PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419034
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419034
Blood Testing Market size was valued at USD 90,619 Million in 2022, expanding at a CAGR of 7.5% from 2023 to 2030.
Blood tests are performed to quantify or analyze the blood's proteins, chemicals, cells, and other constituents. It aids in the diagnosis of conditions like HIV/AIDS, diabetes, cancer, and coronary heart disease. It also helps to check whether the medication patients are taking is helping them to heal.
The need for blood testing services is expected to be driven by the active promotion of routine diagnostic examinations among patients, which is facilitated by blood tests. Moreover, continuous research initiatives in developed nations are a significant driver of the market's expansion. Researchers at Japan's National Centre for Global Health and Medicine have successfully created a blood test that can identify severe COVID-19 patients early on. The test was developed in September 2020. The deployment of 500 prototype machines has been used to assess the efficacy of these tests.
Furthermore, the rise in infectious diseases, such as blood and bloodstream infections, is one of the factors propelling the market's expansion. The burden of disease and death worldwide is largely borne by infectious illnesses. This group includes illnesses including sepsis and bloodstream infections. The identification of the infectious agent that causes bloodstream infections is mostly dependent on blood culture tests. For example, the International Labor Organization (ILO) reports that 34 million cases worldwide are attributable to the incidence rate of blood-borne disorders like HIV.
The Global Blood Testing Market is segmented on the basis of Type, Method, End-User, and Region.
The market is divided into eight categories based on Type: glucose testing, ALT testing, lipid panel testing, TSH testing, Cortisol testing, AST testing, serum nicotine, and others. The glucose testing segment dominates the market. Rapid developments in glucose related blood tests are boosting segment growth.
The market is divided into two categories based on Method: manual blood testing and automated blood testing. The automated blood testing segment dominates the market and is likely to maintain its dominance during the forecast period. The growing use of the advanced tech in blood testing is likely to boost market growth.
The market is divided into three categories based on End-User: hospitals, diagnostic laboratories, and others. The hospitals segment dominates the market and is likely to maintain its dominance during the forecast period. Diagnostic laboratories segment is anticipated to grow at rapid pace due to rise in R&D investments.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
To gain a larger market share of the global market, major players are launching a variety of strategic initiatives. Among these are partnerships, collaborations, and the development of new products. In addition, several multinational corporations are investing heavily in the international market. For example, Siemens Healthineers announced in October 2021 the opening of its new COVID-19 and molecular assay manufacturing plant in India.
In March 2023, TruDiagnostic, a health data organization, entered into a partnership with NADMED, a Finnish company specializing in nicotinamide adenine dinucleotide diagnostics. This collaboration aims to introduce an advanced diagnostic test kit called Q-NADMED.
The scope of this report covers the market by its major segments, which include as follows: