According to a report published by Grand View Research, Inc.; the global blood testing market is estimated to reach a valuation of around USD 62.9 billion by 2024.
Growing prevalence of chronic diseases, increasing R&D on diseases, growing awareness among the patients, and supportive government initiatives can propel the market over the forecast period (2013 to 2024).
Rising adoption of testing and screening techniques for early disease detection of diseases can positively drive the market growth. Early testing can reduce diagnostic turn around times and reduce the hospital stays. Increasing occurrence of chronic diseases such as diabetes and other new and rare conditions have enabled healthcare specialist as well as patients to identify the susceptibility of certain ailments have increased the adoption of testing facilities. Governments bodies are encouraging hospitals to decrease the patient’s hospital stays and expenses associated with it by promoting facilities like home healthcare and telemedicine. This has increased the use of portable home healthcare blood testing kits. Growing popularity of minimally invasive diagnostic procedure is also expected to increase the adoption of blood testing kits during the forecast period. Additionally, wide range of clinical laboratory improvement amendments (CLIA) compliant tests can be used in different healthcare settings other than the hospitals. This has increased the blood testing practices in home, physician’s offices, and clinical laboratories. Increasing efforts from Federal Trade Commission and Food and Drug Administration is also likely to boost the use of CLIA complaint tests in the market.
Full Research Report On Blood Testing Market Analysis: https://www.grandviewresearch.com/industry-analysis/blood-testing-market
Worldwide blood testing market can be segmented on the basis of type and regions. Based on type, the market can be segmented into glucose testing, lipid panel testing, direct LDL testing, A1C testing, BUN testing, prostate specific antigen testing, high sensitivity CRP testing, vitamin D testing, thyroid stimulating hormone testing, ALT testing, creatinine testing, serum nicotine/cotinine testing, AST testing, cortisol testing, testosterone testing, and other blood tests.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
In 2015, North America estimated for the largest market share with over 40% of overall revenue. This growth can be attributed to growing elderly population, availability of advanced healthcare facilities, favorable medical insurance policies and development of innovative techniques for the POC blood tests. Suppurative government efforts as well as CLIA waiver on POC testing equipment in the region are also considered as the key driving factors that are boosting the adoption of these devices. In addition, technological developments in miniaturized diagnostic devices, which can provide precise and quick results have high demand in the region. The U.S. is known as home to various major companies operating in the market, which led to the highest revenue in the region.
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Asia pacific is likely to exhibit fastest growth during the forecast period. This growth can be associated with increasing awareness among the individuals about early disease detection tests, growing government schemes to limit the increasing healthcare expenses in developing countries. In addition, high requirement of medical facilities regarding various complaints including diabetes, cardiovascular disorders, liver diseases, hepatotoxicity, hyperlipidemia, and prostate cancer.
Key players operating in the market include Bio-Rad Laboratories Inc.; Siemens Healthineers; BioMerieux S.A.; Biomerica, Inc.; and Trinity Biotech PLC.
Companies are following strategies such as merger and acquisitions to expand their presence in the market. These companies are also collaborating with hospitals as well as laboratories to enable online testing facilities. These facilities include ordering test online, completing tests and submission of test results to authorized laboratory personnel, and retrieval of test results through e-mail to cut number of visits to hospitals. In addition, launch of various promotion programs and combination plans designed by the clinics and laboratories that can provide complete analysis of blood is expected to drive growth in the market in the coming years. Furthermore, the market participants are also expected to receive clearance for new products from regulatory authorizations like FDA for accelerating the commercial access of these products in the market.
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