratories, BioMerieux SA, and Thermo Fisher Scientific are a few of the noteworthy players in the blood testing market.

Blood testing is a laboratory examination performed on blood samples taken from the patient's body with the assistance of a needle or finger pierce to decide the health situation. For instance, 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 healthcare 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 a blood panel or blood work. In addition, blood culture tests can determine the function of organs and how well a treatment works.

MARKET DRIVERS:

The growing prevalence of target diseases such as diabetes and CVDs is contributing significantly to the growth of the global blood testing market.

According to the statistics published by Diabetes Research Clinical Practice, an estimated 463 million people have diabetes globally, estimated to reach 700 million by 2045. According to WHO, an estimated 17.9 million people die yearly from 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 automated blood test procedures will eventually help to drive the market growth.

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 donors, increasing awareness about the safety of donated blood, increasing demand for donated blood, and growing 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, many pharmaceutical and biotechnology companies provide growth opportunities for the global blood testing market. 

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 criteria in diagnosing significant diseases help increase revenue share and will likely have lucrative opportunities during the foreseen period.

MARKET RESTRAINTS:

The lack of proper training for medical technicians in developing countries and other resource-poor nations is likely to hinder the growth of the global blood testing market.

Furthermore, factors such as high costs associated with automated blood testing, lack of awareness concerning the latest advancements, and regulatory approval processes will dampen market growth. Lack of information about the emergence of new technologies and procedures related to blood testing is another restraining factor. Patients need to be aware of the new tests or procedures available in the market to detect diseases easily. Therefore, 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 COVID-19 cases and the prevalence of early diagnosis of this disease have contributed to tremendous growth in 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 the significant growth of the global blood testing market in 2020. COVID-19 can affect the global economy in three ways: 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 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.

REPORT COVERAGE:

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:

• 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

The complete blood count segment will 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 technological advancements in counting 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 accurate and specific tests in diagnosing many diseases help drive the market successfully.

Blood Testing Market – By Disease:

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

Based on the disease, the anemia segment is projected to lead with the highest revenue share in the blood testing market due to a rising patient count suffering from lack of deficiency, a growing number of chronic diseases, 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:

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

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 forecast 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:

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

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 new government initiatives, developing healthcare infrastructure, increasing the number of complex surgical activities, a rise in the geriatric population, the upsurge of diseases, and technological advancements related to the market. In addition, an increase in several geriatric populations suffering from 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 untapped market potential and growing awareness amongst the population regarding early disease detection tests. Furthermore, increasing 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 major market players.

The Blood Testing Market in Latin America has been calculated at USD 5.72 billion in 2021, expected to grow at a CAGR of 2.79%. The market for blood testing continued to grow under the influence of the aging population, the 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 the Middle East & Africa was valued at USD 4.57 billion in 2021. A shift in healthcare providers' focus from treatment towards early exposure to diseases, particularly in 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:

• In February 2020, Ortho Clinical Diagnostics announced the launch and availability of VITROS XT 3400, which completes its VITROS XT solutions and helps labs obtain consistently fast, accurate, and reliable results. 
• In September 2019, The US FDA approved Cobas Babesia, Roche's first whole-blood test for donor screening; following May 2019, FDA-updated industry guidance recommending screening and testing for Babesia. 
• In February 2019, Grifols received FDA approval for the Procleix Babesia Assay for donor screening on its Procleix Panther System.
• In June 2017, Siemens Healthineers agreed to acquire Epocal Inc. A subsidiary of Epocal Inc. develops and provides a point-of-care blood diagnostic system for healthcare enterprises, including the epocBllod Analysis System. 
• In June 2016, Luminex corporation announced that it had completed its previously announced acquisition of Nanosphere, Inc., providing support and services in molecular and microbiology diagnostic markets.