The Blood Testing Market CAGR 5.5% Expected To Gain by 2023; Asserts MRFR

Blood Testing Market
The Global Blood Testing Market is expected to grow at a CAGR of approximately 5.5% during 2017 to 2023. The key players are involved in strategic mergers & acquisitions that lead to strengthening their market presence and expansion of their product portfolio.

Blood Testing Market Highlights:

Blood Testing is a laboratory analysis technique that is performed based on the blood sample taken from patient’s body through a finger prick or syringes to determine the state of the health. The abnormal functioning of organs can be determined by Blood Testing.

These tests are affordable and are commonly performed in hospitals and clinics as a primary checkup for identifying any mild to serious ailments which influence the growth of the Blood Testing market. The Global Blood Testing Industry is expected to grow at a CAGR of approximately 5.5% during 2017 to 2023. The key players are involved in strategic mergers & acquisitions that lead to strengthening their market presence and expansion of their product portfolio. For instance, in October 2017, Abbott Laboratories Inc. acquired Alere Inc. Likewise, in April 2016, Abbott Laboratories Inc. acquired St. Jude Medical. These acquisitions have led to enhanced offerings and increase in customer base, thus influencing the market growth.

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The influence of aging population, rise in incidences of various diseases such as hepatitis, Human Immunodeficiency Virus (HIV) infection, cancer, thyroids, genetic disorders, bacterial and viral allergic disorders, and expanding application of Blood Testing in other diagnostic areas are some of the factors resulting in the growth of the Blood Testing market. The demand for Point of Care Testing (POCT) devices for Blood Testing is on the rise. These POCT devices mainly include coagulation testing, electrolyte testing, and glucose testing. Furthermore, the high cost of automated Blood Testing, regulatory approval processes, and lack of awareness on latest advancements are likely to hinder the market growth.

Blood Testing Market Key Players:

Abbott Laboratories Inc. (U.S.),

Baxter International (U.S.),

Gen-Probe, Inc. (U.S.),

Novartis Diagnostics (U.S.),

Becton Dickinson & Company (U.S.),

Biomerica, Inc. (U.S.),

Cepheid Corporation (U.S.),

Meridian Bioscience, Inc. (U.S.),

Trinity Biotech (U.S.),

Bio-Rad Laboratories Inc. (U.S.),

Siemens Healthcare (Germany),

Grifols (Spain),

Nanosphere Inc. (U.S.),

bioMérieux (France),

Roche Diagnostics (Switzerland),

Alere Inc. (U.S.),

Bruker Corporation (U.S.),

Thermo Fisher Scientific Inc. (U.S.),

Beckman Coulter (U.S.),

Cardinal Health (U.S.),

Danaher Corporation (U.S.),

Trividia Health (U.S.) and others.

Blood Testing Market Segmentation:

The global Blood Testing market has been segmented on the basis of test type, disease, method, and end-user.

On the basis of test type, the global Blood Testing market can be segmented into glucose testing, lipid panel testing, direct LDL testing, Prostate Specific Antigen (PSA) testing, Blood Urea Nitrogen (BUN) testing, A1C testing, high sensitivity C-Reactive Protein (hs-CRP) testing, Vitamin D testing, alt testing, thyroid stimulating hormone testing, creatinine testing, serum nicotine/cotinine testing, AST testing, cortisol testing, testosterone testing, and others.

On the basis of disease, the global Blood Testing market can be segmented into anemia, infection, leukemia, hypokalemia, kidney disorders, heart attack, coronary heart disease, and other diseases.

On the basis of method, the global Blood Testing market can be segmented into manual blood culture testing and automated blood culture testing.

The automated blood culture testing segment is classified into automated blood culture system, blood culture instruments, and others     

On the basis of end-user, the global Blood Testing market is segmented into hospitals, clinics, diagnostic centers, research labs, and others.

Blood Testing Market Regional Analysis:

The Global Blood Testing Market consists of four regions, namely, the Americas, Europe, Asia Pacific, and the Middle East and Africa.

The Americas region accounted for the largest market share of the global Blood Testing market owing to the rising incidence of diseases such as kidney disorders, blood stream infections, other infections, high demand for rapid diagnostic tests, and growing aging population.

The European Blood Testing market is the second largest market owing to the increasing awareness of chronic infection diseases due to the initiatives undertaken by private companies, government organizations, and educational institutions.

The Asia Pacific region is expected to grow rapidly during the forecast period owing to the increasing awareness of the importance of diagnostics in personalized medicines and due to government initiatives, that promote the use of personalized medicines. Furthermore, the increase in a number of government schemes to curb the rising healthcare expenditures in emerging economies is expected to drive the regional market growth.

The Middle Eastern region is expected to grow at a steady pace owing to factors such as rising R&D activities in the healthcare sector and extensive development of the healthcare infrastructure.

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