|Base Year Market Size
|USD 80.97 Billion
|Forecast Year Market Size
|USD 120.11 Billion
|Fastest Growing Market
The global blood testing market size was valued at USD 80.97 billion in 2022. It is estimated to reach USD 120.11 billion by 2031, growing at a CAGR of 4.5% over the forecast period (2023–2031).
The rising incidence of target diseases such as COVID-19, diabetes, and cardiovascular diseases is anticipated to have a substantial impact on the market. 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.
The increasing prevalence of target illnesses such as COVID-19, diabetes, and cardiovascular diseases is expected to drive the market significantly. Cardiovascular diseases are among the most fatal disorders and the leading cause of death across the globe. Cardiovascular illnesses have become the leading cause of mortality and morbidity in the last three decades. According to a report published by WHO, cardiovascular diseases account for 17.9 million deaths annually. Lifestyle-associated diseases, such as obesity and poor diet, are responsible for the increasing prevalence of cardiovascular diseases worldwide.
Furthermore, the global prevalence of diabetes is increasing, thus widening the patient pool for glucose blood testing. As per the International Diabetes Federation, the prevalence of diabetes is expected to increase from 463 million people in 2019 to 578 million by 2030 and 700 million by 2045. Moreover, the prevalence of target diseases is rising as the senior population grows worldwide. Aging is the greatest risk factor for renal, liver, and heart problems. The process also weakens the immune system, increasing susceptibility to chronic disorders. The WHO has released estimates indicating that by 2050, there will be two billion people over the age of sixty, up from 900 million in 2015.
A rise in the demand for Point-of-Care (POC) diagnostic tests is anticipated to propel the market growth. POC tests allow medical professionals to achieve accurate, lab-quality, real-time diagnostic results within minutes. Portable blood analyzers have streamlined the diagnostic process and assisted physicians in providing efficient and effective treatments faster. Moreover, continuous advancements in POC systems are contributing to the growth of the POC blood testing market. These include the development of devices that can perform several tests, which can be transmitted through wireless channels to a patient's electronic medical record.
A few systems are also developed to ensure that POC testing programs offered by hospitals comply with laboratory regulations. Moreover, POC testing can improve economic savings in general practices and hospitals operating in remote locations. Moreover, other advantages offered by POC tests over laboratory tests are anticipated to increase revenue generation in the market.
Limitations associated with blood testing are expected to restrain the market growth to a large extent. The factors restraining the market growth include:
A constant rise in the prevalence of chronic disorders coupled with an increase in the demand for quick solutions to analyze health conditions is anticipated to boost the demand for regular disease diagnosis. This, in turn, will provide growth opportunities to market players as blood testing is an important way of regularly monitoring diseases. Moreover, clinics, hospitals, and other healthcare facilities are providing advanced tests to provide swift services.
Improvements in technology and the introduction of economically viable, high-quality medical solutions aimed at achieving lab automation are expected to enhance usage rates of blood testing services, consequently influencing industrial growth. Moreover, patients who have diabetes and other long-term clinical disorders are willing to adopt readily available at-home blood glucose tests to keep a close check on their health. These factors are expected to increase the adoption rate, boosting the blood testing market.
Region-wise, the global blood testing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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. The U.S. witnessed exponential market growth due to major market players, well-developed healthcare infrastructure, and increased R&D in the country. Moreover, the global prevalence of operations has escalated, 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. 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 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 United States. 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. The rising number of blood donations is further anticipated to fuel the demand for testing products for pre- and post-transplant procedures.
