WELLESLEY, Mass, Nov. 05, 2018 (GLOBE NEWSWIRE) -- The global burden of chronic noncommunicable, infectious and lifestyle diseases is rapidly increasing. Early and reliable diagnosis through blood testing is important for the detection, monitoring and treatment of these diseases. A new BCC Research study projects that the global market for blood testing will reach $60.5 billion in 2023 and examines it by type, application and region.
Blood testing and diagnosis is tremendously important for today’s healthcare system. Blood tests provide a wide range of screening, monitoring and diagnostic capabilities that pave the way for drug discovery and the design of new treatment plans. From an estimated $53.8 billion in 2018, a five-year compound annual growth rate of 2.4% is projected, according to a newly updated report by BCC Research Blood Testing: Technologies and Global Markets.
The growing number of elderly patients with chronic diseases, such as diabetes, has increased the need for blood glucose monitoring systems. The market for blood testing is also growing due to escalating demand for home-monitoring and point-of-care testing devices, as well as a higher demand for automation.
Research Highlights
- Blood testing for oncology is one of the most rapidly developing fields in the market, with the development of companion diagnostics and precision medicine contributing to growth.
- The surge in point-of-care testing is expected to continue with the development of newer technologies that integrate the accuracy of laboratory testing with the comfort of self-monitoring.
- Blood tests that may cause breakthroughs in the diagnosis of diseases are being developed, for example, tests that can detect multiple cancers from a single drop of blood.
“Genetic testing has achieved significant progress over the years and shows great promise for early cancer diagnosis,” the report notes. “Next-generation sequencing techniques and real-time sequencing for the diagnosis of complex diseases are set to be the blood testing methods of the future.”
Asia-Pacific Region Has Highest Growth Potential
North America holds the largest share of the global blood testing market due to high healthcare expenditures, excellent healthcare facilities and infrastructure, government funding for research and development of innovative products, and development of technology for rapid and accurate disease diagnosis. The Asia-Pacific region has the highest potential for growth during the forecast period.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.