Blood Testing Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2683
Blood Testing Market size will continue to be one of the most important verticals within the healthcare and medical devices domain and will garner robust gains over 2021-2027, led by the increasing burden of various infectious and chronic diseases. Diseases such as cancer, diabetes, and cardiovascular disorders account for a substantial amount of health spending. As a result, developing advanced treatment options for these diseases is a top priority among healthcare researchers and biotech companies. The ongoing COVID-19 pandemic is also creating a favorable growth outlook for the market.
Considering the type of disease, the cardiovascular disease segment is expected to capture a substantial market share by the end of 2027. Globally, the occurrence of cardiovascular problems has increased tenfold over the years. CVDs are the leading cause of death worldwide, claiming an estimated 17.9 million lives each year, as per WHO. The need to address the growing burden of these diseases and increasing R&D will certainly augment the industry growth.
In terms of technology, the enzyme linked immunosorbent assay (ELISA) segment share is projected to witness notable growth in the forthcoming years. Use of ELISA technology has increased significantly in recent times since it can help determine if a person has certain antibodies.
Geographically, North America will emerge as a promising market for blood testing by the end of 2027, impelled by the increasing adoption of blood glucose tests. A large number of people in the U.S. and Canada are suffering from diabetes, requiring regular blood analysis. According to CDC’s 2020 National Diabetes Statistics Report, more than 34.2 million people, which equals around 10.5% of the U.S. population, have diabetes. Diabetes is one of the major causes of cardiovascular conditions such as heart attack and stroke. Therefore, increasing healthcare expenditure on diabetes in North America will favor the regional industry dynamics.
The blood testing market share is comprised of notable biotech firms and medical device manufacturers including Abbott, F. Hoffmann-La Roche AG, Becton Dickinson and Company, and many others. Novel blood testing solutions are constantly entering the market propelled by continuous research and development efforts by market players. In June 2021, National Health Service (NHS) England announced plans to roll out a novel blood test developed by American company Grail that can detect more than 50 types of cancers. The program is primarily aimed at citizens aged 50 years or more with high risk of cancer.
New opportunities for blood testing companies during COVID-19
Over the course of the COVID-19 pandemic, the significance of reliable and accessible tests to screen patients for the disease has become increasingly apparent. With rising coronavirus cases globally, regulators and policymakers are exploring the possibilities of ramping up blood testing, as blood samples are widely used for the disease detection.
Unlike PCR tests, which make use of swabs, antibody tests use blood samples. Globally, antibody tests are being widely used to assess the immune response in individuals who have been vaccinated against COVID-19. Numerous companies have developed blood testing solutions to evaluate the immune response in people. For instance, in December 2020, Abbott had received CE Marking for its quantitative SARS-CoV-2 Immunoglobulin G (IgG) lab-based blood test. It measures the amount of antibodies in people and provides insights as they recover from the disease.
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