The process of analyzing an individual's blood to detect and monitor different medical conditions is referred to as "blood testing" in the international market. Blood tests play a vital role in medicine by enabling disease diagnosis, evaluating the effectiveness of treatments, and screening for risk factors. Blood testing analyzes the different constituents present in the blood or quantifies the numerous types of blood cells. Blood tests are ordered to assess the presence of disease pathogens or agents, detect the presence of antibodies or tumor markers, or evaluate the efficacy of specific treatments.
The growing incidence of target diseases such as COVID-19, diabetes, and cardiovascular diseases is anticipated to have a substantial impact on the market. Cardiovascular illnesses are very lethal conditions and the primary contributor to mortality worldwide. Cardiovascular illnesses have emerged as the primary cause of death and sickness during the past thirty years. As per data released by the World Health Organization (WHO), cardiovascular illnesses are responsible for causing 17.9 million fatalities per year. Moreover, the growing occurrence of cardiovascular diseases globally can be attributed to lifestyle-related ailments, such as obesity and unhealthy eating habits.
The ongoing rise in the occurrence of chronic illnesses, along with a growing need for efficient methods to assess health conditions, is expected to drive the demand for routine disease diagnostics. Thus, market players will be presented with growth prospects since blood testing serves as a crucial method for constantly monitoring disorders. Moreover, clinics, hospitals, and other healthcare institutions offer sophisticated diagnostic testing to ensure prompt and efficient services.
The utilization of blood testing services is anticipated to increase due to technological advancements and the availability of cost-effective, high-quality medical solutions designed for lab automation, impacting the industry's growth. Moreover, individuals with diabetes and other chronic medical conditions are eager to utilize easily accessible at-home blood glucose tests in order to closely monitor their health. These factors are anticipated to enhance the adoption rate, bolstering the blood testing market.
North America is the most significant global blood testing market shareholder and is anticipated to exhibit a CAGR of 4.1% during the forecast period. Due to significant market participants, a sophisticated healthcare system, and expanded R&D domestically, the U.S. saw exponential market expansion. Moreover, the number of surgeries performed worldwide has increased, mostly as a result of an increase in severe chronic illnesses and mishaps. One of the main factors expected to drive market expansion is an increasing prevalence of target illnesses over the forecast period.
As per the American Cancer Society, prostate cancer ranks third among all causes of death for men and is the second most frequent cancer in the United States with regard to diagnoses. Based on projections from the same source, 1 in 41 American males will die from prostate cancer. This cancer is one of the most common non-skin cancers in the United States, according to the Prostate Cancer Foundation.
Key players operating in the global blood testing market are Abbott Diagnostics, Bio-Rad Laboratories Inc., Roche Diagnostics, Quest Diagnostics, Danaher Corporation, Becton Dickinson & Company, Biomerica, Inc., bioMérieux Inc., Siemens Healthcare, and Trinity Biotech PLC.