Global Blood Testing Market to amass over $ 65,464 Mn by 2026

May 02, 2019

worldwide blood testing market is anticipated to reach USD 65,464.3 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.

Pivotal highlights of the blood testing market report are listed below:

•    Depending on the test type, the glucose testing market segment led the worldwide market with respect to revenue, in the year 2017.

•    In terms of regional contribution, the majority share of the global market was captured by North America in the year 2017.

According to the report, the burgeoning dependency of doctors on blood testing to guarantee rapid and reliable treatment, together with swiftly growing geriatric populace are the key propellers of the blood testing market.  Furthermore, the surging demand for organ donation & blood donation, and rising awareness pertaining to the safety of the donated blood further amplify industry development. Other factors triggering market growth include rising pervasiveness of infectious diseases like viral and bacterial diseases along with other conditions like cancer, HIV, thyroid, and genetic disorders, and the massive amplification in the number of POC testing. In addition, the use of self-testing kits and home diagnosis, blood testing in under-developed nations, and R&D for generating novel testing technologies further enhances growth opportunities over the forecast period.

The report cites that the growing preference for blood-based diagnosis among physicians to offer rapid and reliable treatment would substantially influence market size in the future. Blood testing is frequently required by elderly individuals who are prone to age-related medical conditions like cardiovascular diseases and diabetes. Moreover, the elderly populations require intricate surgical procedures like cancer therapies, dialysis, and joint replacements which need blood transfusion. In view of such factors, the blood testing market is anticipated to soar high in the forthcoming years.

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Speaking of the regional proliferation, Asia Pacific market is projected to develop at the maximum CAGR over the forecast period on account of the economic development in emerging economies of China, Japan, and India. The key factors governing the regional performance are the huge patient pool, amplifying geriatric population, burgeoning health awareness, rising disposable income, augmenting living standards, and enhancing medical infrastructure. In addition to this, worldwide market magnates are leveraging the potential of these nations, which in turn is boosting the industry landscape, cites the recent study.

The various kinds of blood testing include liver function tests, lipid profile, glucose testing, prostate specific antigen, blood urea nitrogen, hormones, high-sensitivity c-reactive protein, serum nicotine/cotinine, thyroid stimulating hormone, and others. According to the findings of the report, the glucose testing market fragment is projected to lead the global market over the estimated period owing to changing lifestyles and rising number of people affected with diabetes. Blood glucose testing is performed at laboratories as well as point of care diagnostics.

The leading players profiled in the blood testing market report include Trinity Biotech PLC, Thermo Fisher Scientific Inc., Siemens AG, Roche Diagnostics, Nipro Diagnostics, Nanosphere Inc., Bruker Corporation, Biomerica Inc., bioMerieux SA, Beckman Coulter, Bio-Rad Laboratories, Becton Dickinson and Company, Alere, Inc., and Abbott Laboratories among others. These market majors have espoused several business growth tactics such as novel product development, merger & acquisitions, and venture capital financing among others to augment their foothold in the global market space and upsurge their customer base, cites the report.