Blood Testing Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCD2056 | Last Updated On: Sep 22 2022 | Available Formats

>Blood Testing Market Expected to reach at a high CAGR of 5.2% by 2029:

Blood Testing Market is segmented By Product Type (Instruments (Outright Purchase, Rental Purchase), Reagents & Kits (NAT Reagents & Kits, ELISA Reagents & Kits, Other Reagents), Software and Services), By Test Type (Complete Blood Count, Basic Metabolic Panel, Blood Enzyme Tests, Blood Clotting Tests, Blood Cholesterol Tests), By Technology (Next-Generation Sequencing (NGS), Nucleic Acid Test (NAT), Enzyme-Linked Immunosorbent Assay (ELISA), Western Blot Assay, Rapid Tests, Others), By End-User (Hospitals, Blood Banks, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Blood Testing Market is expected to grow at a high CAGR of 5.2% during the forecasting period (2022-2029).

A Blood Testing is an examination of various components in the blood or to count different types of blood cells. Blood tests are prescribed to check disease pathogens or agents, check for antibodies or tumor markers, or see how well desired treatments are working. Blood tests help physicians evaluate the working conditions of organs diagnosing diseases and risk factors for heart disease, check if medicines are working, cases of any infection or genetic conditions, and how well the blood is clotting. Blood tests take only a few minutes to complete and can be carried out in any local hospital or clinic.

Blood Testing Market Dynamics

The blood testing market growth is driven by several factors: the increased prevalence of infectious disease, technological advancements, rise in geriatric population, rise in R&D and rising number of blood donation and blood donors.

The burden of infectious diseases is rapidly increasing worldwide. According to World Health Organization (WHO), in 2001, 42% of the total reported deaths in the world were due to infectious diseases. It is estimated that by 2020 almost half of all deaths worldwide would occur due to infectious diseases. Infectious diseases occur in both developing and developed countries, although treatment options are much better in developed economies. Infectious diseases can be diagnosed with blood tests. With the rising prevalence of infectious diseases, the market for blood testing is also increasing for faster and easier diagnosis. Blood tests detect infections prevalent in blood and working of the vital body organs that might be affected by infections.

There are various technological advancements in the blood testing market. Many companies present in the segment are working for new technological advances that can detect cancer by a blood test. For instance, ApoCell, Inc., a company based in Texas, has launched ApoCell to commercialize biomarker technologies that monitor the effectiveness of cancer drugs. Through this venture, the company developed ApoStream™, a proprietary circulatory tumor cells isolation technology. Similarly, many universities, such as the University of California, San Diego, are also working on cancer detection through blood tests. Many other companies are focusing on one drop diagnostics in a faster way. Genalyte can run up to 128 different tests on a single finger prick of blood in under 15 minutes a San Diego-based company. Another Silicon Valley startup, Athelas, developed a portable diagnostic device leveraging deep learning and machine vision to rapidly measure white blood cell count and tell the medical professional whether it can identify leukemia, infections, inflammation, and other diseases. The Bon and Neuchatel, a Switzerland-based company, has a diagnostic panel housed inflammation that can deliver a test result within 15 minutes from a single drop of blood.

The geriatric population is the target population of many non-communicable chronic diseases and infectious diseases. According to the National Institutes of Health, the world’s older population continues to grow at an unprecedented rate. In 2016, 8.5% of the people worldwide, equivalent to 617 million, are aged 65 or over. According to data collected by the United Nations, the elderly population worldwide is expected to reach 17% of the world’s population by 2050, which will reach 1.6 billion. Blood tests are more necessary in the elderly as they require continuous monitoring, which us diseases and treatment such as diabetes.

There is an increase in voluntary blood donation all over the globe. According to WHO, in 2012, around 108 million donations were collected worldwide, increasing over the past decade. The donated blood is screened for various infections and diseases. Few of the tests carried out are for hepatitis B and C, HIV, Syphilis, and other tests for detecting impaired antibodies. Many infectious diseases are transmitted through blood; to prevent those diseases from spreading, blood testing of donors is necessary. Blood testing of the donor is also done to check the compatibility of the blood group.

Blood Testing Market Segmentation

By product type, the global blood testing market is segmented into instruments, reagents and kits and software and there further segmented into an outright purchase and rental purchase and reagents and kits are further segmented by product type as NAT reagents and kits, which is further classified as standards and controls, labeling and detection reagents,  enzymes and polymerases, probes and primers and buffers, nucleotides and solutions and ELISA reagents & kits which is further classified as conjugates (antigen or antibody-conjugated enzyme), immunosorbents, controls, substrates and sample diluents and wash solutions and other reagents. Among these reagents and kits is expected to account for the largest market share during the forecast period (2020-2027). The kits and reagents market has many local and international manufacturers is because the cost involved in the reagents is significantly low, which further attracts the cturers in the segment to develop advanced products. Furthermore, reagents and kits are frequently used in various research processes, which also augments their demand.

