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Report Scope & Overview:

The Blood Testing Market Size was valued at USD 2.51 billion in 2022 and is expected to reach USD 4.69 billion by 2030 and grow at a CAGR of 8.1% over the forecast period 2023-2030.

Blood testing is a lab test procedure that determines the state of a patient's health by taking a blood sample from the patient's body with syringes or a fingertip prick. Blood tests can be used to determine how well organs are working. These tests are cheaply priced and are typically performed in clinics and hospitals as a vital checkup for recognizing any mild to severe illnesses, which has an impact on the blood testing market's growth. In recent years, the blood testing industry has experienced tremendous expansion. The influence of the world's aging population is driving the market's expansion. The number of strategic acquisitions and mergers in the global market has recently increased dramatically, causing industry leaders' product portfolios to expand and their marketing power to strengthen.

Blood Testing Market Revenue Analysis

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Additionally, factors such as the expanding use of blood testing in other diagnostic areas and the rise in the occurrences of various diseases like bacterial and viral allergic disorders, cancer, Human Immunodeficiency Virus (HIV) infection, thyroids, genetic disorders, and hepatitis are expected to boost market efficiency over the forecasted period. On the other side, the market's growth will be hampered in the coming years by a lack of awareness of recent advancements, regulatory approval processes, and the high cost of automated blood testing.

MARKET DYNAMICS:

DRIVERS

  • Rise in the number of blood donation

RESTRAINTS

  • Technology alternatives

OPPORTUNITIES

  • Emerging market

CHALLENGES

  • Blood testing devices are expensive. 

IMPACT OF COVID-19:

The beginning of the COVID-19 pandemic has changed clinical consideration conveyance all over the planet. Many hospitals and departments have been re-profiled for treating COVID-19 patients due to increased pressure from the rising rate of COVID-19 hospitalizations. The COVID-19 epidemic prompted worldwide curfews and lockdowns, halting blood donations, canceling collecting drives, and reducing demand for given blood. It modestly affects the market for blood screening. As curfews and social confinement become less severe, a request is probably going to rise, bringing about a market shortage. Governments around the world are, though, taking steps to increase donations during the anticipated period in order to meet the unexpected surge in need following the shutdown.

Furthermore, the number of cancer patients is rising, increasing the demand for donated blood. Blood and platelets are required for cancer patients' treatment (chemotherapy), blood replacement (for blood cancer patients), and surgery.

By Product and Service

Reagents and kits, devices, and software and services make up the blood testing market. In 2021 reagents and kits held the biggest part of the blood testing market, owing to an increase in blood transfusion operations, which resulted in increased consumption and repeated usage of reagents and kits in blood testing processes.

By Technology

The nucleic acid test (NAT), enzyme-linked immunosorbent assay (ELISA), fast tests, western blot assays, and next-generation sequencing (NGS) segments of the blood screening business. The nucleic acid test (NAT) category will account for the majority of the blood screening market by 2020. Reasons like the expanding volume of blood donations and the increasing acceptance of NAT technology due to its higher sensitivity than other blood screening technologies.

By End-User

The blood testing industry is divided into two categories: blood banks and hospitals. The blood banks category held the highest share of the blood screening market in 2022. The increasing number of organ transplant surgeries is propelling this market forward.

KEY MARKET SEGMENTS:

By Product and Service

  • Reagents & Kits

    • NAT Reagents & Kits

    • Other Reagents & Kits

    • ELISA Reagents & Kits

  • Instruments

    • Outright Purchase

    • Rental Purchase

  • Software & Services

By Technology

  • Nucleic Acid Test

  • ELISA

    • Fluorescent Immunoassays

    • Chemiluminescent Immunoassays

    • Colorimetric Immunoassays

  • Rapid Tests

  • Next-generation Sequencing

  • Western Blot Assays

By End-User

  • Hospitals
  • Blood Banks

Blood Testing Market Segmentation Analysis

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REGIONAL ANALYSIS

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the five key regions that make up the worldwide blood testing market. North America held the highest share of the blood testing market in 2021. The rise of the North American blood testing market can be due to rising healthcare spending, rising chronic disease prevalence, and the highly developed healthcare systems in the United States and Canada.

REGIONAL COVERAGE:

North America

  • USA

  • Canada

  • Mexico

Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

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.

BioMerieux SA-Company Financial Analysis

Blood Testing Market Report Scope:
Report Attributes Details
Market Size in 2022  US$ 2.51 Billion
Market Size by 2030  US$ 4.69 Billion
CAGR  CAGR of 8.1% From 2023 to 2030
Base Year   2022
Forecast Period  2023-2030
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Product and Service (Reagents & Kits (NAT Reagents & Kits, Other Reagents & Kits, ELISA Reagents & Kits)
• By Instruments (Outright Purchase, Rental Purchase), Software & Services)
• By Technology (Nucleic Acid Test, ELISA, Rapid Tests, Next-generation Sequencing, Western Blot Assays)
• By End User (Hospitals, Blood Banks)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, 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

Frequently Asked Questions

Ans: The Blood Testing Market is to grow at a CAGR of 8.1% over the forecast period 20223-2030.

Ans: The Blood Testing Market size was valued at US$ 2.51 billion in 2022.

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. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8. Blood Testing Market Segmentation, Product and Service

8.1       Reagents & Kits

8.2       NAT Reagents & Kits

8.3       Other Reagents & Kits

8.4       ELISA Reagents & Kits

8.5       Instruments

8.6       Outright Purchase

8.7       Rental Purchase

8.8       Software & Services

9. Blood Testing Market Segmentation, by Technology

9.1       Nucleic Acid Test

9.2       Real-time PCR

9.3       Transcription-mediated Amplification

9.4       ELISA

9.5       Fluorescent Immunoassays

9.6       Chemiluminescent Immunoassays

9.7       Colorimetric Immunoassays

9.8       Rapid Tests

9.9       Next-generation Sequencing

9.10     Western Blot Assays

10.       Blood Testing Market Segmentation, By End User

10.1     Hospitals

10.2     Blood Banks

11.     Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3     Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4     Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5     The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6     Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

12. Company Profiles

12.1 Abbott

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Bio-Rad Laboratories, Inc.

12.3 Trinity Biotech Plc

12.4 F. Hoffmann-La Roche AG

12.5 BioMerieux SA

12.6 Biomerica, Inc.

12.7 Quest Diagnostics

12.8 Danaher Corporation

12.9 Siemens Healthineers

12.10 Becton

12.11 Dickinson and Company

13. Competitive Landscape

13.1 Competitive Benchmark

13.2 Market Share Analysis

13.3 Recent Developments

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.

Secondary Research

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.

Primary Research

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.

Data Bank Validation

Step 4: QA/QC Process

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