The Blood Testing Market Size was valued at USD 98.3 billion in 2023 and is expected to reach USD 172.7 billion by 2031, and grow at a CAGR of 7.3% over the forecast period 2024-2031.
The growth of the market can be attributed to the increased medical spending by government and regulatory bodies. These entities are actively involved in promoting regular diagnostic examinations among patients, thereby driving the demand for blood testing services during the forecast period.
To get more information on Blood Testing Market - Request Sample Report
Moreover, patients are becoming more aware of the use of home diagnostics tests and self testing. Consequently, the adoption of different products in blood testing procedures has been increased. For instance, the AccuChek Active Blood Glucose Meter. It's a glucose test kit that makes it easy for people to monitor their blood glucose levels at home. A significant impact on the global market was caused by the COVID-19 outbreak. There has been a surge in demand for blood tests to diagnose COVID-19 cases due to an increase in the number of case reports. This trend is expected to be maintained over the forecast period. For example, a research paper released in May 2022, titled "Utilizing Machine Learning for COVID-19 Diagnosis via Routine Blood Tests," showcased the creation of a machine learning model for analyzing COVID-19.
DRIVERS
The market is expected to be strongly driven by the growing prevalence of target diseases such as COVID19, diabetes and cardiovascular disease. Cardiovascular diseases are among the most fatal disorders and the leading cause of death across the globe. Cardiovascular illnesses have become the leading cause of mortality and morbidity in the last three decades. According to a report published by WHO, cardiovascular diseases account for 17.91 million deaths annually.
RESTRAINTS
The development of blood testing methods is however an expensive and time consuming process. In addition, reimbursement policies for clinical trials are not well established, which makes it difficult for market players to spend on R&D, which will hamper the overall growth of the blood testing market.
OPPORTUNITIES
Demand for regular disease diagnosis is expected to be increased due to an ongoing increase in the prevalence of chronic diseases and growing demand for rapid health condition analysis solutions. Consequently, market players will be given growth opportunities as blood testing is an important way to monitor the health of patients regularly. In addition, advanced tests are carried out at clinics, hospitals and other healthcare facilities to ensure prompt service.
CHALLENGES
There are many challenges for Ukraine's health care system. A large number of healthcare facilities have been destroyed, while the availability of other facilities is often limited due to the lack of qualified medical personnel. Some services, such as cancer treatments, have been seriously disrupted. Moreover, millions of Ukrainians with chronic conditions are also suffering as due to war-related problems with execution of their long-term therapies. In areas which are under occupation, the availability of medicines is particularly low. In Eastern Ukraine, according to national statistics, around 505 pharmacies have been damaged and 47 completely destroyed as of 18 August 2022. In addition, humanitarian aid provided by the Ukrainian government or other countries to these areas has been blocked by the invaders. Also, the urgent shortage of medicines that began to occur at the beginning of the war is now behind us in areas controlled by Ukraine's government. Even in areas where there are no military attacks, however, some medicines are not yet fully available. Significant increases in the cost of medicines, as well as a drop in average salaries, also significantly affect the availability of medicinal products.
In times of economic downturn, investment in key areas such as equipment, staff and infrastructure needed for blood testing facilities is often reduced due to reduced funding for healthcare services due to budgetary constraints faced by governments and healthcare organisations. This increase in expenses is exacerbating the problem of reduced access to health care, as people who are financially distressed may delay or skip regular doctor's visits, including blood tests, because of their concerns about outof pocket expenditure. Therefore, the profitability of health care providers providing these essential diagnostic services is also affected by a decrease in demand for blood tests.
Also, the individuals may be discouraged from seeking blood tests due to changes in their health insurance coverage and higher out of pocket costs associated with economic downturns, especially for unurgent or preventative healthcare needs. In addition, the introduction of new testing methods and diagnostic tools that could substantially improve blood test accuracy and efficiency is being slowed down by a reduction in research and development investment linked to Blood Test Technology and Methodologies.
