Blood Testing Market is anticipated to rise at a CAGR of 2.3% from 2020 to 2030

Posted by omkar on October 19th, 2019

The Global Blood Testing Market size is estimated to be USD 55.07 billion in 2019 and is predicted to reach USD 70.72 billion by 2030 with a CAGR of 2.3% from 2020-2030. Blood test is a laboratory analysis in which a sample of blood is withdrawn from the body to examine the level of substances or cells indicate the presence or probable development of a particular disease or medical condition. The blood is extracted from vein in the arm or via finger prick. Blood tests are generally performed to examine physiological and biochemical states of a person. Blood tests are also performed as a drug test to detect drug abuse.

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The extent of blood detectable conditions is increasing with due to the latest technologies. Advanced technologies helps doctors to understand the condition of a patient at molecular level. Healthcare provider now can extract blood plasma and diagnose the condition at first stage. Scientists are reporting progress on a blood test to detect many types of cancer at an early stage, including some of the most deadly ones that currently lack screening tools. Moreover, advanced embedded motherboards that offers high computing power, communications capacity, data transfer options, and storage capabilities are highly used in order to process complex information in a fraction of the time old blood tests used to take. Adoption of new technology in blood tests reduces human errors, reduces the costs associated with blood analysis and opens new avenues in the blood testing market.

Market Dynamics and Trends:

The impact of increasing aging population, rise in incidences of various diseases such as hepatitis, Human Immunodeficiency Virus (HIV) infection, cancer, thyroids, genetic disorders, bacterial and viral allergic disorders are the major factors driving the growth of blood testing market. In addition to this, expansion of blood testing in diagnostic areas also contribute to this growth. Moreover, technological advancements, presence of large patient population, continuously improving healthcare infrastructure coupled with the scope of expansion of clinical laboratories are some of the additional factors contributing the growth of blood testing market. However, high cost of automated blood tests, stringent regulations, and lack of awareness about advanced technology are likely to hinder the growth of this market.

The players in the blood testing market are involved in product development to gain a competitive edge in this market. For instance, in September 2018 Exagen Diagnostics launched its first validated blood test to detect anticarbamylated protein antibodies. Also, in March 2018 IQuity launched a new blood test called IsolateFibromyalgia, which uses RNA gene expression analysis to detect fibromyalgia. Moreover, players such as Alere, Bio-Rad Laboratories, and Roche adopted strategic collaborations, mergers and acquisitions as their growth strategies in blood testing market.

Market Segmentations and Scope of the Study:

The blood testing market share is analysed on the basis of product, end user and geography. The product segment covers the market for glucose testing, lipid panel testing, direct LDL testing, prostate specific antigen testing, Blood Urea Nitrogen (BUN) testing, A1C testing, high sensitivity CRP testing, Vitamin D testing, ALT testing, thyroid stimulating hormone testing, creatinine testing, serum nicotine/cotinine testing, AST testing, cortisol testing, testosterone testing, high sensitivity C-Reactive Protein (hs-CRP) testing, and other blood tests. On the basis of end user the blood testing market is divided into hospitals, clinics, diagnostic centers, research labs, and others. The geographical segmentation covers North America, Europe, Asia Pacific, and Rest of the World.

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Comprehensive competitive analysis and profiles of major market players such as Abbott Laboratories, Alere, Inc., Becton Dickinson and Company, Bio-Rad Laboratories, Beckman Coulter, Bruker Corporation, Nipro Diagnostics, Roche Diagnostics, Siemens AG, Thermo Fisher Scientific, Inc. is also provided in this report.