Blood Testing Market

Market Overview

The global blood testing market size was valued at USD 90.15 billion in 2023. It is estimated to reach USD 166.43 billion by 2032, growing at a CAGR of 7.05% during the forecast period (2024–2032). The rising incidence of target diseases such as COVID-19, diabetes, and cardiovascular diseases is anticipated to drive the global blood testing market as it is a vital test for the diagnosis of this disease. In addition, there has been a surging demand for home-based blood testing, especially after the COVID-19 pandemic and lockdown, which restricted people in their houses. This is estimated to create opportunities for the expansion of the global blood testing market.

Highlights

• Glucose testing dominates the test type segment.
• Hospitals dominate the end-user segment.
• North America is the highest shareholder in the global market.

Market Overview

The procedure of examining a person's blood to identify and track various medical disorders is called "blood testing" in the global market. In today's medicine, blood tests are crucial for disease diagnosis, treatment efficacy monitoring, and risk factor screening. Blood testing examines various components in the blood or counts different types of blood cells. Blood tests are prescribed to check disease pathogens or agents, check for antibodies or tumor markers, or see how well-desired treatments work.

Blood tests help physicians evaluate the working conditions of organs, diagnose diseases and risk factors for heart disease, check if medicines are working, check for cases of infection or genetic conditions, and determine how well the blood is clotting. Blood tests take only a few minutes and can be done in any local hospital or clinic.

Market Dynamics

Global Blood Testing Market Drivers

Increasing Prevalence of Chronic Diseases

The growing prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, is a major driver for the global blood testing market. According to the World Health Organization (WHO), chronic diseases account for approximately 60% of all deaths worldwide, with cardiovascular diseases alone responsible for about 17.9 million deaths each year. This escalating burden of chronic diseases necessitates regular blood testing for early diagnosis and management. For instance, diabetes management requires continuous monitoring of blood glucose levels, which significantly boosts the demand for blood testing products.

Additionally, cancer diagnosis and treatment often involve various blood tests to monitor patient health and treatment efficacy. The increasing adoption of personalized medicine, which relies heavily on blood biomarkers to tailor treatments to individual patients, further propels the market. Moreover, innovations in blood testing technology, such as the development of liquid biopsy for non-invasive cancer detection, are also expected to drive market growth. These advancements offer less invasive, quicker, and more accurate diagnostic options, encouraging more frequent testing and early detection of diseases.

Global Blood Testing Market Restraint

High Costs and Regulatory Challenges

Despite the significant advancements and demand in the blood testing market, high costs and regulatory challenges remain substantial restraints. The development and deployment of advanced blood testing technologies often require substantial investment in research and development, leading to high costs for end-users. For instance, the costs associated with molecular and genetic testing can be prohibitive for many patients, limiting their accessibility and widespread adoption.

Additionally, the stringent regulatory environment for blood testing products poses significant challenges. Regulatory bodies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) impose rigorous standards and lengthy approval processes to ensure the safety and efficacy of blood testing devices and assays. This regulatory scrutiny can delay the market entry of new products and increase the costs associated with compliance. Furthermore, variations in regulatory requirements across different regions add complexity for manufacturers aiming to launch their products globally. These factors can hinder market growth, especially for smaller companies and startups with limited resources.

Global Blood Testing Market Opportunities

Growing Demand for Home-based Testing

The growing demand for home-based testing presents significant opportunities in the blood testing market. The COVID-19 pandemic has accelerated the shift towards home healthcare, with patients seeking convenient and safe alternatives to traditional laboratory visits. Home-based blood testing kits, such as those offered by Everlywell and LetsGetChecked, enable individuals to collect samples at home and send them to laboratories for analysis. This model not only enhances patient convenience but also reduces the risk of exposure to infectious diseases. Moreover, the rising awareness and adoption of preventive healthcare are driving the demand for routine home-based blood testing.

Consumers are increasingly interested in monitoring their health proactively, leading to higher uptake of home testing kits for conditions such as cholesterol levels, diabetes, and hormonal imbalances. The integration of digital health technologies, including mobile apps and telehealth services, further facilitates home-based testing by providing real-time results and virtual consultations with healthcare professionals. As technological advancements continue to improve the accuracy and reliability of home-based testing, this segment is expected to experience significant growth, offering lucrative opportunities for market players.

