Global Statistics Representing Blood Testing Market Scenario
Blood testing is a laboratory-based examination used to assess the general state of health and disease progression, and identify the presence of bacteria & virus. It is generally performed by taking a small trail of blood from the patient’s body with the help of a finger prick or needle. Cancer, cardiovascular disease, Acquired Immunodeficiency Syndrome (AIDS), anemia, and diabetes are some of the common diseases wherein blood tests are used for diagnosis. Thyroid function test, enzyme-linked immunosorbent assay (ELISA) test, karyotyping, blood cholesterol test, full blood count (FBC), erythrocyte sedimentation rate (ESR), C-reactive protein (CRP) test, electrolyte test, and liver function test are some of the important blood tests used for diagnosing different diseases.
The global blood testing market has been witnessing significant growth, owing to growing health consciousness, rapidly aging global 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 application of blood testing in other diagnostic areas.
The global blood testing market was valued at USD 54.1212 billion in 2018 and is projected to reach a value of USD 67.50 billion by 2026, registering a CAGR of 2.8% during the forecast period, 2019–2026.
The blood testing market has been segmented on the basis of type, end-user, and region.
Based on type, the global blood testing market has been segmented into glucose testing, lipid panel testing, direct LDL testing, BUN testing, and high sensitivity CRP testing. Glucose testing, also referred to as blood sugar, FBS, and blood glucose, is expected to gain traction in the global blood testing market during the forecast period (2019–2026). Blood glucose testing is a test used to weigh the concentration of glucose in blood. It is essential to test glucose prior to or post major and minor surgeries in order to examine the state of health and the health of certain organs that may be affected by high and low blood sugar, such as liver, and kidneys. The vital role played by glucose test in routine heath checkups and surgeries is expected to propel market growth in years to come.
By end-user, the global blood testing market has been segmented into hospitals, clinic, and diagnostic centers. The hospital segment is expected to register the highest CAGR during the forecast period, 2019–2026. Growing number of hospitals, villages and remote areas and increasing use of glucose test reports prior and post surgery are expected to augment the demand for glucose testing . Furthermore, some multinational hospitals are looking to establish global presence; for instance, in 2017, Columbia Asia, a multinational chain of hospitals owned by U.S. investors, opened a chain hospital in Bangalore, India.
Geographically, the global blood testing market is classified into four major regions such as North America, Europe, Asia Pacific (APAC), and Latin America, Middle East & Africa.
North America is estimated to dominate the market owing to continuously increasing geriatric population, progressive technological facilities, and introduction of advanced technologies for the POC blood test. Additionally, the rising standard of living and the increase in disposable income simultaneously increases the growth of the market.
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 hold a major share in the global blood testing market, owing to the increasing number of cancer patients, growing geriatric population, progressive technological facilities, and introduction of advanced technologies for the POC blood testMoreover, a favorable medical reimbursement scenario is also expected to drive market growth in the region. According to the Center for Disease Control and Prevention, in the U.S., more than 9.5 million people donate blood while over 5 million people receive blood annually.
Asia Pacific is pegged to be the fastest growing region in the global blood testing market due to the region’s untapped market potential and increasing awareness regarding early disease detection. Glucose testing finds critical importance in pregnancy, and government initiatives facilitating assured, quality and comprehensive antenatal care free of cost are expected to bolster the demand for blood testing in the region. According to the Ministry of Health & Family Welfare (Government of India), The Pradhan Mantri Surakshit Matritva Abhiyan was launched with an aim to provide maternity and free-of-cost facilities for healthy and secure pregnancies.
Europe is expected to witness strong growth in the global blood testing market owing to technological advancements, development of improved healthcare infrastructure, government support, and favorable reimbursement policies. Additionally, increasing diabetic population and growing number of diagnostic laboratories are propelling market growth in Europe. According to the World Health Organization (WHO), about 60 million people suffer from diabetes in Europe.
The LAMEA region is expected to witness steady growth during the forecast period, 2019–2026, owing to the lack of awareness, poor healthcare infrastructure, and government policies in the region.
Some of the prominent players in the blood testing market include Abbott Laboratories (U.S.), Ortho Clinical Diagnostics (U.S.), Bio-Rad Laboratories (U.S.), Baxter International (U.S.), Gen-Probe Inc. (U.S.), Novartis (Switzerland), Roche Diagnostics (Switzerland), Becton Dickinson & Company (U.S.), Biomerica Inc. (U.S.), bioMerieux Inc. (France), Cepheid Corporation (U.S.), Meridian Bioscience Inc. (U.S.), Trinity Biotech (Ireland), and Alere Inc. (U.S.).
Blood Testing Market Segmentation
By Test Type
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