By Test Type
Glucose Testing
A1C Testing
Direct LDL Testing
Lipid Panel Testing
Prostate-specific Antigen Testing
COVID-19 Testing
BUN Testing
Vitamin D Testing
Thyroid-stimulating Hormone (TSH)
Serum Nicotine/Cotinine
High sensitivity CRP Testing
Testosterone Testing
ALT Testing
Cortisol Testing
Creatinine Testing
AST Testing
Other Blood Tests
The glucose testing segment was dominanted on the global market with a revenue share of 16.9% in 2023, due to its strong penetration. In addition, there has been a marked increase in diabetes prevalence in recent years, and a number of reports indicate that this trend is expected to continue in the future. In addition, around 537 million adults aged 20 to 79 years were diagnosed with diabetes in 2021, according to a report by the International Diabetes Federation published in December 2021. In addition, by 2045 the total number of diabetic persons is expected to reach 784 million.
Need any Customization research on Blood Testing Market - Enquiry Now
Regional Analysis
In 2023, North America accounted for over 43.2% of the market. An increase in strategic initiatives undertaken by public authorities and key stakeholders to promote plasma donation in the region is expected to contribute to the growth of the region. In order to increase collection of plasma from individuals who have recovered from the disease, efforts are being made at blood donation centers throughout the country. Various factors such as the implementation of new government initiatives, developments in healthcare infrastructure and advances in technology are driving growth across regions.
The Asia Pacific is expected to experience the highest CAGR over the forecast period. A considerable driver for regional market growth is the growing incidence of Chronic Diseases in countries like China or India. In addition, significant investments are being made by a number of multinational companies in the region. Siemens Healthineers, for example, announced the opening of a new production facility in India for COVID 19 and molecular tests in October 2021.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The Key Players are Abbott, Bio-Rad Laboratories, Inc., Trinity Biotech Plc, F. Hoffmann-La Roche AG, BioMerieux SA, Biomerica, Inc., Quest Diagnostics, Danaher Corporation, Siemens Healthineers, Becton, Dickinson and Company, and Others Players.
In November 2023, the healthcare providers make more accurate and earlier diagnoses of Alzheimer's disease pathology, the latest information about C2N Diagnostics, LLC's Precivity line of blood tests was presented at the 16th Clinical Trials on Alzheimer's Disease (CTAD) conference. Clinical and analytical data from C2N's exclusive portfolio were the subject of ten presentations and 3 Scientific Posters at CTAD.
In March 2023, Tru Diagnostic, a health data organization, entered into a partnership with NADMED, a Finnish company specializing in nicotinamide adenine dinucleotide diagnostics. This collaboration will aim at introducing an advanced diagnostic test kit, QNADMED, which allows blood sample measurements of NAD+ and NADH levels. This test has a wide range of clinical applications and is specifically targeted at patients in the United States.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 98.3 Billion |
| Market Size by 2031 | US$ 172.7 Billion |
| CAGR | CAGR of 7.3 % From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Test Type (Glucose Testing, A1C Testing, Direct LDL Testing, Lipid Panel Testing, Prostate-specific Antigen Testing, COVID-19 Testing, BUN Testing, Vitamin D Testing, Thyroid-stimulating Hormone (TSH), Serum Nicotine/Cotinine, High sensitivity CRP Testing, Testosterone Testing, ALT Testing, Cortisol Testing, Creatinine Testing, AST Testing, Other Blood Tests) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Abbott, Bio-Rad Laboratories, Inc., Trinity Biotech Plc, F. Hoffmann-La Roche AG, BioMerieux SA, Biomerica, Inc., Quest Diagnostics, Danaher Corporation, Siemens Healthineers, Becton, Dickinson, and Company. |
| DRIVING FACTORS | • Rise in the number of blood donation |
| Restraints | • Technology alternatives |
Ans: The Blood Testing Market is to grow at a CAGR of 7.3% over the forecast period 2024-2031
Ans: The Blood Testing Market size was valued at US$ 98.3 billion in 2023
The blood Testing Market is divided into two segments and they are By Product and Service, By Technology, By End User.
The market for Blood Testing was dominated by North America.
