Dublin, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The "Blood Testing Market Size, Share & Trends Analysis Report By Test Type (Glucose, Lipid, COVID-19, A1C, CRP, Vitamin D, ALT, AST, Thyroid Stimulating Hormone, PSA, Cortisol), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global blood testing market size is expected to reach USD 160.50 billion by 2030, expanding at a CAGR of 7.23% from 2023 to 2030
The growth of the market is attributable to various factors including the growing demand for the identification of infectious agents and increased healthcare spending by government and regulatory bodies.
Furthermore, the rising prevalence of infectious diseases, such as diabetes, COVID-19, and cardiovascular diseases, is anticipated to drive market growth. For instance, according to the CDC in 2022, approximately 37.3 million people were diagnosed with diabetes in the United States, accounting for 11.3 % of the population.
This increasing prevalence of diabetes creates a significant demand for blood tests, thus contributing to the growth of the market. Furthermore, technological advancement in the products used for blood testing fuels the growth of the market. The availability of portable glucose meters that enable patients to perform routine checkups conveniently and anywhere has contributed to an expansion of the market.
In addition, the monitoring of diabetes is crucial prior to any surgical intervention for patients with diabetes, which further drives the demand for these products. The introduction of new products is anticipated to fuel market growth over the projection period.
For instance, in May 2022, Labcorp introduced an at-home collection kit with Labcorp OnDemand, which allows individuals to measure their hemoglobin A1c (HbA1c) levels from a small blood sample to monitor their sugar levels.
Key organizations, such as the American Red Cross, the New York Blood Center, America's Blood Centers, Armed Services Blood Program, AABB, and Blood Centers of America, play a crucial role in providing information on plasma collection and delivery. The rise in blood donations is expected to further drive the demand for testing products used in pre-transplant and post-transplant procedures, thereby boosting market growth.
Blood Testing Market Report Highlights
- The glucose testing segment held the largest revenue share in 2022. The segment growth is supported by the increasing prevalence of both type I and type II diabetes, along with the growing number of cases related to hereditary diabetes
- The market is expected to witness increased revenue generation in the at-home A1C testing segment due to higher adoption rates. It was the second-largest testing segment in 2022
- Continuous advancements in technology have led to the development of innovative blood testing methods and devices. These advancements, such as point-of-care testing, wearable devices, and improved laboratory testing techniques, drive market growth.
- The COVID-19 pandemic has significantly increased the demand for blood testing, including diagnostic tests for the virus, antibody testing, and monitoring of COVID-19 patients' health status
- North America held the largest revenue share in 2022 and is expected to maintain its position throughout the forecast period; however, Asia Pacific is expected to grow at a faster rate from 2023 to 2030
- Key players operating are focusing on product launches and geographical expansion to maintain their presence. For instance, in March 2023, Apple made notable progress in the development of non-invasive blood glucose monitoring technology, enabling individuals with diabetes and other conditions to measure their blood glucose levels without the need for skin pricks or traditional blood testing methods
- In June 2022, Apollo Cancer Centers, in collaboration with Datar Cancer Genetics, introduced a blood test capable of detecting early-stage breast cancers in asymptomatic individuals
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 129 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $91.61 Billion |
| Forecasted Market Value (USD) by 2030 | $160.5 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Market Dynamics
Market Driver Analysis
- Growing prevalence of target disease
- Growing demand for point-of-care tests
- Implementation of favorable government initiatives & external funding for R&D activities
- Introduction of CLIA waived tests
- Rising demand for early disease detection
Market Restraint Analysis
- Stringent regulatory and reimbursement policies
- Limitations associated with blood testing
Industry Analysis Tools
- Porter's Five Forces Analysis
- PESTEL Analysis
- COVID-19 Impact Analysis
Competitive Landscape
- Company Categorization
- Strategy Mapping
- Company Market Share Analysis, 2022
Company Profiles/Listing
- F. Hoffmann-La Roche Ltd
- Abbott
- Bio-Rad Laboratories, Inc.
- bioMerieux SA
- Quest Diagnostics
- Biomerica, Inc
- Becton, Dickinson and Company
- Siemens Healthineers
- Danaher Corporation
- Trinity Biotech Plc
For more information about this report visit https://www.researchandmarkets.com/r/4s91u8
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