Blood Testing Market to hit USD 123 Billion by 2030, says Global Market Insights Inc.

Global Market Insights Inc.
Global Market Insights Inc.

Blood Testing industry is anticipated to register 6.5% CAGR between 2022 and 2030 owing to growing burden of chronic and infectious diseases.

Selbyville, Delaware , Sept. 26, 2022 (GLOBE NEWSWIRE) --

The blood testing market value is set to reach USD 123 billion by 2030, according to a new research report by Global Market Insights Inc. Rising number of point-of-care testing (POCT) centers will spur the market expansion.

POCT includes fecal occult blood analysis, rapid coagulation testing, blood glucose testing, blood gas & electrolytes analysis, and pregnancy testing, among others. It is a diagnostic procedure that enables healthcare professionals to obtain accurate, lab-quality real-time diagnostic results within minutes. These features, alongside the portability and ease of accessibility of these tests is expected to contribute to industry progress.

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Growing prevalence of NCDs will propel the adoption of complete blood count test

Blood testing market from complete blood count test segment surpassed USD 10 billion in 2021, on account of the substantial growth in the incidence of NCDs (non-communicable diseases). As per the World Health Organization (WHO), cardiovascular disease is the primary cause of most NCD-related deaths (17.9 million) followed by malignancies, respiratory illnesses, and diabetes. The rising prevalence of NCD is likely to increase demand for comprehensive blood testing solutions.

Rising software integration in pathology labs to support industry expansion

Blood testing market from software segment was valued at more than USD 7 billion in 2021. The growing integration of software in the laboratory for managing large sample sizes is one of the major factors propelling market development. Citing an instance, BioMerieux unveiled CLARION,a software-as-a-service (SaaS) solution for diagnosing infectious diseases and connects the diagnostic data, in the United States in 2020. Developments such as these are expected to assert a positive impact on industry dynamics.

Browse key industry insights spread across 275 pages with 223 market data tables & 15 figures & charts from the report, “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, Cancer Test, Heart Test), Product (Instruments, Reagents & Kits, Software), By Method (Manual, Automated), End-use (Hospitals, Pathology Labs, Blood Banks, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents: 

Surging R&D activities in automated blood testing to boost industry size

Blood testing market from automated segment captured a revenue share of 69.5% in 2021 and is anticipated to record substantial gains during the study period. This is attributed mainly to growing research and development activities related to blood testing devices. Furthermore, rising awareness regarding improved accessibility of automated blood testing will augment market share.

Rising private and public financial assistance to increase blood testing in the Asia Pacific

Asia Pacific blood testing market is anticipated to exceed USD 36 billion by 2030. Surging financial assistance from private and public organizations to create awareness regarding diabetes control and management is a significant contributor to market statistics. Key industry players in emerging economies in the region are also focusing on ways to enhance their revenue share.

Important accreditations to support key players in reinforcing their market position

Some of the top firms operating in the blood testing market include Thermo Fisher Scientific Inc., Siemens Healthineers, Sinocare Inc. (NIPRO Diagnostics), Danaher (Beckman Coulter Inc. and Radiometer), BioMerieux SA., Biomerica, Grifols, A.S, Becton, Abbott Laboratories, F Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc, Dickinson, and Company (BD), Trinity Biotech, B. Braun Melsungen AG.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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