The market is segmented into complete blood count, basic metabolic panel, blood enzyme tests, and blooThelood cholesterol tests based on test type. The complete blood count is the most commonly used blood test, and it is a part of a routine checkup for any person. Based on test type, check the presence of disease and infections. Complete blood count can detect blood diseases and disorders such as infections, anemia, cancers, and immune system disorders. This test can measure red blood cells, white blood cells, platelets, hemoglobin, hematocrit, and mean corpuscular volume.

By technology, the global blood testing market is segmented into next-generation sequencing (NGS), nucleic acid test (NAT), enzyme-linked immunosorbent assay (ELISA), western blot assay, rapid tests, and others. NAT is further segmented into real-time polymerase chain reaction (PCR) and transcription-mediated amplification (TMA). ELISA is further segmented as ELISA, by a platform which is further classified as fluorescence immunoassay (FIA), chemiluminescence immunoassay (CLIA) and colorimetric immunoassay (CI) and ELISA, by a generation which is further classified as first-generation ELISA, second-generation ELISA, third-generation ELISA, and fourth-generation & above. Among these, ELISA segments are expected to dominate the market in the forecast period (2020-2027) due to their ability to detect and meassegmentsibodies in the blood. This test can determine the forecast period-specific antibodies related to some infection. ELISA is often used as a screening tool before more in-depth tests are ordered.

Based on end-user, the market is segmented into hospitals, blood banks, and others. The blood bank segment is expected to hold the dominant market share over the period of forecast (2020-2027) due to the continuous increase in blood donations and rise in surgeries and accidents. A large number of organ transplantation surgeries are also helping the growth of this market.

Blood Testing Market

Metrics

Details

Market CAGR

5.2%

Segments Covered

By Product Type, By Test Type, By Technology, By End-User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Blood Testing Market Geographical Analysis

North America is dominating the blood testing market in 2018 and estimated to hold the largest market size over the forecast period (2020-2027), owing to the rise in technological advancements such as cancer-detecting blood tests, miniature diagnostic devices, digital systems with faster outcomes and accurate results and favorable government initiatives such as insurance policy Medicare that fully insure all the blood tests. The U.S. has many key players operating in the region, and there is a presence of many points to care health facilities and good hospital infrastructure. The government in the U.S. offers many government waivers and sanctions, such as the CLIA waiver, which further contributes to market growth.

Asia-Pacific is expected to grow at the highest CAGR over the period of forecast due to the high population base, development in healthcare infrastructure, high unmet needs, and increase in government initiatives. According to WHO, Asia contributes to more than 50% of infectious disease cases worldwide. Many government and non-government organizations are working towards the cause, making the diagnosis of these infections fast for better treatment options. In collaboration, the Center for Disease Control and, in collaboration, in collaborationtheseIndia’s National Centre for Disease Control established the India Epidemic Intelligence Service (EIS) Programme in 2012. CDC helps strengthen laboratory systems to detect and mitigate emerging infectious diseases. Based on an assessment from the National Laboratory Strengthening Initiative, CDC supported training for quality management, accreditation procedures, diagnostic tests, antimicrobial susceptibility, and biosafety and biosecurity measures.

Blood Testing Market Competitive Landscape

Some of the primary key players in the market are Bio-Rad Laboratories Inc., Grifols, Abbott Laboratories, F. Hoffmann-La Roche, Siemens Healthineers, Biomérieux, Thermo Fisher Scientific, Inc., Ortho Clinical Diagnostics, Inc., Becton, Dickinson and Company and Danaher Corporation.

In the blood testing market, Bio-Rad Laboratories Inc. holds the leadership position. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the growth of the blood testing market globally.

In April 2019, Bio-Rad Laboratories, Inc. announced that it had received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for Bio-Rad’s IH-500, an automated random access system for blood typing and screening.

In April 2019, Bio-Rad Laboratories, Inc. announced that it had received U.S. Food and Drug Administration (FDA) clearance for its BioPlex 2200 Lyme Total Assay, an innovative multiplex test method to aid in the diagnosis of Lyme disease.

In March 2019, Abbott announced CE Mark for its Alinity™ m diagnostics system and assays. This new technology helps keep up with the growing demand for infectious disease testing.

In January 2019, Grifols received FDA approval of Erytra Eflexis®, the latest advancement in scalable blood typing solutions.

In October 2018, Bio-Rad Laboratories, Inc. announced that it had received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for IH-Reader 24, a semi-automated blood typing instrument designed for medium- to small-volume laboratories.

In October 2018, FDA approved Grifols ID CORE XT Test for molecular red blood cell typing. The efficient system analyzes 37 antigens of 10 blood group systems.

In August 2018, the FDA approved Grifols’ Procleix® Zika Virus Assay for blood screening on the Procleix® Panther® system.

In January 2018, Bio-Rad Laboratories, Inc. announced that it had received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for IH-Incubator L and IH-Centrifuge L instruments to be used with the full range of Bio-Rad’s IH-System Gel reagents for manual blood typing methods.

Frequently Asked Questions

What is the Projected CAGR value of the Blood Testing Market?

Blood Testing Market is expected to grow at a CAGR of 5.2% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Blood Testing Market during 2022-2029

Which is the fastest growing region in the Blood Testing Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period

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