Blood Testing Market size is anticipated to surpass USD 123 billion by 2030, according to a new research report by Global Market Insights Inc.
Many industry players are emphasizing the development of advanced devices that are cost-effective, noninvasive, precise, and reliable. Several upgrades in artificial intelligence (AI) and machine learning (ML) are facilitating the monitoring of various parameters and helping in offering appropriate patient treatment. Advancements in blood testing solutions will thus expedite industry growth over the forecast period.
Surging awareness regarding kidney disorders to bolster market dynamics
Blood testing market from kidney test-renal profile segment is likely to depict a CAGR of over 6.5% through 2030. This is due to growing research & development in kidney disorder treatment. Furthermore, increasing government regulations and approvals regarding kidney treatments are expected to enhance product demand. Citing an instance, in April 2021, the U.S. FDA approved the oral tablet Farxiga (dapagliflozin), to mitigate the risk of kidney failure, kidney function decline, hospitalization, and cardiovascular death in adults with chronic kidney disease (CKD). Regulatory actions such as these are anticipated to propel the market development from the kidney test-renal profile segment.
Browse key industry insights spread across 275 pages with 223 market data tables & 15 figures & charts from the report, “Blood Testing Market Size By Test Type (Complete Blood Count Test, Kidney Test- Renal Profile, Cholesterol Test- Lipid Profile Test, Blood Glucose Test, Antibodies Test – Rheumatoid Factor, Urine Test, Infectious Disease Screening, Cancer Test, Heart Test), By Product (Instruments, Reagents & Kits, Software), By Method (Manual, Automated), By End-use (Hospitals, Pathology Labs, Blood Banks, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Growing number of blood transfusions will favor the adoption of reagents & kits
Reagents & kits segment accounted for a revenue share of over 59% in 2021. With the growing number of blood transfusions, more reagents & kits are being used during blood testing procedures, bolstering industry expansion. According to the World Health Organization (WHO), around 118.5 million blood donations were conducted around the world and close to 40% of these are collected across high-income nations. This rise in blood transfusions will, in consequence, augment industry outlook over the forecast period.
Advancements in automated blood testing methods to drive industry landscape
Blood testing market from automated segment held a revenue share of over 69.5% in 2021. Growing awareness about the enhanced accessibility of automated blood testing will fuel market progress. Moreover, advanced research & development activities will create higher demand for automated blood testing methods. For instance, researchers at Rutgers University-New Brunswick developed an automated blood testing device designed to offer rapid results and improve hospital workflows. Advancements such as these will consequently positively impact industry dynamics from the automated.
Raising awareness regarding infectious disease-related blood transfusions to favor the development of blood banks
Blood banks segment is estimated to depict a CAGR of more than 6.5% during the forecast period. This is owing to growing awareness of infectious disorders associated with blood transfusions. Additionally, increased blood transfusion and blood donation-related screening activity will expedite segment progress over the forecast timespan.
Favorable government programs to spur industry statistics in North America
North America blood testing market accounted for 30% business share in 2021. Clinical Laboratory Improvement Amendments (CLIA) exemptions for testing devices as well as other favorable government initiatives will expand the growth of the regional market. Furthermore, the introduction of diagnostic devices, designed to deliver accurate results quickly and have higher market penetration will also boost regional market size.
Surging number of regulatory compliant products to expand the industry landscape
Some of the major companies operating in the blood testing market include Abbott Laboratories, F Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc, Danaher (Beckman Coulter Inc. and Radiometer), BioMerieux SA., Biomerica, Grifols, A.S, Becton, Dickinson, and Company (BD), Thermo Fisher Scientific Inc., Siemens Healthineers, Sinocare Inc. (NIPRO Diagnostics), Trinity Biotech, B. Braun Melsungen AG.
Industry players are lately focusing on developing products capable of gaining regulatory approvals so as to enhance their geographic reach and business revenue. Citing an instance, in May 2022, BioMerieux announced that it has received the CE marking for its immunoassay instruments VIDAS used for diagnosing Chikungunya virus infection. This was intended to enable the company to expand its product offerings, generate more revenue, and ultimately strengthen its footprint in the global market.