Blood testing is a common and frequently used medical test for routine checkups, diagnosis, and before and after major and minor surgeries, including pregnancy. Blood tests are extensively used in hospitals to check for infections, observe how well certain organs such as liver and kidneys are working, and screen for certain genetic conditions, among others.
Technical advances with the development of innovative testing tools and equipment including automated blood collection equipment propel the growth of the blood testing market. Increasing demand for point-of-care testing (POCT) is another such factor expected to drive market growth.
Ageing population, increasing incidences of numerous diseases such as hepatitis, human immunodeficiency virus (HIV) infection, cancer, thyroid, genetic disorders and bacterial and viral allergic disorders, and expanding the application of blood testing in other diagnostic areas collectively drive the market growth, globally.
Geographically, the blood testing market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is estimated to dominate the global blood testing market owing to continuously increasing geriatric population, progressive technological facilities, and introduction of advanced technologies for the POC blood test. Additionally, self-monitoring blood glucose devices are increasingly adopted by the region. Increasing obese people due to unhealthy diet and physical inactivity. It is found that the majority of obese people suffer from type 2 diabetes which likely to augment demand for blood testing.
Asia Pacific is predicted to be the fastest growing region in the global blood testing market due to the presence of untapped market potential and increasing awareness regarding early disease detection. Increasing investments in healthcare infrastructure and rapid technological adoption in the healthcare industry are expected drive the growth of the blood testing market.
Increasing government initiatives to provide proper healthcare facilities to enable the poor and lower classes to avail high-cost treatment at a reasonable price are expected to contribute to market growth. For instance, in February 2018, the government of India introduced a new health protection scheme named “Ayushman Bharat program or NAMOCare” wherein the government now provides health coverage to over 10 Cr “poor and vulnerable” families in India who are in need of affordable healthcare facilities.
Europe is expected to witness strong growth in the global blood testing market, owing to technological development, advanced healthcare infrastructure, government support, and favorable reimbursement policies. According to the European Commission, was invested for Hungary’s healthcare infrastructure in 2017 , which is expected to provide a fillip to the demand for blood testing in the region.
The LAMEA region is expected to witness sluggish growth in the global blood testing market during the forecast period, owing to the lack of awareness, poor healthcare infrastructure, and government policies.
The blood testing market has been segmented by test type, end-user, and region.
On the basis of test type, the blood testing market has been segmented into glucose testing, liquid panel testing, direct LDL testing, BUN testing, high sensitivity CRP testing, and others. The glucose testing segment is expected to account for a prominent market share during the forecast period 2019–2026, owing to the higher adoption rate of these tests. Glucose testing is especially important for patients suffering from diabetes; therefore, the growing diabetes patient pool is expected to drive the growth of the blood testing market.
According to International Diabetes Federation, around 79% of adults suffering from diabetes are from low and middle-income countries; approximately 425 million adults were living with diabetes in 2017 and this number is projected to rise to 629 million by 2045.
On the basis of end-user, the blood testing market has been segmented into hospitals, clinic, diagnostic centers, and others. Hospitals is expected to be a key end-use segment, owing to the large-scale use of blood testing in the diagnosis of diseases such as autoimmune diseases and cancer. The increasing incidences of various diseases drives the growth of the hospitals segment.
Blood Testing Market Segmentation
By Test Type