NEW YORK, Aug. 1, 2022 /PRNewswire/ -- As per Zion Market Research study, The global blood testing market size was worth around USD 80.50 billion in 2021 and is estimated to grow to about USD 128.45 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.10 percent over the forecast period.
Blood Testing Market: Overview
Blood tests are the most basic diagnostic method used to determine the malfunction of the human system. Regular blood tests are the easiest way to track your health. It is essential to have regular blood tests for good health and to make informed decisions about health in particular. Blood tests are also important to reduce the risk of various illnesses and related complications. Increased government and regulatory healthcare costs are expected to drive the market during the forecast period. Therefore, governments and key organizations constantly strive to encourage patients to undergo regular diagnostic tests. Furthermore, recent advances, the regulatory approval process, and a lack of awareness of the high cost of automated blood tests will hinder market growth over the next few years. Multinational healthcare institutions can help discover new technologies and raise awareness for eradicating & diagnosing common and chronic diseases. Solid external funding for clinical trials being conducted to develop new and innovative diagnostic tests is expected to boost the market. The introduction of constructive regulatory parameters to encourage POC tests is a major rendering driver on the market.
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Key Industry Insights & Findings of the Blood Testing Market Reports:
- As per the analysis shared by our research analyst, the Blood Testing Market is expected to grow annually at a CAGR of around 8.10 % (2022-2028).
- Through the primary research, it was established that the Blood Testing Market was valued at approximately USD 80.50 billion in 2021 and is projected to reach roughly USD 128.45 billion by 2028.
- Increasing the number of strategic initiatives taken by government agencies and market players to increase blood donations across the region is one of the factors expected to drive North America market growth.
- New York Blood Center, American Red Cross, AABB, America's Blood Centers, Armed Services Blood Program, and Blood Centers of America, provide information on plasma collection and plasma delivery.
- Asia Pacific region, the blood testing market is expected to show the fastest CAGR during the forecast period. The increasing prevalence of chronic diseases in developing countries such as India and China is a major driver of market growth.
Zion Market Research published the latest report titled "Blood Testing Market By Test Type (Lipid Panel Testing, Prostate-Specific Antigen, COVID-19, Complete blood count (CBC), BUN testing (Blood Urea Nitrogen), Glucose testing, A1C, Direct LDL, Cortisol, Creatinine, and Others tests), By End-user (Hospitals, Clinic, Diagnostic Centre, Research laboratories, and Others (Blood Banks)), By Method (Manual and Automated), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 - 2028." into their research database.
Industry Dynamics:
Blood Testing Market: Growth Drivers
- Rising initiative of regulatory bodies and healthcare organizations in blood test help to drive the market.
Regulators such as the FDA, Medicare and Medicaid Service Center (CMS), and the Federal Trade Commission play an important role in regulating diagnostic tests. These agencies have taken the initiative to commercialize clinical laboratory improvement and modification compliant diagnostic tests that may help in the early detection of illness. The introduction of CLIA in the United States is expected to increase blood test used during the prediction period.
Blood Testing Market: Restraints
- Stringent regulatory approval process will hinder the market growth.
Rigid regulatory approval strategies are likely to hamper the market growth in the coming years. In the U.S., the development of commercial trials is regulated by the U.S. Food and Drug Administration (U.S. FDA). The US FDA is responsible for approving the use of clinical tests. Lack of awareness of the development of new technologies and procedures related to blood tests will hamper the market over the forecast period.
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Global Blood Testing Market: Segmentation
- The global blood testing market is segregated based on test type, end-use, method, and region.
By test type, the market is divided into lipid panel testing, prostate-specific, antigen, COVID-19, complete blood count (CBC), BUN testing (blood urea nitrogen), glucose testing, A1C, direct LDL, cortisol, creatinine, and other tests. Among these, the glucose testing segment dominates the market owing to technological advances in these glucose meters, etc. Wireless connectivity and Bluetooth capabilities further drive the market acceptance of these products. iHealth Smart, iHealth Align, Dario Health Smart Meter and Glooko are examples of smart blood glucose monitoring products.
