Blood Testing Market Overview
Blood Testing provides more of a high-level overview and in-depth details on more specific aspects of health functions alongside indicating current and potential health risks. Integration of several powerful technologies such as Artificial Intelligence (AI) has made the blood testing more effective. An AI-powered blood test consisting of one clinical variable and six biomarkers predicted with high accuracy the presence of peripheral artery disease and the need for revascularization in patients with and without diabetes.
Growing incidents of chronic diseases and conditions such as cancer, diabetes, heart disease along with the organ failure cases drive the demand for blood testing in multiplications. Needless to say, that the blood testing market is ever increasing. Also, great technological strides being made in electronic monitoring devices and substantial investments transpired into R&D activities are in turn, paying off well, expanding the market size.
Recognizing the exponential growth, the market perceives currently and gauging the potential the market holds to grow in the years to come; Market Research Future (MRFR), in its recently published market forecast asserts that the global blood testing market will grow exponentially by 2023, registering approximately 5.5% during the review period (2017 – 2023).
Additional factors supporting the market growth include the ever-increasing population that is getting inclined towards the sedentary lifestyle and urbanization. Improving economic conditions are rapidly availing access to the excellent health care, increasing the healthcare expenditures and eventually the market growth.
Conversely, lack of awareness towards the availability and advantages of blood testing is obstructing the market growth. Also, the unmet clinical needs coupled with the unavailability of external funding; especially in the developing regions are obstructing the market growth. Nevertheless, increasing demand for personal & hand-held diagnostic devices & augmenting demand for the blood testing in the diagnostics that can give fastest & accurate results is fostering the market growth.
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Global Blood Testing Market – Segments
The MRFR analysis is segmented into five key dynamics for the convenience of understanding;
By Test Types: Complete Blood Count, Blood Chemistry Tests, and Enzyme Tests among others.
By Diseases: Anemia, Infection, and Leukemia among others.
By Methods: Manual, and Automated among others.
By End-Users: Hospitals, and Diagnostic Center among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World (RoW).
Global Blood Testing Market – Regional Analysis
The North America market is expected to retain its dominance over the global blood testing market with the largest market share. A well-developed healthcare sector, increasing prevalence of chronic diseases such as diabetes and cancer especially in the US & Canada along with the high per capita healthcare expenditures drive the market growth in the region. This market will create a substantial revenue pocket registering a substantial CAGR throughout the forecast period (2017-2023). Furthermore, the presence of prominent market players impacts the market growth positively.
Europe & Asia Pacific region accounts for the second & third largest market respectively for the blood test. The European blood testing market is growing due to the increasing awareness of chronic infectious diseases, the initiatives undertaken by private and public organizations, and well-spread awareness towards keeping the good health.
The Asia Pacific region is emerging as one of the promising markets for the blood testing. This attributes to the increasing healthcare expenditures and favorable government policies of developing economies like India and China.
Factors substantiating the market growth in the APAC region include the substantial funds transpired into R&D activities, huge patient population, well-developed healthcare infrastructure, and government support. Simultaneously, economies having high healthcare expenditures such as India, China, and Japan propel the market growth in the region.
Global Blood Testing Market – Competitive Analysis
The market for blood testing appears fragmented and fiercely competitive due to many large and small players churning the competition in the market. Through the strategic partnership, acquisition, expansion, product & technology launch, and collaboration, these players try to gain the competitive edge.
Blood Testing Market Key Players:
The global blood Testing market is led by some of the fervent players including Baxter International (US), Abbott Laboratories Inc. (US), Gen-Probe, Inc. (US), Becton Dickinson & Company (US), Novartis Diagnostics (US), Biomerica, Inc. (US), Cepheid Corporation (US), Meridian Bioscience, Inc. (US), Trinity Biotech (US), Siemens Healthcare (Germany), Bio-Rad Laboratories Inc. (US), Grifols (Spain), bioMérieux (France), Nanosphere Inc. (US), Roche Diagnostics (Switzerland), Bruker Corporation (US), Alere Inc. (US), Thermo Fisher Scientific Inc. (US) Cardinal Health (US), Beckman Coulter (US), Danaher Corporation (US), and Trividia Health (US).
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Blood Testing Industry, Innovation & Related News
September 07, 2018 – Scientists in Australia published their study of a novel blood test they have developed in the JCI Insight Journal. The new blood test that can potentially identify whether a person who had a heart attack in the past is at high risk of having another one. certain lipid biomarkers or fats in the blood to improve upon traditional risk factors in predicting heart disease. The researchers hope to trial it in Australia in the next two to three years.
August 13, 2018 – Engineering for All (Israel), announced the development of a handheld programmable device, named as RevDx (Revolution Diagnostics) that performs automated blood analysis and diagnostics at the point of care. RevDx is meant for anyplace without reliable access to a lab, electricity or Internet connection.