Wilmington, Delaware, United States, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a recent market report by Transparency Market Research, the global market is anticipated to rise from US$ 80.2 Bn in 2021 to US$ 218.2 Bn by 2032. The research study projects that the global industry for blood testing solutions is likely to expand at a CAGR of 9.6% between 2022 and 2032.
Rise in incidence of chronic diseases, including diabetes and cancer, is one of the key factors driving the global industry. Furthermore, increase in prevalence of infectious diseases is anticipated to bolster market growth during the forecast period.
Blood Testing Market: Key Findings of Report
- Increase in Demand for At-home Testing Solutions: Demand for at-home testing solutions has increased in the past few years, as consumers seek convenient and accessible options to monitor health. These solutions enable individuals to test for a range of conditions from the comfort of their homes. This is contributing to the growth of the blood testing market.
- Surge in Prevalence of Chronic Diseases: Rise in incidence rate of chronic diseases, such as diabetes, cancer, and cardiovascular diseases, is boosting the demand for effective next-generation blood testing products and solutions. In case of chronic diseases, such as cancer, rise in requirement of numerous types of blood product, including platelets and plasma, has resulted in rise in number of blood donations. Surge in number of blood donations is anticipated to drive the demand for efficient pre-donation screening tests. Furthermore, increase in demand for COVID-19 antibody testing, witnessed over the past three years, is bolstering market growth.
- Rise in Demand for Blood Products in Advanced Surgical Procedures: Need for blood products in advanced surgical procedures, such as organ transplants, cardiovascular surgeries, and cancer treatments, is growing. These procedures often require the use of blood products, such as red blood cells and platelets, to replace blood loss and support the body's healing process. Increase in demand for blood products in these procedures is a key market driver.
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Blood Testing Market: Growth Opportunities
- Rise in usage of glucose tests that can be conducted at home bolsters market demand and aids in revenue expansion for industry players
- Increase in number of blood donations across the world propels the demand for cost-effective and reliable testing solutions from blood banks and hospitals
- Surge in awareness among individuals about the importance of self-monitoring their health boosts market demand
Blood Testing Market: Key Players
Leading players in the global blood testing market are Beckman Coulter, Bruker Corporation, Biomerica, Inc., Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Nanosphere, Inc., and Trinity Biotech plc. Key industry players are competing for a large market share, and adopting organic and inorganic growth strategies to achieve this goal. For example, several tier-one companies in the global market are focusing on collaborations with other players, technology providers, and research institutes, while others are engaged in extensive R&D activities to facilitate product innovation and new product launches.
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Blood Testing Market: Regional Growth Assessment
North America dominated the global industry in 2021. This is ascribed to increase in technological advancements in the healthcare sector. For example, the advent of and surge in adoption of miniaturized diagnostic medical devices that offer precise and speedy test results in healthcare facilities is boosting the market in North America. Furthermore, favorable medical and health insurance policies in the region fuel market expansion. Other notable drivers include the presence of technologically advanced healthcare infrastructure, emergence of supportive new government initiatives and programs, and rise in incidence of chronic illnesses, such as diabetes and cancer.
Blood Testing Market: Segmentation
Blood Testing Market, by Type
- D Glucose
- A1C
- Direct LDL
- Lipid Panel
- Prostate-specific antigen
- COVID-19
- BUN Testing
- Vitamin D
- Testosterone
- ALT
- Creatinine
- Other test types
Blood Testing Market, by End-user
- Hospitals
- Clinics
- Diagnostic Centers
- Research Laboratories
- Others
Blood Testing Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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