Blood Testing Market Report by Size, Analysis, Future Growth, Global Trends, and Forecast 2028 | Grow at CAGR of 8.10 %

The global blood testing market size was worth USD 80.50 billion in 2021 and is estimated to grow to USD 128.45 billion by 2028 - Zion Market Research

NEW YORK, UNITED STATES, December 7, 2022 /EINPresswire.com/ -- The global blood testing market is segregated on the basis of test type, end-use, method, and region. By test type, the market is divided into lipid panel testing, prostate-specific, antigen, COVID-19, complete blood count (CBC), BUN testing (blood urea nitrogen), glucose testing, A1C, direct LDL, cortisol, creatinine, and other tests. Among these, the glucose testing segment dominates the market. By end user, the market is classified into hospitals, clinics, diagnostic center, research laboratories, and others (blood banks). Over the forecast period, the hospitals segment is expected to develop at the fastest rate. By method, the market is classified into manual and automated. The automated segment dominates the market. Based on end-use, the market is classified into personal, migrant labor workforce, small businesses, and others. The personal segment dominates the market, accounting for more than 40 percent of global revenue. The report analyzes the blood testing market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the blood testing market.

North America is expected to dominate the global blood testing market during the forecast period. North America's largest share is primarily due to increased testing related to blood transfusions, increased prevalence of infectious diseases, an increasing elderly population, the need for early diagnosis & monitoring of disease, increased medical costs, and due to the increased adoption of advanced blood testing technology. Key players functioning in the global blood testing market include Richard Wolf GmbH, WISAP Medical Technology, KARL STORZ GmbH & Co. KG, Stryker, Teleflex Inc. Ethicon LLC, Centrel, OPTOMIC, Medgyn Products, Inc., Maxer Endoscopy, Vimex Sp. z o.o, Olympus Corporation, and Henke-Sass Wolf.

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110+ Pages Research Report (Inclusion of Updated Research)
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Recent developments:

In May 2020, Dario Health Corp. announced that the US FDA approved its self-monitoring glucose meter for use in hospitalized diabetics.

In February of 2022, Tasso, a manufacturer of portable blood collection devices, partnered with telemedicine company Vault Health to help perform diagnostic tests at home. Vault offers remote services such as COVID-19 testing, alcohol testing, and drug testing for businesses.

In March 2022, AXIM Biotechnologies, Inc, an international healthcare solutions company focused on the dry eye (DED), has changed the focus of COVID-19 rapid neutralizing antibody testing to "research use only".

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The Key Audiences for Global Blood Testing Market Report: (Who can Buy Our Report)

Global Blood Testing Market Consulting Firms & Research Institutes
Industry Leaders & Companies aims to enter the Blood Testing market
Universities and Student
Service Providers, Product Providers, Solution Providers, and other players in the Blood Testing market
Government Bodies and Associated Private Firms
Individuals interested to learn about the Blood Testing market

Global Blood Testing Market: Overview

Blood tests are the most basic diagnostic method used to determine the malfunction of the human system. Regular blood tests are the easiest way to track your health. It is essential to have regular blood tests for good health and to make informed decisions about health in particular. Blood tests are also important to reduce the risk of various illnesses and related complications. Increased government and regulatory healthcare costs are expected to drive the market during the forecast period. Therefore, governments and key organizations constantly strive to encourage patients to undergo regular diagnostic tests. Furthermore, recent advances, the regulatory approval process, and a lack of awareness of the high cost of automated blood tests will hinder market growth over the next few years. Multinational healthcare institutions can help discover new technologies and raise awareness for eradicating & diagnosing common and chronic diseases. Solid external funding for clinical trials being conducted to develop new and innovative diagnostic tests is expected to boost the market. The introduction of constructive regulatory parameters to encourage POC tests is a major rendering driver on the market.

The global blood testing market is segmented as follows:

By Test Type

Lipid Panel testing

Prostate-Specific Antigen
COVID-19
Complete blood count (CBC)
BUN testing (Blood Urea Nitrogen)
Glucose testing
A1C
Direct LDL
Cortisol
Creatinine
Others tests

By End User

Hospitals
Clinics
Diagnostic Centre
Research laboratories
Others (Blood Banks)

By Method

Manual
Automated

By Region

North America

The U.S.
Canada

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC
South Africa
Rest of Middle East & Africa

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Key Insights

The global blood testing market was worth around USD 80.50 billion in 2021 and is estimated to grow to about USD 128.45billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.10 percent over the forecast period.
The continued increase in the prevalence of chronic diseases and the high demand for rapid health assessment products are expected to spur the market expansion during the forecast period.
Factors such as strict regulatory approvals, lack of skills, and high operating costs hamper market growth.
The glucose testing segment dominated the blood testing market due to the high penetration of these tests in the global market.
The increasing number of strategic initiatives taken by government agencies and market players to increase blood donations across North America, which is expected to drive market growth.

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Blood Testing Market: Growth Drivers

Rising initiative of regulatory bodies and healthcare organizations in blood test help to drive the market

Regulators such as the FDA, Medicare and Medicaid Service Center (CMS), and the Federal Trade Commission play an important role in regulating diagnostic tests. These agencies have taken the initiative to commercialize clinical laboratory improvement and modification compliant diagnostic tests that may help in the early detection of illness. The introduction of CLIA in the United States is expected to increase blood test used during the prediction period.

Blood Testing Market: Restraints

Stringent regulatory approval process will hinder the market growth

Rigid regulatory approval strategies are likely to hamper the market growth in the coming years. In the U.S., the development of commercial trials is regulated by the U.S. Food and Drug Administration (U.S. FDA). The US FDA is responsible for approving the use of clinical tests. Lack of awareness of the development of new technologies and procedures related to blood tests will hamper the market over the forecast period.

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Global Blood Testing Market: https://www.prnewswire.com/news-releases/statistics-report-global-blood-testing-market-size--share-to-surpass-usd-128-45-billion-by-2028--predicts-zion-market-research--industry-trends-growth-value-segmentation-analysis--forecast-by-zmr-301597116.html

Varsharani Lavate
Zion Market Research
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varsha.l@marketresearchstore.com
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