Regional Analysis

Based on region, the global market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America Dominates the Global Market

North America is the most significant global market shareholder and is expected to expand substantially during the forecast period. The North American market has witnessed exponential market growth in recent years due to major market players, a well-developed healthcare infrastructure, and increased R&D in the country. Moreover, the prevalence of operations has escalated in this region, primarily due to the growth in severe chronic ailments and accidents. An increase in the prevalence of target diseases is a major factor anticipated to fuel the market growth during the forecast period. For instance, as per the American Cancer Society, prostate cancer is the second most commonly diagnosed cancer in the U.S. and the third most common cause of death for males. According to estimates from the same source, prostate cancer will claim the lives of 1 in 41 American men. In the U.S., prostate cancer ranks high among non-skin malignancies, according to the Prostate Cancer Foundation.

Additionally, the PSA test (blood test utilized primarily to screen for prostate cancer) should be included in the yearly digital rectal examination that millions of men in the United States get, according to the American Cancer Society and the American Urological Association. This is also expected to fuel market expansion in the region. Furthermore, the rise in the number of strategic initiatives undertaken by government bodies and market players to increase plasma donations across the country is expected to propel market growth. Moreover, blood donation centers nationwide are putting more effort into gathering plasma from patients who have fully recovered from their sickness. A few websites that gather plasma and provide information about plasma donations are the American Red Cross, the Armed Services Blood Program, America's Blood Centers, the New York Blood Center, and the Blood Centers of America. Thus, the rising number of blood donations is further anticipated to fuel the demand for testing products for pre-and post-transplant procedures.

Europe is the second-largest market for blood testing, driven by a combination of factors, including a robust healthcare system, a high prevalence of chronic diseases, and significant investments in healthcare innovation. Countries such as Germany, France, and the United Kingdom are at the forefront, benefiting from advanced healthcare infrastructure and substantial public and private healthcare expenditure. The rising demand for early diagnostic solutions and preventive healthcare practices significantly boosts market growth in the region. Additionally, favorable government initiatives and funding programs, such as the European Commission's Horizon 2020, support research and development activities in the healthcare sector, fostering the adoption of advanced blood testing technologies. The European market is also characterized by the presence of leading industry players, contributing to continuous innovation and competitive dynamics. However, regulatory complexities and variations in healthcare policies across different countries can pose challenges to market expansion and product approval processes.

Segmental Analysis

The global market is bifurcated into test type and end-user.

Based on test type, the global blood testing market is segmented into glucose testing, lipid panel testing, prostate specific antigen (PSA) testing, blood urea nitrogen (BUN) testing, thyroid stimulating hormone testing, and other blood tests.

Glucose testing dominates the test type segment. Glucose testing is critical in healthcare because it allows doctors to monitor and manage conditions such as diabetes, hypoglycemia, and hyperglycemia. The global prevalence of diabetes, combined with a growing emphasis on preventive healthcare, has significantly increased the demand for glucose testing. Glucose testing is critical for diagnosing diabetes, adjusting medication dosages, and tracking blood sugar levels to avoid complications. Additionally, technological advancements have resulted in the development of innovative glucose testing devices, such as continuous glucose monitors and point-of-care testing kits, which improve the accuracy and convenience of glucose testing. The widespread use of glucose testing in various healthcare settings, such as hospitals, clinics, and diagnostic centers, strengthens its position in the blood testing market. Furthermore, growing awareness of the importance of regular blood glucose monitoring for overall health and wellness has fueled the growth of glucose testing, making it a key player in the global blood testing market.

Based on end-user, the market is segmented into Hospitals, clinics, and Diagnostic Centers.

Hospitals dominate the end-user segment due to the increasing prevalence of chronic diseases, rising demand for blood donations, and the growing number of organ transplants. Hospitals are healthcare facilities that provide a wide range of medical services, including inpatient and outpatient care, emergency services, and diagnostic testing. In addition, hospitals play an important role in collecting and screening blood donations to ensure a safe and sufficient supply for various medical procedures such as transfusions and organ transplants. Furthermore, hospitals have been quick to adopt advanced blood testing technologies, such as nucleic acid tests (NAT), which are more sensitive and accurate than traditional methods, driving up demand for blood testing services in hospitals. Moreover, hospitals have the necessary infrastructure, including specialized laboratories and skilled healthcare professionals, to perform a wide range of blood tests, making them a popular choice among patients and healthcare providers. All these factors are estimated to expedite the segment's growth during the forecast period.

Recent Developments

• July 2024- Through its innovative platform, Truvian Health ("Truvian") is revolutionizing the current global infrastructure, establishing a world in which central laboratory equivalent blood tests are accessible from any location. Truvian announced an injection of $74 million in capital, which will be partially used to obtain US Food and Drug Administration (FDA) clearance for its blood testing platform.
• March 2024- Babson Diagnostics, a health technology company that prioritizes science, disclosed that it will introduce BetterWay™ blood testing in Austin and San Antonio in collaboration with three retail partners. BetterWay modernizes blood testing, rendering it more convenient, less invasive, and more accessible to consumers.