Blood Testing Market Size, Share & Trends Analysis Report 2021-2028
Blood Testing Industry Overview
The global blood testing market size was valued at USD 73.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028. Growing medical spending by the government and regulatory bodies is expected to drive the market during the forecast period. Government and key organizations are constantly engaged in encouraging patients to undergo regular diagnostic examinations.
Multinational healthcare organizations aid in the discovery of novel techniques and promote awareness about the eradication and diagnosis of common as well as chronic disorders. Robust external funding to the clinical studies conducted for the development of novel innovative diagnostic tests is expected to boost the market. The introduction of constructive regulatory parameters that aim to promote the usage of POC testing is a high-impact rendering driver of the market.
Gather more insights about the market drivers, restrains and growth of the Global Blood Testing market
Regulatory bodies such as FDA, Centers for Medicare and Medicaid Services (CMS), and Federal Trade Commission play an important role in the regulation of diagnostic tests. These bodies have undertaken initiatives to commercialize Clinical Laboratory Improvement Amendments (CLIA) compliant diagnostic tests that can aid in early disease detection. The introduction of CLIA in the U.S. is expected to boost usage rates of blood tests during the forecast period.
A continuous rise witnessed in the prevalence of chronic diseases along with high demand for rapid products for assessment of health conditions is expected to offer the market a significant momentum in the coming years. This is expected to provide lucrative opportunities to operational entities as blood testing is integral for the regular monitoring of diseases. Moreover, to provide swift services, clinics, hospitals, and other healthcare facilities are providing advanced tests. An exponential rise in the number of COVID-19 cases globally is boosting the demand for large-volume diagnostic testing.
Rapid diagnosis, effective treatment options, and future prevention plans are essential in the management of COVID-19. The current race for the development of test kits that are cost-effective and offer point-of-contact detection of coronavirus infection has led to rapid innovation in diagnostics. In July 2020, doctors in Washington examined blood for people affected with COVID-19 for identification of patients that are at great risk to encounter severe illness and to isolate the one who might need a ventilator during treatment.
Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.
- Molecular Diagnostics Market - The global molecular diagnostics market size was valued at USD 37.04 billion in 2021 and is expected to decline at a compound annual growth rate (CAGR) of -1.6% from 2022 to 2030. The shrinking of the market can be attributed to the decline in demand for molecular COVID-19 testing during the forecast period. However, factors such as technological advancements, rising elderly population, and increasing demand for genetic testing is boosting the growth of the market. In addition, rising demand for PoC testing can be attributed to increasing demand for self-testing diagnostics, and patient awareness about faster diagnostics.
- Blood Transfusion Diagnostics Market - The global blood transfusion diagnostics market size was valued at USD 3,713.7 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2027. This growth can be attributed to the increasing rate of approval by the U.S. FDA for blood transfusion diagnostics products. The introduction of new technologies to assist in blood donation and storage is expected to further drive the market.
Blood Testing Market Segmentation
Grand View Research has segmented the global blood testing market on the basis of test type and region:
Blood Testing Type Outlook (Revenue, USD Million, 2017 - 2028)
- Glucose
- A1C
- Direct LDL
- Lipid panel
- Prostate-specific antigen
- COVID-19
- BUN
- Vitamin D
- Thyroid-stimulating hormone
- Serum Nicotine / Cotinine
- High sensitivity CRP
- Testosterone
- ALT
- Cortisol
- Creatinine
- AST
- Other tests
Blood Testing Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- April 2020: the company launched its third COVID 19 test, which is a laboratory-based antibody blood test that helps in detecting the antibody IgG. This launch has expanded Abbott’s molecular tests segment, increasing segment revenue.
Key Companies profiled:
Some prominent players in the global Blood Testing market include
- Abbott
- Hoffmann-La Roche AG
- Bio-Rad Laboratories, Inc.
- bioMerieux SA
- Quest Diagnostics
- Biomerica, Inc.
- Becton, Dickinson and Company
- Siemens Healthineers
- Danaher Corporation
- Trinity Biotech Plc
Order a free sample PDF of the Blood Testing Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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