According to MRFR Analysis – blood testing market is growing at a CAGR of 5.5% during the forecast period 2017 to 2023. The global industry categorizes by disease, test type, method, end user, and region.
Blood Testing Market Overview
Blood testing is a technique of laboratory analysis performed on the basis of the blood sample taken from the body of the patient with the help of syringes or finger prick to determine one’s health status. The test aids in determining the abnormal functionalities of a patient’s organs. The global blood testing market is anticipated to register a CAGR of 5.5% during the forecast period of 2017 to 2023.
The market is expected to grow due to the presence of a populated group of aged people, increasing prevalence of diseases like human Immunodeficiency virus (HIV) infection, genetic disorders, bacterial and viral allergic disorders, cancer, thyroids, and a growing number of applications of blood testing in other diagnostic areas. Point of Care Testing (POCT) devices for blood testing is also identified to witness increasing demand. However, the high cost associated with automated blood testing, lack of awareness concerning the latest advancements, and regulatory approval processes are likely to dampen the growth of the market.
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Blood Testing Market Segmentation
The global blood testing market segmentation is based on the following: disease, test type, method, and end-user.
By test type, the market includes Prostate Specific Antigen (PSA) testing, glucose testing, lipid panel testing, direct LDL testing, A1C testing, serum nicotine/cotinine testing, Blood Urea Nitrogen (BUN) testing, Vitamin D testing, high sensitivity C-Reactive Protein (hs-CRP) testing, alt testing, testosterone testing, creatinine testing, cortisol testing, thyroid stimulating hormone testing, AST testing, and others.
By method, the market is divided into automated blood culture testing and manual blood culture testing. The automated blood culture testing segment includes blood culture instruments, automated blood culture system, and others.
By end-user, the market includes clinics, research labs, hospitals, into diagnostic centers, and others.
By disease, the market comprises of infection, kidney disorders, anemia, leukemia, coronary heart disease, hypokalemia, heart attack, and other diseases.
Blood Testing Market Regional Analysis
The global blood testing market is regionally segmented into the following regions: Asia Pacific, North America, Europe, and the Middle East and Africa.
The North American region holds the largest share in the global market standings of blood testing. This is due to the rising occurrences of diseases like blood stream infections, kidney disorders, and other infections as well as high demand for fast-paced diagnostic tests and growing old-age population.
The European market holds the second largest standings in terms of market share. The growth of the market can be attributed to the growing awareness concerning chronic infection diseases owing to the favourable initiatives undertaken by government organizations, private enterprises, and educational institutions.
The Asia Pacific market is projected to be the fastest growing market during the forecast period due to the increasing awareness among the consumers concerning the significance of diagnostics in personalized medicines and due to various initiatives undertaken by the government that promote the usage of personalized medications. Moreover, the growing number of government schemes to reduce the increasing expenditures in healthcare in developing economies is also expected to push the growth of the market.
The Middle Eastern region is anticipated to grow at a decent pace due to factors like extensive development of the healthcare infrastructure and surging research and development activities in the healthcare industry.
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Blood Testing Industry News
March 5th, 2019, Tasso, a start up from Seattle, working on bringing-forward blood testing to the home has raised USD 6.1 million in Series A funding. The round was led by Vertical Venture with percipients like Cedars Sinai and TechStars.
Blood Testing Market Competitive Landscape
The global blood testing market comprises of numerous players including Cepheid Corporation (U.S.), Baxter International (U.S.), Gen-Probe, Inc. (U.S.), Abbott Laboratories Inc. (U.S.), Biomerica, Inc. (U.S.), Meridian Bioscience, Inc. (U.S.), Novartis Diagnostics (U.S.), Nanosphere Inc. (U.S.), Roche Diagnostics (Switzerland), Bio-Rad Laboratories Inc. (U.S.), Becton Dickinson & Company (U.S.), Thermo Fisher Scientific Inc. (U.S.), bioMérieux (France), Trinity Biotech (U.S.), Grifols (Spain), Alere Inc. (U.S.), Beckman Coulter (U.S.), Cardinal Health (U.S.), Siemens Healthcare (Germany), Danaher Corporation (U.S.), Trividia Health (U.S.), Bruker Corporation (U.S.), and others.
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