Blood Testing Market Size - By Test Type (Complete Blood Count Test, Kidney Test- Renal Profile, Cholesterol Test- Lipid Profile Test, Blood Glucose Test, Antibodies Test – Rheumatoid Factor, Urine Test, Infectious Disease Screening), By Product, By Method, By End-use, Global Forecast 2023 - 2032
Report ID: GMI2683
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Published Date: July 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 13
Tables & Figures: 366
Countries covered: 30
Pages: 280
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Blood Testing Market
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Blood Testing Market Size
Blood Testing Market size reached USD 74.9 billion in 2022 and is poised to witness considerable growth at more than 6.5% CAGR from 2023 to 2032, driven by the growing burden of chronic and infectious diseases globally.
With the rise in lifestyle and dietary changes, several chronic conditions, including diabetes, renal illness, cardiovascular ailments, cancer, and others have become more common. According to the WHO, the prevalence of diabetes is increasing fast in poor and middle-income nations compared to high-income regions. Similarly, as per the CDC 2022 projection, over 130 million individuals in the U.S. are either diabetic or prediabetic. To that end, the increasing demand for disease prevention and control coupled with the rising prevalence of infectious illnesses will boost the market share.
The rising count of errors in blood testing leading to changes in final findings due to spurious variances in blood cells may restrict the market expansion to some extent. Some scans or test findings are not completely standardized depending on the type of test. In case of mammography for breast cancer diagnosis, for instance, 50% of the test findings are inaccurate as mammogram detection of breast cancer is not standard. Technical faults, malfunctioning laboratory equipment, and errors made by technicians with insufficient expertise are some other factors affecting the market progress.
COVID-19 Impact
The COVID-19 outbreak had significant influence on the expansion of the blood testing market. Due to the lockdown and mobility restrictions imposed by numerous legal authorities globally, industrial growth suffered during the first stage of the lockdown. Following the COVID-19 pandemic, several companies developed serological tests to detect COVID-19 antibodies. For instance, the U.S. FDA authorized the use of fifty serological tests for screening the COVID-19 antibodies. Hence, the increasing blood testing demand during the pandemic accompanied by higher governmental and private sector assistance will support the market growth.
Blood Testing Market Trends
The increasing technological breakthroughs for the development of innovative blood testing equipment will enhance the industry outlook. Lately, several firms are concentrating on the introduction of technologies that are non-invasive, cost-effective and highly accurate to provide patients with dependable findings. Numerous advances in ML and AI are also helping in tracking multiple variables while providing suitable therapy to patients. For instance, a recent upgrade to the DEXCOM G4 Platinum has an in-built hypoglycemic safety alarm as well as customizable notifications to monitor falls. Such advancements are anticipated to drive the market growth.
Blood Testing Market Analysis
Blood testing market share from the complete blood count test segment is projected to reach USD 20.5 billion by 2032 attributed to the increasing prevalence of non-communicable diseases (NCDs). According to the WHO, cardiovascular diseases account for majority of NCD mortality (17.9 million), followed by cancer (9.3 million), respiratory ailments (4.1 million), and diabetes (1.5 million). Blood tests are crucial in diagnosing and monitoring a wide range of diseases and conditions such as anemia, infections, and certain cancers. The rising awareness about preventive healthcare and higher advancements in laboratory technologies will also fuel the segment trends.
On the basis of product, the blood testing market size from the reagents & kits segment is anticipated to witness 6.5% CAGR from 2023-2032 owing to the rising number of blood transfusions. Moreover, the growing prevalence of infectious diseases, chronic conditions, and genetic disorders along with the increasing number of organ transplantations and blood transfusions will stir the need for specialized reagents and kits to cater to specific tests.
Based on end-use, the hospitals segment held 47.3% share of the blood testing market in 2022 and is projected to amass substantial growth from 2023-2032 due to the increasing number of hospital admissions and longer duration of patient stays. With rising technological advancements and higher availability of a wide range of blood tests, hospitals offer access to more accurate and efficient diagnostic tools. This has led to increased adoption of blood testing services in hospitals for facilitating early detection, personalized treatment plans and improved patient outcomes, boosting the segment development.
North America blood testing market size is estimated to reach USD 43.4 billion by 2032. The regional market growth is attributed to the strong presence of favorable reimbursement policies, robust healthcare infrastructure, supportive government initiatives, and Clinical Laboratory Improvement Amendments (CLIA) exemptions for testing devices. The emphasis on preventive healthcare and early disease detection along with the introduction of diagnostic devices will also enhance the market penetration in the region.
Blood Testing Market Share
Some leading companies operating in the blood testing market include;
Blood Testing Industry News
Blood testing market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD Million from 2018 to 2032 for the following segments:
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Market Size, By Test Type (USD Million)
Market Size, By Product (USD Million)
Market Size, By Method (USD Million)
Market Size, By End-use (USD Million)
The above information is provided for the following regions and countries (USD Million):