New York, Aug. 16, 2022 (GLOBE NEWSWIRE) -- For the forecast period, 2022-2031, Kenneth Research has released a thorough market study on the “Global Blood Testing Market” that covers the following elements:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Blood Testing Market Size:
The global blood testing market is predicted to generate revenue of around USD 140 billion by the end of 2031, expanding at a CAGR of ~8% over the forecast period. The rising incidence of communicable and chronic diseases including COVID-19, influenza, diabetes, cardiovascular disorders, liver diseases, and various malignancies might be blamed for the expansion of the market. To illustrate, the International Diabetes Federation estimates that 643 million individuals are expected to have type-1 diabetes worldwide by 2030 and that figure is predicted to rise to 783 million by 2045. In addition, increased demand for the identification of different types of infections and rising health care expenditure by the government and regulatory organizations are anticipated to fuel the market expansion. The per capita healthcare spending in the United States in 2021 was around USD 12300.
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Global Blood Testing Market: Key Takeaways
- North America region acquires the highest share of the revenue
- Glucose testing segment to steer the revenue stream
- Diagnostic laboratories retain a sizable presence in the End user segment
Rising Prevalence of Infectious and Chronic Diseases to Fuel Market Growth
According to the World Health Organization (WHO) statistics, there are 578,142,444 COVID-19 confirmed cases and 6,405,080 deaths as of August 2022. Owing to the growing number of COVID cases globally, the COVID-19 pandemic has had a favorable effect on the blood testing business. Blood testing has become increasingly necessary as a result of its ability to rapidly detect the presence of coronavirus. Governments are also looking into the possibility of approving more commercial laboratories to expand the range of blood testing methods.
There are various diseases that can be monitored through blood testing methods. The thyroid panel or thyroid function test evaluates the efficiency of one’s thyroid hormone production and response such as Triiodothyronine (T3), Thyroxine(T4), and Thyroid-stimulating hormone (TSH). The normal range for TSH is 0.5-4milli-international units per liter of blood(mIU/L). 21 million Americans are predicted to suffer from thyroid illness whereas up to 65% of them are ignorant of their illness. Regular blood testing can be utilized to monitor their TSH levels.
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Global Blood Testing Market: Regional Overview
The global blood testing market is sectioned into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Advent of Miniaturized Diagnostic Equipment to Drive the Growth in North America Region
On the basis of technological breakthroughs such as the advent of miniaturized diagnostic equipment, the market in the North American region is projected to have considerable expansion over the forecast period. The United States topped the export value for blood testing instruments worldwide in 2021. The export value for blood testing instruments for the U.S. was USD 27,782,430 thousand in 2020 which rose to USD 30,967,176 thousand in 2021 with an annual growth value of 11% during 2020-2021. The significant growth in the trade for blood testing devices is anticipated to expand the market in the region.
Investments of Multinational Companies to Drive the Growth in the Asia Pacific Region
Malignant neoplasms, also known as cancer caused 26 percent of fatalities in urban China in 2020. In 2020, it had a mortality rate of 162 per 100,000 people. The top two causes of mortality include cerebrovascular illness and heart disease in China in the same year. On account of the rising frequency of chronic diseases and more multinational companies investing extensively in the region, the Asia Pacific region is anticipated to expand at the greatest compound annual growth rate. In addition to this, China, the largest nation in terms of population has 117 million or more diabetes cases worldwide, more than any other nation. The figure is projected to increase to 150 million by 2045. The demand for blood testing devices is boosted by the rising rate of diabetes which propels the market in the region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands, Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil. Mexico. Argentina, Rest of Latin America)
- Asia-Pacific (China, India. Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Blood Testing Market, Segmentation by Types
- Glucose Testing
- Lipid Panel Testing
- Prostate-Specific Antigen (PSA) Testing
- Blood Urea Nitrogen (BUN) Testing
- Thyroid Stimulating Hormone Testing
- Other Types
The glucose testing segment is predicted to hold the largest share among these during the forecast period. The availability of portable glucose meters, which patients can use for regular examinations anywhere, anytime, has led to increased demand for glucose testing kits which is steering the expansion of the segment. In 2021, there were approximately 75 manufacturers of glucose meters in the U.S. with 890 import shipments, whereas, Japan is the highest importer with 2,740,175 KG glucose meters.
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The Global Blood Testing Market, Segmentation by End-Users
- Diagnostic Laboratories
- Hospitals
- Clinics
- Other End-Users
Out of these, the diagnostic laboratories segment is anticipated to grow most lucratively during the forecast period. Laboratory data form the basis of more than 75% of medical decisions. Of the objective data in health care records, laboratory tests account for over 85%. In patients with chronic diseases or immunological disorders, laboratory tests are particularly helpful in establishing a diagnosis, predicting disease severity, and tracking disease progression. In the management of diseases, timely diagnostic evaluation and the use of accurate blood tests are crucial. There are around 29,200 diagnostic and medical laboratory businesses in the United States in 2022. In addition, there are over 950,000-100,000 diagnostic laboratories in emerging nations such as India.
Global Blood Testing Market, Segmentation by Method
- Manual Blood Testing
- Automated Blood Testing
Leading market players in the global blood testing market that are compiled by Kenneth Research include Danaher, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Abbott, bioMérieux SA, Quest Diagnostics Incorporated, Biomerica, Siemens Healthcare GmbH, Trinity Biotech Plc., Ortho Clinical Diagnostics and others.
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Recent Developments in the Global Blood Testing Market
- In April 2020, Thermo Fisher Scientific Inc’s ImmunoCAP Specific IgE Stinging Insect Allergen Components is a brand-new blood test that has received FDA approval for in vitro diagnostic usage. It accesses patient sensitivity, aids medical personnel in differentiating between real sensitization and cross-reactivity, and pinpoints the offending insects in cases when the patient’s medical history is ambiguous.
- In July 2020, a dry blood spot test for SARS-CoV-2 IgG employing a finger prick sample collection device has been made available, according to a press release from PerkinElmer Inc. This test enables both decentralized sample collection and high-throughput testing.
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