Manufacturer and service provider, research institutes, universities, and private libraries, suppliers, and distributors.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Blood Testing Market Segmentation, By Test Type
9.1 Introduction
9.2 Trend Analysis
9.3 Glucose Testing
9.4 A1C Testing
9.5 Direct LDL Testing
9.6 Lipid Panel Testing
9.7 Prostate-specific Antigen Testing
9.8 COVID-19 Testing
9.9. BUN Testing
9.10 Vitamin D Testing
9.11 Thyroid-stimulating Hormone (TSH)
9.12 Serum Nicotine/Cotinine
9.13 High sensitivity CRP Testing
9.14 Testosterone Testing
9.15 ALT Testing
9.16 Cortisol Testing
9.17 Creatinine Testing
9.18 AST Testing
9.19 Other Blood Tests
10. Regional Analysis
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Poland
10.3.1.2 Romania
10.3.1.3 Hungary
10.3.1.4 Turkey
10.3.1.5 Rest of Eastern Europe
10.3.2 Western Europe
10.3.2.1 Germany
10.3.2.2 France
10.3.2.3 UK
10.3.2.4 Italy
10.3.2.5 Spain
10.3.2.6 Netherlands
10.3.2.7 Switzerland
10.3.2.8 Austria
10.3.2.9 Rest of Western Europe
10.4 Asia-Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 Vietnam
10.4.6 Singapore
10.4.7 Australia
10.4.8 Rest of Asia Pacific
10.5 The Middle East & Africa
10.5.1 Middle East
10.5.1.1 UAE
10.5.1.2 Egypt
10.5.1.3 Saudi Arabia
10.5.1.4 Qatar
10.5.1.5 Rest of the Middle East
10.5.2 Africa
10.5.2.1 Nigeria
10.5.2.2 South Africa
10.5.2.3 Rest of Africa
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Colombia
10.6.4 Rest of Latin America
11. Company Profiles
11.1 Abbott
11.1.1 Company Overview
11.1.2 Financial
11.1.3 Products/ Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Bio-Rad Laboratories, Inc.
11.2.1 Company Overview
11.2.2 Financial
11.2.3 Products/ Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Trinity Biotech Plc
11.3.1 Company Overview
11.3.2 Financial
11.3.3 Products/ Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 F. Hoffmann-La Roche AG
11.4.1 Company Overview
11.4.2 Financial
11.4.3 Products/ Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 BioMerieux SA
11.5.1 Company Overview
11.5.2 Financial
11.5.3 Products/ Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Biomerica, Inc.
11.6.1 Company Overview
11.6.2 Financial
11.6.3 Products/ Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Quest Diagnostics
11.7.1 Company Overview
11.7.2 Financial
11.7.3 Products/ Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Danaher Corporation
11.8.1 Company Overview
11.8.2 Financial
11.8.3 Products/ Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Siemens Healthineers
11.9.1 Company Overview
11.9.2 Financial
11.9.3 Products/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Becton, Dickinson, and Company
11.10.1 Company Overview
11.10.2 Financial
11.10.3 Products/ Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. Use Case and Best Practices
14. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Wound Closure Market size was estimated USD 20.9billion in 2022 and is expected to reach USD 32.07billion by 2030 at a CAGR of 5.5% during the forecast period of 2023-2030.
The Plasma Therapy Market Size was valued at USD 416.83 billion in 2022, and is expected to reach USD 836.69 billion by 2030, and grow at a CAGR of 9.1% over the forecast period 2023-2030.
The BOTOX Market size was estimated USD 7.22 billion in 2022 and is expected to reach USD 10.99 billion By 2030 at a CAGR of 5.4% during the forecast period of 2023-2030.
The Liver Cancer Therapeutics Market size was USD 2923.58 Million in 2022 and is expected to Reach USD 12910.02 Million by 2030 and grow at a CAGR of 20.4 % over the forecast period of 2023-2030.
In 2022, The Skin Cancer Treatment Market size amounted to USD 9.98 Billion & is estimated to reach USD 18.06 Billion by 2030 and increase at a compound annual growth rate of 7.7% between 2023 and 2030.
The Ambulatory EHR Market Size was valued at USD 6.0 billion in 2023 and is expected to reach USD 9.7 billion by 2031, and grow at a CAGR of 6.3% over the forecast period 2024-2031.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
