Blood Testing Market to Reach USD 218.2 Bn by 2032 Growing at a 9.6% CAGR | TMR Study

Wilmington, Delaware, United States, April 14, 2023 (GLOBE NEWSWIRE) -- The blood testing market was valued at USD 80.2 Bn in 2021 and the global market is anticipated to reach USD 218.2 Bn. According to predictions, the global market will grow at a CAGR of 9.6% between 2022 and 2032.

With the growing geriatric population and concerns about various diseases, the blood testing market is expected to grow. Spending on medical care by the government and regulators will drive the market.

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Market Snapshot:

The use of technology and artificial intelligence in medical sectors is expected to grow the demand for blood tests. In a new study of 724 people, Johns Hopkins Kimmel Cancer Center researchers have developed and used an artificial intelligence blood testing technology that successfully detected lung cancer in 2021. DNA from cell-free DNA (cfDNA) found in the bloodstream can be detected by a blood test called DELFI. Researchers used the DELFI technology in a recent study for detecting hepatocellular cancer (HCC), a type of liver cancer, in blood plasma samples collected from 724 people in the United States, the European Union, and Hong Kong.

According to data published in the Journal of Alzheimer's Disease in April 2023, new blood tests can detect Alzheimer's disease at its very earliest stages and are 96% accurate in the process. An in-depth blood test has been developed that identifies an individual's risk of developing anxiety, the severity of the condition, and the most effective treatment. Testers can also predict how changes in hormones might affect a person's anxiety in the future, using biomarkers that are closely related to mood disorders. The startup MindX Sciences has already developed blood tests for physicians using this validated test, developed by researchers at the Indiana University School of Medicine.

Key Findings of Market Report

• Plaintiffs in healthcare lawsuits have benefited from the provisions of insurance policies and government regulations.
• Hospitals and diagnostic centers are expected to be the fastest-growing segment in the market for blood testing.
• The glucose testing segment is expected to grow the fastest, with over 10.7% CAGR between 2022 and 2032.
• Increasing health concerns relating to disease in the elderly population is expected to increase the demand for creatinine blood tests in the market in the future.

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Global Blood Testing: Growth Drivers

• The COVID-19 outbreak significantly impacted the blood testing market as the number of cases increased worldwide. As blood testing becomes more common for COVID-19 diagnosis routines, COVID-19 diagnosis rates are expected to rise. As devices and services become more technologically advanced and home-based testing becomes more popular, these tests are expected to grow in popularity.
• Diabetic diseases are becoming more prevalent around the world, contributing to blood tests and market expansion. The portable glucose meters, which can be used anywhere anytime for routine checkups, account for a significant share of this market. Additionally, the growing number of point-of-care (POC) testing facilities, along with physicians' inclination toward blood-based diagnosis, have contributed to rapid growth.

Global Blood Testing: Regional Landscape

• An estimated US$ 84.3 billion is expected for the United States market by 2032.
• The market in the U.K. is expected to reach an estimated US$ 8.7 billion by the end of 2032.
• Over the forecast period, the global market is forecast to expand at a CAGR of 10.5%.
• Market opportunities in the country are expected to reach US$ 5.4 billion in absolute dollars.
• In the United Kingdom, the market opportunity is estimated to reach US$5.4 billion in absolute dollars
  

Global Blood Testing Market: Key Players

Some of the key players in the blood testing industry are developing new products to strengthen their market presence. As part of their strategy for increasing revenue and competitive edge, they are also focusing on gaining faster regulatory approvals from regulators.

• In April 2023, Dionysus Digital Health plans to introduce a blood test predicted to detect postpartum depression for the first time. As early as the third trimester, a digital health start-up will release an app powered by artificial intelligence for predicting postpartum depression risk. Despite the fact that the company is still in the early stages of the process, they intend to eventually apply for FDA approval of the test.
• According to Jacqueline C. Romero, United States Attorney for the Eastern District of Texas, GlycoMark, Inc., a joint venture between Toyota Tsusho America, Inc., Toyota Tsusho Corporation, and Nippon Kayaku Co., Ltd., will pay $195,000 to settle allegations that the company broke the False Claims Act by pushing customers to claim GlycoMark tests when Medicare and Medicaid stopped paying out for it.

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Global Blood Testing Market: Segmentation

By Type

• D Glucose
• A1C
• Direct LDL
• Lipid Panel
• Prostate-specific antigen
• Covid-19
• BUN Testing
• Vitamin D
• Testosterone
• ALT
• Creatinine
• Other Test Types

By End User

• Hospital
• Clinic
• Diagnostic Centers
• Research Laboratory
• Other
  

By Regions

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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