The global Blood Testing market size is expected to be worth around US$ 94.7 billion by 2030, according to a new report by Vision Research Reports.
The global Blood Testing market size was valued at US$ 60.9 billion in 2020 and is anticipated to grow at a CAGR of 16.6% during forecast period 2021 to 2030.
A rise in the demand for early detection of diseases is anticipated to propel market growth.
The market is anticipated to witness lucrative growth owing to the rising demand for point-of-care facilities for blood tests. The shortened length of stay at hospitals and reduced contact between patient and concerned physicians coupled with the rise in outpatient services have increased the demand for blood testing services.
Rising demand for early detection, especially in the case of cardiovascular and endocrinology-based diseases, is expected to drive the market during the forecast period. Other drivers include the growing global geriatric population and the introduction of various innovative solutions that enable faster and accurate diagnosis by employing methods.
Glucose testing dominated the blood testing market and accounted for the largest revenue share of 24.2% in 2019. The revenue share was valued at USD 13.1 billion in 2019. This is due to the awareness programs conducted by various diabetes associations coupled with the presence of a number of local and established players in this segment. These players provide several POC and portable meters for blood glucose monitoring which increases revenue generation in the market for blood testing.
The COVID-19 pandemic has encouraged major market players to focus on the development of new innovative products for blood glucose monitoring. For instance, in May 2020, DarioHealth Corp. announced that the FDA has approved the use of self-test blood glucose meters by hospitalized patients with diabetes. This was intended to limit the exposure to the COVID-19 virus by self-checking of blood glucose levels by hospitalized patients and providing information to healthcare personnel.
A1C testing is the fastest-growing segment of the market for blood testing. The adoption of A1C testing is anticipated to rise as A1C has higher pre-analytical stability, and considerable analytical variability when compared to blood glucose. In addition, initiatives taken by key players and communities to increase the efficiency and adoption of A1C tests are attributive to segment growth.
In October 2020, Coastal Bend Community Foundation (CBCF), U.S. announced to provide A1C testing to uninsured patients with the help of the Mayor's Disaster Relief Fund. The initiative was launched as a preventive step to manage the COVID-19 outbreak and also included the distribution of flu shots, COVID testing, and blood pressure checks.
Similarly, in July 2020 ALR Technologies Inc. launched ALRT Prediabetes Solution, a comprehensive diabetes management platform that has the ability to track patients and send them regular reminders for their A1C tests according to payer protocols. The ALRT Prediabetes Solution also offers educational videos and supplemental content for the management of diabetes. The introduction of similar platforms is anticipated to increase the adoption of A1C tests and thereby enhance segment growth.
North America dominated the market for blood testing and accounted for the largest revenue share of 43.8% in 2019. A rise in the number of strategic initiatives being undertaken by government bodies and market players to increase plasma donations across the region is one of the factors expected to fuel the market growth. Blood donation centers across the country are increasing their efforts to collect plasma from individuals who have recovered from the disease.
A few sites such as New York Blood Center, the American Red Cross, AABB, America’s Blood Centers, Armed Services Blood Program, and Blood Centers of America are engaged in collecting plasma and providing information regarding plasma donations. The rising number of blood donations is further anticipated to fuel the demand for testing products for pre- and post-transplant procedures
The Asia Pacific market is anticipated to witness the fastest CAGR by 2027. The rising prevalence of chronic diseases in developing countries such as India and China is a major factor propelling the market growth. In addition, several multinational companies are investing heavily in this region. For instance, in October 2020, Siemens Healthineers announced to expand its COVID-19 and molecular assays manufacturing capacity in India. This new facility in Vadodara, Gujarat will develop antigen, antibody (serology testing), and RT PCR tests for COVID-19 in India.
Continuous research activities in developed Asian economies, such as Japan, are expected to fuel growth. In September 2020, researchers from the National Center for Global Health and Medicine, Japan developed a blood test that could provide early warning for serious COVID-19 cases. The tests have been deployed for 500 prototype machines to check their effectiveness. Such initiatives are likely to boost the growth of the market in the region.
Bio-Rad Laboratories Inc.
Becton Dickinson & Company
Trinity Biotech PLC
Test Type Outlook
Serum Nicotine / Cotinine
High sensitivity CRP
Middle East and Africa (MEA)
The Blood Testing market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Blood Testing market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Blood Testing market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Blood Testing market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Blood Testing market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Blood Testing capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Blood Testing by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Blood Testing market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Blood Testing market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Blood Testing market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Blood Testing industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Blood Testing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Blood Testing market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Blood Testing market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Blood Testing market. These factors have benefited the growth of the global market for Blood Testing. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Blood Testing. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Blood Testing are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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