Blood Testing Market

Global Blood Testing Market Research Report: 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, Others), By End Use (Hospitals, Clinic, Diagnostic Centres), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Pharma & Healthcare | January 2024 | Report ID: EMR00436 | Pages: 301

The global blood testing market was valued at USD 93.54 billion in 2023 and is estimated to reach approximately USD 159.21 billion by 2031, at a CAGR of 7.93% from 2024 to 2032.

A blood test is a lab analysis of things that may be found in blood. The blood tests to keep track of how well are managing a condition such as diabetes or high cholesterol. This also have them for routine checkups or when are ill. Blood tests are very common. Furthermore, blood tests can be used for many different things, including to check cholesterol and blood glucose levels. These helps monitor risk of heart and circulatory diseases and diabetes, or how condition is being managed.

 

 

TISSUE EXPANDER MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

USD 93.54 Billion

Projected Market Value (2032)

USD 159.21 Billion

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Test Type, By End Use & Region

Segments Covered

By Test Type, By End Use& Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the 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

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.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Tissue Expander Market Drivers:

  • Increasing burden of chronic and infectious disease

The burden of chronic diseases is rapidly increasing worldwide. It has been calculated that, in 2001, chronic diseases contributed approximately 60% of the 56.5 million total reported deaths in the world and approximately 46% of the global burden of disease. Moreover, the growing incidence of chronic diseases such as diabetes, cardiovascular diseases, and cancer has led to a rising demand for blood tests for early detection, monitoring, and management.

 

Opportunities:

  • Technological advancements in blood testing devices

Increasing technological advancements in blood testing various devices such as rapid diagnostic test kit. blood pathogens like hiv and malaria, detected in the blood instantly through a rapid diagnostic test kit, microsampling technology, glucose meter, blood chemistry analyzer, complete blood count test. Furthermore, medical technology companies have been making news headlines by promising improved blood tests that are not only precise, but also nearly pain-free since they require only a single drop of blood compared to other current options.

 

Restraints:

  • High Cost of blood testing devices

The cost of blood tests can include the labor and expertise of healthcare professionals who collect and analyze the samples, the cost of materials and reagents used in the testing process, as well as the overhead costs of operating and maintaining a medical laboratory. Furthermore, blood tests require specialized equipment and supplies, such as needles, collection tubes, and reagents. These items can be expensive to manufacture and maintain. This is expected to hamper the growth of the global market.

 

Segment Overview

  • By Test Type

Based on test type, the global blood testing market is divided into glucose testing, A1C testing, direct LDL testing, lipid panel testing, prostate-specific antigen testing, COVID-19 testing, BUN testing, vitamin D testing, others. The glucose testing segment dominated the market in 2023 and is expected to dominating during the blood testing market in forecast period, due high penetration of blood test. Rising diabetes prevalence and various data show that this trend will likely continue in the future. Furthermore, the International Diabetes Federation reported in December 2021 that around 537 million persons aged 20 to 79 years had diabetes in 2021. Furthermore, advancement in glucometer technological such as bluetooth capabilities and wireless connectivity, improve the adoption of these products. Some examples of smart glucose monitoring products include Dario Health Smart Meter, iHealth Align, iHealth Smart, and Glooko.

  • By End Use

Based on end use, the global blood testing market is segmented hospitals, clinic, diagnostic centers. The hospital segment dominated the blood testing market in 2023, owing to growing number of hospital admissions and longer duration of patient stay. Increasing technological advancement and availability of a broad range of blood test, hospitals offer access to more accurate and efficient diagnostic tools. Moreover, high adoption rate of blood testing services in hospital for facilitating early detection, personalized treatment plans and enhanced patient outcomes.

 

Global Blood Testing Market Overview by Region

North America dominated the blood testing market in 2023. The attributed to the strategic measures launched by government authorities and important actors to encourage plasma donations in the region. Blood donation centers across the country are working to improve the collection of plasma from disease-free patients. Regional expansion is being driven by a variety of causes, including the introduction of new government initiatives, advancements in healthcare infrastructure, and technology advances. Furthermore, regulatory authorities, such as the FDA and the Federal Trade Commission, play an important role in regulating diagnostic tests. In the US, the adoption of Clinical Laboratory Improvement Amendments (CLIA) is expected to boost the utilization of testing.

 

 

Global Blood Testing Competitive Landscape

In the global blood testing market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global blood testing market include Abbott, F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., bioMerieux SA, Quest Diagnostics, Biomerica, Inc., Becton, Dickinson and Company, Siemens Healthineers, Danaher Corporation, Trinity Biotech Plc, and other

 

Global Blood Testing Recent Developments

  • In March 2023, TruDiagnostic, a health data organization, has forged a strategic alliance with NADMED, a Finnish company renowned for its expertise in nicotinamide adenine dinucleotide diagnostics. Together, they are set to unveil a cutting-edge diagnostic test kit named Q-NADMED, designed to facilitate the precise measurement of NAD+ and NADH levels in blood samples.
  • In February 2023, Thermo Fisher Scientific Inc. (US) has recently completed the acquisition of TIB Molbiol (Germany), a move aimed at enhancing its PCR test offerings by incorporating an extensive array of assays designed for infectious diseases. This strategic acquisition enables the company to broaden its portfolio, particularly in the field of digital PCR, a cutting-edge technology renowned for its effectiveness in detecting and quantifying rare mutations and target sequences.
  • In September 2021, Roche Diagnostics, headquartered in Switzerland, has successfully acquired the TIB Molbiol Group based in Germany. This strategic acquisition is set to bolster Roche's extensive molecular diagnostics offerings by incorporating a diverse array of assays designed for infectious diseases, including the identification of SARS-CoV-2 variants.

 

Scope of the Global Blood Testing Market Report

Blood Testing Market Report Segmentation

ATTRIBUTE

DETAILS

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
  • Others

By End Use

  • Hospitals
  • Clinic
  • Diagnostic Centres

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Blood Testing Market Size and Forecast: To identify and estimate the market size for the global blood testing market segmented by test type, by end use & region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of blood testing between 2020 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global blood testing market
  • Market Influencing Factors: To find out the factors which are affecting the sales of blood testing among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global blood testing market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global blood testing market forecast period is 2024- 2032.
According to blood testing market research, the market is expected to grow at a CAGR of 7.93% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2024 - 2032.
Asia-Pacific held the largest share in 2023
The major players operating in the global blood testing market include Abbott, F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., bioMerieux SA, Quest Diagnostics, Biomerica, Inc., Becton, Dickinson and Company, Siemens Healthineers, Danaher Corporation, Trinity Biotech Plc, and other.