Blood Testing Market by Type (Glucose Testing, Lipid Panel Testing, Prostate Specific Antigen (PSA) Testing, Blood Urea Nitrogen (BUN) Testing, Thyroid Stimulating Hormone Testing, and Others), Method (Manual Blood Testing and Automated Blood Testing), End Use (Diagnostic Laboratories, Hospitals, and Others) and Geography: Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00027020 | Pages: 100 | Industry: Pharmaceuticals | Date: Oct 2022 | Type: Global

The market crossed the US$  89.36 billion mark in 2022 and is expected to hit US$ 157.40 billion by 2030, recording a CAGR of 7.3% during the forecast period.

The rapid increase in chronic diseases will result in the high adoption of blood testing.

The population is undergoing many lifestyle changes leading to a steady rise in the prevalence of chronic medical conditions. The constant urbanization and the rapid growth in the middle-class population have added substantially to the increase of the sedentary lifestyle among people. The modernization of facilities has reduced physical activities among people and increased stress from personal, professional, and societal factors. Chronic diseases affect public health, societies, and economies. As per the WHO Global Anaemia estimates, 2021 edition, the prevalence of anemia worldwide was 29.9% in women of reproductive age, equivalent to over half a billion women aged 15-49 years. In 2019, its prevalence was 29.6% in non-pregnant women of reproductive age and 36.5% in pregnant women. Therefore, blood testing is widely done in various surgical procedures, such as cardiac surgery and other invasive procedures. Chronic diseases, such as cancer, cardiovascular diseases, and renal disorders, are major causes of human death worldwide.

Within the report, the market is segmented into type, method, end-use, and geography. The market is segmented by type into glucose testing, lipid panel testing, prostate-specific antigen (PSA) testing, blood urea nitrogen (BUN) testing, thyroid stimulating hormone testing and others. The market is bifurcated by the method into manual blood testing and automated blood testing. Based on end-use, the market is segmented into diagnostic laboratories, hospitals, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Elevated Healthcare Expenditure in Emerging Economies Will Boost Market Growth.

Healthcare budget allocations help countries strengthen the workforce and improve this sector's productivity, thereby contributing to economic performance. Rapid economic developments in India, China, Brazil, South Africa, and other countries in Asia and Latin America have fueled the healthcare expenditure in these countries, which enables them to establish better medical service infrastructure. Developing countries focus on expanding and improving their healthcare facilities and services by leveraging technological advancements. These nations aim to introduce advanced healthcare facilities and services to overcome critical health issues. For instance, the government of India, through its National Health Authority agency, implemented Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) in 2019. This scheme has facilitated free/affordable treatment for cancer patients. As per the data published by the National Health Authority of India, about 470,133 cancer cases were treated under AB-PMJAY in 2019. These initiatives are likely to provide lucrative opportunities for market players to introduce advanced technologies in blood testing, which will add to the growth of the blood testing market during the forecast years.

Growing initiatives by governments will drive the growth of the market

Blood testing is done to determine the status of a person's health. Blood tests are generally utilized in the healthcare sector to ascertain organ function, physiological and biochemical states, the spread of disease, and the effectiveness of pharmaceutical drugs. The rise in the importance and demand for blood testing and growing initiatives by the government is expected to encourage the growth of the global blood testing market. For instance, in July 2022, the Vice President of India, Mr. Venkaiah Naidu, inaugurated a research laboratory, advanced diagnostic laboratory, and second blood transfusion unit at the Thalassemia and Sickle Cell Society (TSCS) in Hyderabad and emphasized the importance of preventive measures to focus on a huge load of genetic diseases, such as thalassemia and sickle cell anemia in the country. He urged the states to undertake mass screening of children for early identification and management of genetic disorders.

Recent strategic developments in the blood testing market

The blood testing market has undergone several significant developments, and a few of these have been mentioned below:

  • In May 2021, Roche acquired GenMark Diagnostics, Inc. for US$ 1.8 billion. This acquisition of GenMark broadens its diagnostics portfolio of Roche.
  • In April 2019, Bio-Rad Laboratories, Inc. announced its 510(k) clearance from the U.S. Food and Drug Administration (FDA) for Bio-Rad's IH-500, an automated random access system for blood typing and screening.

Several players drive the Blood Testing market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Danaher Corporation; BioRad Laboratories; Thermofisher Scientific; Abbott Laboratories; BioMerieux S.A; Baxter International; Becton, Dickinson and Company; Cepheid Corporation; F. Hoffmann-La Roche AG; Novartis International AG are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Service providers
  • Market-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Distributors and sales firms
  • End users of medical devices
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • By Type:
    • Glucose Testing
    • Lipid Panel Testing
    • Prostate Specific Antigen (PSA) Testing
    • Blood Urea Nitrogen (BUN) Testing
    • Thyroid Stimulating Hormone Testing
    • Others
  • Method:
    • Manual Blood Testing
    • Automated Blood Testing
  • End-user:
    • Diagnostic Laboratories
    • Hospitals
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Danaher Corporation
    • BioRad Laboratories
    • Thermofisher Scientific
    • Abbott Laboratories
    • BioMerieux S.A
    • Baxter International
    • Becton, Dickinson and Company
    • Cepheid Corporation
    • F. Hoffmann-La Roche AG
    • Novartis International AG

The List of Companies
- Danaher Corporation
- BioRad Laboratories
- Thermofisher Scientific
- Abbott Laboratories
- BioMerieux S.A
- Baxter International
- Becton, Dickinson and Company
- Cepheid Corporation
- F. Hoffmann-La Roche AG
- Novartis International AG

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