Europe is estimated to exhibit a CAG of 4.9% during the forecast period. Germany is the largest contributor to Europe's blood testing market. In 2020, Germany accounted for the highest market share due to high healthcare expenditure, easy product availability, and well-equipped laboratories. New market entrants are strategi allies collaborating with various companies to enhance rapid diagnostic technology, which is anticipated to boost market growth in Germany during the forecast period. For instance, in August 2019, Ex edeon AG signed a commercial agreement with Sona Nanotech, Inc. As per the agreement, Expedeon will provide its bioconjugation technologies, gold nanoparticles, and expertise, while Sona Nanotech, Inc. will offer its lateral flow developing services. This collaboration will rapidly develop multiplex and complex immunoassays into lateral flow assays. Moreover, lateral flow assay is one of the most widely used POC diagnostic tests due to its ease of use, rapidity, application in resource-limited settings, and storage. Therefore, a rise in the development of these assays is expected to fuel market growth.
Brazil and Mexico dominate the Latin American blood testing market. The market is expected to grow at a significant CAGR, owing to the presence of emerging economies. According to the Population Reference Bureau, major non-communicable diseases were responsible for approximately 81% of deaths in 2017, which include cardiovascular diseases, cancer, and chronic respiratory diseases. Moreover, obesity and smoking are the key market players contributing to the rising prevalence of these diseases in this region. The number of premature deaths caused by non-communicable diseases, especially among men, is high. As a consequence, a large number of testing procedures are being performed, thereby fueling market growth. Various Latin American countries provide a wide range of testing and diagnosis procedures at cost-effective rates in this region. These are major factors expected to drive the region's demand for blood testing devices.
|By Test Type
|Abbott Diagnostics Bio-Rad Laboratories Inc. Roche Diagnostics Quest Diagnostics Danaher Corporation Becton Dickinson & Company Biomerica Inc. bioMérieux Inc. Siemens Healthcare Trinity Biotech PLC.
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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The global blood testing market has been segmented by test type.
Based on test type, the global blood testing market is segmented into glucose testing, A1C testing, direct LDL testing, lipid panel testing, prostate-specific antigen testing, COVID-19 testing, BUN testing, vitamin D testing, thyroid-stimulating hormone testing, serum nicotine/cotinine testing, high sensitivity CRP testing, testosterone testing, ALT testing, cortisol testing, creatinine testing, AST testing, and other blood tests.
The glucose testing segment dominates the global market and is expected to exhibit a CAGR of 3.9% during the forecast period. This is explained by the substantial market penetration of these tests on the international market. The recent COVID-19 pandemic encouraged major market players to focus on developing innovative blood glucose monitoring products. For instance, in May 2020, DarioHealth Corp. announced that the U.S. FDA had approved Self-Test Blood Glucose Meters for hospitalized diabetic patients. This was intended to limit exposure to the COVID-19 virus by self-checking blood glucose levels in hospitalized patients and providing knowledge to healthcare personnel. Moreover, researchers are engaged in developing new rapid glucose monitoring tests. For instance, a study published in October 2018 by researchers from the University of Missouri evaluates the effectiveness and accuracy of newly developed noninvasive blood glucose tests. This study states that noninvasive technology is as effective as other tests.
Furthermore, developing portable glucose meters is driving the segment's growth. Technological advancements in these glucometers, such as wireless connectivity and Bluetooth capabilities, further boost the adoption of these products in the market. iHealth Smart, iHealth Align, Dario Health Smart Meter, and Glooko are examples of smart glucose monitoring products. Companies such as LabCorp America, Mayo Clinic, and Quest Diagnostics are some of the major service providers in this market. Consumables required for glucose testing include test strips, lancets, syringes, diabetes testing kits, and others. A substantial number of companies that offer consumables are present in this segment. Therefore, with the increasing demand for glucose testing services, the demand for consumables is also expected to increase. This is expected to further propel the segment growth.
• November 2023- In order to help healthcare providers make more accurate and earlier diagnoses of Alzheimer's disease pathology, the latest information about C2N Diagnostics, LLC's Precivity™ line of blood tests was presented at the 16th Clinical Trials on Alzheimer's Disease (CTAD) conference. Ten presentations and three scientific posters at CTAD covered clinical and analytical data from C2N's exclusive portfolio.