Blood Testing Market Size

Blood Testing Market Size

Blood Testing Market size reached USD 74.9 billion in 2022 and is poised to witness considerable growth at more than 6.5% CAGR from 2023 to 2032, driven by the growing burden of chronic and infectious diseases globally.

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With the rise in lifestyle and dietary changes, several chronic conditions, including diabetes, renal illness, cardiovascular ailments, cancer, and others have become more common. According to the WHO, the prevalence of diabetes is increasing fast in poor and middle-income nations compared to high-income regions. Similarly, as per the CDC 2022 projection, over 130 million individuals in the U.S. are either diabetic or prediabetic. To that end, the increasing demand for disease prevention and control coupled with the rising prevalence of infectious illnesses will boost the market share.
 

The rising count of errors in blood testing leading to changes in final findings due to spurious variances in blood cells may restrict the market expansion to some extent.  Some scans or test findings are not completely standardized depending on the type of test. In case of mammography for breast cancer diagnosis, for instance, 50% of the test findings are inaccurate as mammogram detection of breast cancer is not standard.  Technical faults, malfunctioning laboratory equipment, and errors made by technicians with insufficient expertise are some other factors affecting the market progress.