Blood Testing Market to 2028 | Growth, COVID Impact, Trends And Analysis

Blood Testing Industry Overview

The global blood testing market size was valued at USD 73.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028. Growing medical spending by the government and regulatory bodies is expected to drive the market during the forecast period. Government and key organizations are constantly engaged in encouraging patients to undergo regular diagnostic examinations.

Multinational healthcare organizations aid in the discovery of novel techniques and promote awareness about the eradication and diagnosis of common as well as chronic disorders. Robust external funding to the clinical studies conducted for the development of novel innovative diagnostic tests is expected to boost the market. The introduction of constructive regulatory parameters that aim to promote the usage of POC testing is a high-impact rendering driver of the market.

Gather more insights about the market drivers, restrains and growth of the Global Blood Testing Market

Blood Testing Market

Regulatory bodies such as FDA, Centers for Medicare and Medicaid Services (CMS), and Federal Trade Commission play an important role in the regulation of diagnostic tests. These bodies have undertaken initiatives to commercialize Clinical Laboratory Improvement Amendments (CLIA) compliant diagnostic tests that can aid in early disease detection. The introduction of CLIA in the U.S. is expected to boost usage rates of blood tests during the forecast period.

A continuous rise witnessed in the prevalence of chronic diseases along with high demand for rapid products for assessment of health conditions is expected to offer the market a significant momentum in the coming years. This is expected to provide lucrative opportunities to operational entities as blood testing is integral for the regular monitoring of diseases. Moreover, to provide swift services, clinics, hospitals, and other healthcare facilities are providing advanced tests. An exponential rise in the number of COVID-19 cases globally is boosting the demand for large-volume diagnostic testing.

Rapid diagnosis, effective treatment options, and future prevention plans are essential in the management of COVID-19. The current race for the development of test kits that are cost-effective and offer point-of-contact detection of coronavirus infection has led to rapid innovation in diagnostics. In July 2020, doctors in Washington examined blood for people affected with COVID-19 for identification of patients that are at great risk to encounter severe illness and to isolate the one who might need a ventilator during treatment.

Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.

• Point Of Care Diagnostics Market: The global point of care diagnostics market size was valued at USD 37.03 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2022 to 2030. The market is set to gain momentum in the coming years on account of the increase in funding from multiple sources, the rising prevalence of target diseases, and the need to address the recent outbreak of coronavirus.

• In Vitro Diagnostics Market: The global in vitro diagnostic market size was valued at USD 111.67 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 0.2% from 2022 to 2030. The growth can be attributed to the increasing adoption of IVDowing to the rise in testing due to the pandemic. 

Blood Testing Market Segmentation

Grand View Research has segmented the global blood testing market on the basis of test type and region:

Blood Testing Type Outlook (Revenue, USD Million, 2017 - 2028)

• Glucose

• A1C

• Direct LDL

• Lipid panel

• Prostate-specific antigen

• COVID-19

• BUN

• Vitamin D

• Thyroid-stimulating hormone

• Serum Nicotine / Cotinine

• High sensitivity CRP

• Testosterone

• ALT

• Cortisol

• Creatinine

• AST

• Other tests


Blood Testing Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa (MEA)


Key Companies profiled:

Some prominent players in the Global Blood Testing Market include

• Abbott

• F. Hoffmann-La Roche AG

• Bio-Rad Laboratories, Inc.

• bioMerieux SA

• Quest Diagnostics

• Biomerica, Inc.

• Becton, Dickinson and Company

• Siemens Healthineers

• Danaher Corporation

• Trinity Biotech Plc


Order a free sample PDF of the Blood Testing Market Intelligence Study, published by Grand View Research. 




Comments

Post a Comment

Popular posts from this blog

Smart Cities Market Opportunities, Segmentation and Forecast Report 2024 - 2030

The global smart cities market size is expected to reach USD 3,728.3 billion by 2030, registering a CAGR of 25.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to rapid favorable government initiatives worldwide and emerging technologies, such as Artificial Intelligence (AI), cybersecurity, big data analytics, and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of Electric Vehicles (EVs) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the smart cities market's growth during the forecast period. The smart cities market is witnessing a high investment in smart security, smart metering for utilities, integrated traffic management sys...
Read more

Smart Agriculture Market 2024-2030: Key Companies and Emerging Trends

The global smart agriculture market size was valued at USD 22.65 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2030.  Increasing automation of commercial greenhouses and growing implementation of the controlled environment agriculture (CEA) concept in greenhouses, in a bid to obtain a higher yield and maintain optimum growing conditions, are the key factors driving demand during the forecast period. Cultivators realize the potential benefits of growing plants inside a greenhouse, which has led to the development of commercial greenhouses. Cultivators have shifted from the conventional lighting systems to LED grow lights as the latter can easily be integrated into a CEA setup. Although LED grows lights are high in cost, they are an ideal option for indoor farming, owing to their long-term benefits in terms of energy efficiency. Gather more insights about the market drivers, restrains and growth of the Smart Agriculture Market ...
Read more

Exploring the Future of the Electric Bus Market: Key Innovations and Trends

The global electric bus market was valued at USD 49.81 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 12.1% from 2024 to 2030. This growth is primarily driven by the increasing adoption of electric buses, spurred by rising environmental concerns and government support. Electric buses offer significant advantages over traditional gasoline and diesel-powered buses, contributing to their rising popularity across various regions. One of the primary factors fueling the growth of the electric bus market is their zero tailpipe emissions. Unlike buses with traditional internal combustion engines, electric buses do not emit harmful pollutants such as nitrogen oxides (NOx) or particulate matter, which helps reduce air pollution and greenhouse gas emissions. As global awareness about climate change and environmental sustainability rises, governments and cities are increasingly turning to electric buses as a cleaner, more eco-friendly alternative to convention...
Read more