Pune, India, March 21, 2022 (GLOBE NEWSWIRE) -- The blood testing market size is anticipated to rise due to the growing need to identify infectious organisms and increased healthcare expenditure by the regulatory bodies and the government. Fortune Business InsightsTM has presented this information in its upcoming report titled, “Blood Testing Market, 2022-2028”.
Industry Developments
March 2020: In less than 15 minutes, BD (Becton, Dickinson, and Business), a prominent worldwide medical technology company, and BioMedomics released a new point-of-care test that may identify antibodies in blood to indicate present or past exposure to COVID-19.
October 2020: Siemens Healthineers has announced that their laboratory-based total antibody test1 for detecting SARS-CoV-2 IgM and IgG antibodies in the blood is now available worldwide. Patients who have acquired an adaptive immune response can be identified using the total antibody test.
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COVID-19 Impact
The importance of reliable and accessible diagnostics to screen patients for COVID-19 has been increasingly obvious throughout the COVID-19 pandemic. The designation of a public health emergency justified the permission of emergency use of in-vitro diagnostics (IVDs) for the diagnosis of COVID-19, resulting in an increase in the global blood testing industry.
Abbott announced in December 2020 that its quantitative SARS-CoV-2 IgG (Immunoglobulin G) lab-based serology (blood) test had achieved the CE Mark. The IgG antibody test type delivers a quantitative result (that evaluates the number of antibodies) as well as valuable information to persons recovering from COVID-19. Additionally, it also aids in determining a person's immunological response to a vaccine.
Segmentation
On the basis of type, the blood testing industry is fragmented into complete blood count (CBC), lipid panel testing, COVID-19, prostate-specific antigen, BUN testing, glucose testing, A1C, cortisol, creatinine, direct LDL, and other tests. On the basis of method, the market is bifurcated into automated and manual. On the basis of end-user, the market is segmented into clinics, hospitals, research laboratories, diagnostic centers, blood banks, and others. Geographically, the market is classified into Europe, Latin America, North America, Asia Pacific, and the Middle East & Africa.
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Report Coverage
The report covers extensive data on the blood testing market. Furthermore, the report covers information on the recent technological developments, including the drivers and restraining factors and key market players adopting several strategies to grow with the market. Lastly, the report highlights data on the COVID-19 effects on the industry.
Rise in Chronic Illnesses Coupled with Health Evaluation to Drive the Market
The significant rise in chronic diseases, as well as the strong demand for goods for a health evaluation, are the main growth drivers of the blood testing industry. The rising number of people infected with various infectious diseases will provide solid growth potential for the industry. Furthermore, increasing patient awareness of home diagnostic tests and self-testing is likely to enhance market adoption of key blood-testing products. For example, glucose testing kits such as the Accu-Chek Active Blood Glucose Meter can be used at home.
Furthermore, the rising prevalence of infectious disorders such as diabetes, COVID-19, and cardiovascular diseases is likely to drive market expansion. According to the CDC, 34.2 million people in the U.S. (10.5% of the population) have diabetes, which is driving up demand for blood tests and propelling the market forward.
However, the market's expansion is being hampered by a lengthy regulatory approval process. In the U.S., for example, the Food and Drug Administration regulates the development of commercial testing (FDA). They're categorized as medical devices and the FDA is in charge of authorizing clinical laboratory testing. Additionally, a lack of understanding regarding the development of new blood-testing technologies and processes limitsblood testing market growth.
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Asia Pacific is Expected to Dominate the Market due to Increasing Demand from Agricultural Countries
North America will lead the market in 2020, and it will continue to dominate throughout the forecast period. The growth is owing to the factors such as improving healthcare infrastructure, new government initiatives, and technological improvements.
Factors such as an increase in blood donation are stimulating the industry in Europe. According to the World Health Organization, the European region has the biggest proportion of countries with haemovigilance systems, which monitor and enhance the safety of blood transfusions.
Asia Pacific’s blood testing market share expansion is aided by the dense population in places like India and China, where the demand for frequent check-ups is rising due to an increase in ailments like cancer, diabetes, and liver disease, among others.
Due to a reluctance to adopt new technologies, the market in Latin America and the Middle East, as well as Africa, is likely to grow at a slower rate than in other regions.
Competitive Landscape-
Key PlayersLaunch New Productsto Augment Market Positions
There are several big players on the market, such as Danaher Corporation, Abbott Laboratories, Thermofisher Scientific, BioRad Laboratories, and BioMerieux S.A. Certain strategic measures, such as a merger, new product launches, acquisitions, and collaborations, have been implemented by the corporations to help them expand their market position. For example, the U.S. Food and Drug Administration (FDA) authorized Thermo Fisher Scientific's ImmunoCAP Specific IgE Stinging Insect Allergen Components for in vitro diagnostic usage in April 2020. It's a blood test that determines whether or not a patient is allergic to certain proteins found in insect venom, which can induce anaphylaxis and other allergic symptoms.
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List of Key Players in the Market:
- Abbott Diagnostics
- Bio-Rad Laboratories Inc.
- Roche Diagnostics
- Quest Diagnostics
- Danaher Corporation
- Becton Dickinson & Company
- Biomeric, Inc.
- bioMérieux S.A
- Siemens Healthcare
- Trinity Biotech PLC
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