Blood Testing Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2683
Blood testing market size is projected to experience significant growth from 2018 to 2024.
Substantial rise in the number of patients worldwide has increased an opportunity for the blood testing market. Almost every time a patient contracts a disease, the patient undergoes blood test to diagnose the disease. So, the use of blood test being very general for patients, the market is expected to rise in the future.
An increase in number of blood donations over a period of last few years has marked increase in the different kinds of blood tests to be carried out. The blood tests are required to be done mandatorily to check the quality and the safety of the donated blood. These instances of increasing blood donations will certainly influence the market growth.
Increasing prevalence of the life style and infectious diseases such as diabetes, cardiovascular diseases and cancer will be a major growth driver. Blood diagnostic procedures are required to detect those diseases and start the line of treatment. The rise in the instances of people suffering from these diseases will create good opportunity for the market to grow.
The availability of few skilled labors will mask the growth of blood testing market. The essence of services provided is prioritized. The laboratories have sophisticated analysis and labor-intensive tasks that are to be performed under stressful and emergency conditions. Such kind of work demands highly skilled labor. Hence this will hamper the growth of the blood testing market.
Lack of information about the emergence of new technologies and procedure related to blood testing will be another restraining factor. The patients need to be aware of the new tests or procedures that are available in the market for easy detection of diseases. Therefore, lack of awareness and reluctance to adopt new technology by the people will affect the growth of the market.
Usage of new and advanced instruments will hold a major market, due to their ability to provide quick and meaningful blood test results. Advantages of latest and advanced instruments over the previous instruments will improve the quality and subjectivity in interpretation of the tests. Ability to deliver relevant results to the respective blood tests will have a major impact on the growth of the business.
The different types of blood tests available in the market for distinctive diagnostic purposes will provide major growth opportunities. Presence of specific and accurate tests in the diagnosis of major diseases will help increasing the revenue share and is likely to show lucrative growth over the forecast timeframe.
Increasing existence of many infectious, immune-mediated and lifestyle diseases such as viral infections, diabetes and cardiovascular diseases. Application of blood testing techniques in the diagnosis of these diseases and providing with proper test results will garner momentous amount of market in the foreseeable future.
Growing number of pharmaceutical and biotechnology companies are attempting to create more effective, smarter diagnostics. These companies are developing technologies that would replace the old pricey, painful and complicated blood testing procedures and replace them with new innovative and effective technologies to provide better results. Thus, by introducing new blood testing technologies there is expected growth in the market.
The method of carrying out blood test procedures has immensely improved over the past few years resulting in the growth of the market. This is due to the advantage blood testing gadgets and devices provide by their ability to operate as an automated system. Automated method of carrying blood test are less time consuming and less complicated as compared to the manual techniques. So, the feasibility of carrying out automated blood test procedures will eventually help increase the market.
The blood testing techniques will prominently be carried out in the hospitals, academic and research centers, pathology labs, diagnostic centers, blood banks and homecare centers. Increase in the process of conducting blood tests in these places will have a positive impact on the growth of the business.
North America will drive the blood testing market owing to the presence of new government initiatives, developing healthcare infrastructure, increase in number of complex surgical activities, rise in the geriatric population, upsurge of the diseases and technological advancements related to the market. Increase in number of geriatric population that suffers from diseases like diabetes, cancer and cardiovascular diseases will also help the blood testing market grow in the North America region rapidly. Asia pacific will show significant improvement in the blood testing market due to increase in population in that region. Rise in the population suffering from infectious and other lifestyle diseases, will help boost the market in Asia.
Some of the industry players in this market include Nanosphere. The companies are focusing on launching new products in the market along with new FDA approvals and collaborating with established players to expand their business in different geographic regions. In August 2017, Athelas launched a low-cost, blood testing device that can help customer or a patient determine diseases like cancer, flu and bacterial infections at their residing place,as per their comfort.
Blood testing market by product type, 2013-2024 (USD Million)
- Reagents & Kits
Blood testing market by test type, 2013-2024 (USD Million)
- Complete Blood Count Test (CBC)
- Kidney test- Renal profile
- Liver Function test
- Cholesterol test- Lipid profile test
- Blood glucose test
- Antibodies test – Rheumatoid factor
- Urine test
- Infectious disease screening
- Cancer test - tumor marker
- Heart test – Cardiac markers
Blood testing market by disease, 2013-2024 (USD Million)
- Cardiovascular diseases
- Infectious diseases
- Renal disorders
Blood testing market by technology, 2013-2024 (USD Million)
- Enzyme linked immunosorbent assay (ELISA)
- Chemiluminescent immunoassay (CLIA)
- Radioimmunoprecipitation assay (RIPA)
- Nucleic acid amplification test (NAT)
- Enzyme immunoassay (EIA)
- Immunofluorescence assay (IFA)
- Next generation sequencing (NGS)
- Western Blotting
Blood testing market by method, 2013-2024 (USD Million)
Blood testing market by End-use, 2013-2024 (USD Million)
- Pathology Labs
- Blood banks
- Diagnostic centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- New Zealand
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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