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Blood Testing Market Size, Share & Trends Analysis Report By Test Type, By Region And Segment Forecasts, 2020 - 2027

Blood Testing Market Size, Share & Trends Analysis Report By Test Type, By Region And Segment Forecasts, 2020 - 2027

  • October 2020
  • 108 pages
  • ID: 5982595
  • Format: PDF
  • Grand View Research

Summary

Table of Contents

Blood Testing Market Size, Share & Trends Analysis Report By Test Type (Glucose, Lipid, BUN, A1C, Vitamin D, ALT, AST, Thyroid Stimulating Hormone, PSA), By Region, And Segment Forecasts, 2020 - 2027

Blood Testing Market Growth & Trends

The global blood testing market size is expected to reach USD 84.7 billion by 2027. The market is expected to expand at a CAGR of 6.6% from 2020 to 2027. A rise in the demand for early detection of diseases is anticipated to propel market growth.

The market is anticipated to witness lucrative growth owing to the rising demand for point-of-care facilities for blood tests. The shortened length of stay at hospitals and reduced contact between patient and concerned physicians coupled with the rise in outpatient services have increased the demand for blood testing services.

Rising demand for early detection, especially in the case of cardiovascular and endocrinology-based diseases, is expected to drive the market during the forecast period. Other drivers include the growing global geriatric population and the introduction of various innovative solutions that enable faster and accurate diagnosis by employing blood screening methods.

Blood Testing Market Report Highlights
• Glucose testing dominated the market in 2019 owing to higher sales of these tests in comparison with the other segments
• Higher adoption of at-home glucose tests is anticipated to increase revenue generation in the market
• High incidence of type I and type II diabetes coupled with the rising risk of hereditary diabetes is among the factors responsible for the higher share of this segment
• Furthermore, diabetes monitoring is carried out prior to any surgical intervention. This increases the usage rate of blood glucose tests
• The availability of glucose monitoring meters that are reusable and user-friendly also contributes to segment growth
• North America held the largest revenue share of 43.7% in 2019 and is expected to maintain its share during the forecast period
• Favorable government initiatives aimed at early disease diagnosis, the presence of well-established healthcare infrastructure, and the local presence of key service providers and instrument manufacturers such as Abbott Laboratories and Laboratory Corporation of America Holdings (LabCorp) in this region are some of the drivers of the market
• The Asia Pacific market is expected to witness the fastest CAGR of 8.3% from 2020 to 2027 due to the presence of high unmet diagnostic needs, rapidly rising patient awareness regarding point-of-care diagnostic technologies, and rising healthcare expenditure in India, China, and countries that lie in the region
• Growing medical tourism is also boosting the demand for patient monitoring using blood testing services. This positively impacts the blood-testing industry in the Asia Pacific
• The industry is driven by the presence of several large, mid-sized, and small companies.
• These players are involved in the development and launch of novel products to increase their footprint. For instance, in August 2020, Trinity Biotech Plc company filed a EUA for COVID 19 testing product-Covid-19 IgG ELISA antibody test-with the FDA

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