By end user, the market is classified into hospitals, clinics, diagnostic centers, research laboratories, and others (blood banks). Over the forecast period, the research laboratories segment is expected to develop at the fastest rate. Laboratory tests of blood and blood products provided for infections are an important safety measure to protect patients and prevent the spread of serious infections. Factors such as increased blood donation & blood transfusion-related screening, increased awareness of blood transfusion-related infectious diseases, and increased incidence of infectious diseases are driving the growth of this segment.
By method, the market is classified into manual and automated. The automated segment dominates the market.
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List of Key Players in Blood Testing Market:
- Richard Wolf GmbH
- WISAP Medical Technology
- KARL STORZ GmbH & Co. KG
- Stryker
- Teleflex Inc.
- Ethicon LLC
- Centrel
- OPTOMIC
- Medgyn Products Inc.
- Maxer Endoscopy
- Vimex Sp. z o.o
- Olympus Corporation
- Henke-Sass Wolf.
Key questions answered in this report:
- What are the growth rate forecast and market size for Blood Testing Market?
- What are the key driving factors propelling the Blood Testing Market forward?
- What are the most important companies in the Blood Testing Market Industry?
- What segments does the Blood Testing Market cover?
- How can I receive a free copy of the Blood Testing Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 80.50 Billion |
Revenue forecast in 2028 | USD 128.45 Billion |
Growth Rate | CAGR of almost 8.10 % 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2028 |
Segments Covered | By Product Type, By Application, And By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Richard Wolf GmbH, WISAP Medical Technology, KARL STORZ GmbH & Co. KG, Stryker, Teleflex Inc. Ethicon LLC, Centrel, OPTOMIC, Medgyn Products, Inc., Maxer Endoscopy, Vimex Sp. z o.o, Olympus Corporation, and Henke-Sass Wolf. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Recent Developments
- In February of 2022, Tasso, a manufacturer of portable blood collection devices, partnered with telemedicine company Vault Health to help perform diagnostic tests at home. Vault offers remote services such as COVID-19 testing, alcohol testing, and drug testing for businesses.
- In March 2022, AXIM Biotechnologies, Inc, an international healthcare solutions company focused on the dry eye (DED), has changed the focus of COVID-19 rapid neutralizing antibody testing to "research use only.
Regional Dominance:
·Increasing strategies of key market players and government organizations likely to help North America dominate the global market.
Increasing the number of strategic initiatives taken by government agencies and market players to increase blood donations across the region is one of the factors expected to drive North America market growth. Blood centers across the country are stepping up efforts to collect blood from people who have recovered from their illnesses. Several organizations, such as the New York Blood Center, American Red Cross, AABB, America's Blood Centers, Armed Services Blood Program, and Blood Centers of America, provide information on plasma collection and plasma delivery. Increased blood donations are expected to further drive demand for testing products for pre-transplant and post-transplant procedures. In the Asia Pacific region, the blood testing market is expected to show the fastest CAGR during the forecast period. The increasing prevalence of chronic diseases in developing countries such as India and China is a major driver of market growth.
Global Blood Testing Market is segmented as follows:
Blood Testing Market: By Test Type Outlook (2022-2028)
- Lipid Panel testing
- Prostate-Specific Antigen
- COVID-19
- Complete blood count (CBC)
- BUN testing (Blood Urea Nitrogen)
- Glucose testing
- A1C
- Direct LDL
- Cortisol
- Creatinine
- Others tests
Blood Testing Market: By End User Outlook (2022-2028)
- Hospitals
- Clinics
- Diagnostic Centre
- Research laboratories
- Others (Blood Banks)
Blood Testing Market: By Method Outlook (2022-2028)
- Manual
- Automated
Blood Testing Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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