10 Key Players in Blood Testing Market Uncovering the Revenue, Demand with Test Type - Forecast Upto 2023

Blood Testing provides more of a high-level overview and in-depth details on more specific aspects of health functions alongside indicating current and potential health risks. Integration of several powerful technologies such as Artificial Intelligence (AI) has made the blood testing more effective. An AI-powered blood test consisting of one clinical variable and six biomarkers predicted with high accuracy the presence of peripheral artery disease and the need for revascularization in patients with and without diabetes.

Growing incidents of chronic diseases and conditions such as cancer, diabetes, heart disease along with the organ failure cases drive the demand for blood testing in multiplications. Needless to say, that the blood testing market is ever increasing. Also, great technological strides being made in electronic monitoring devices and substantial investments transpired into R&D activities are in turn, paying off well, expanding the market size.

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Recognizing the exponential growth, the market perceives currently and gauging the potential the market holds to grow in the years to come; Market Research Future (MRFR), in its recently published market forecast asserts that the global blood testing market will grow exponentially by 2023, registering approximately 5.5% during the review period (2017 – 2023).

Additional factors supporting the market growth include the ever-increasing population that is getting inclined towards the sedentary lifestyle and urbanization. Improving economic conditions are rapidly availing access to the excellent health care, increasing the healthcare expenditures and eventually the market growth.

Conversely, lack of awareness towards the availability and advantages of blood testing is obstructing the market growth. Also, the unmet clinical needs coupled with the unavailability of external funding; especially in the developing regions are obstructing the market growth. Nevertheless, increasing demand for personal & hand-held diagnostic devices & augmenting demand for the blood testing in the diagnostics that can give fastest & accurate results is fostering the market growth.

Global Blood Testing Market – Regional Analysis

The North America market is expected to retain its dominance over the global blood testing market with the largest market share. A well-developed healthcare sector, increasing prevalence of chronic diseases such as diabetes and cancer especially in the US & Canada along with the high per capita healthcare expenditures drive the market growth in the region. This market will create a substantial revenue pocket registering a substantial CAGR throughout the forecast period (2017-2023). Furthermore, the presence of prominent market players impacts the market growth positively.

Europe & Asia Pacific region accounts for the second & third largest market respectively for the blood test. The European blood testing market is growing due to the increasing awareness of chronic infectious diseases, the initiatives undertaken by private and public organizations, and well-spread awareness towards keeping the good health.

The Asia Pacific region is emerging as one of the promising markets for the blood testing. This attributes to the increasing healthcare expenditures and favorable government policies of developing economies like India and China.

Factors substantiating the market growth in the APAC region include the substantial funds transpired into R&D activities, huge patient population, well-developed healthcare infrastructure, and government support. Simultaneously, economies having high healthcare expenditures such as India, China, and Japan propel the market growth in the region.

Key Players:

Baxter International (US), Abbott Laboratories Inc. (US), Gen-Probe, Inc. (US), Becton Dickinson & Company (US), Novartis Diagnostics (US), Biomerica, Inc. (US), Cepheid Corporation (US), Meridian Bioscience, Inc. (US), Trinity Biotech (US), Siemens Healthcare (Germany), Bio-Rad Laboratories Inc. (US), Grifols (Spain), bioMérieux (France), Nanosphere Inc. (US), Roche Diagnostics (Switzerland), Bruker Corporation (US), Alere Inc. (US), Thermo Fisher Scientific Inc. (US) Cardinal Health (US), Beckman Coulter (US), Danaher Corporation (US), and Trividia Health (US)

Segmentation

The global Blood Testing market has been segmented on the basis of test type, disease, method, and end-user.

On the basis of test type, the global Blood Testing market can be segmented into glucose testing, lipid panel testing, direct LDL testing, Prostate Specific Antigen (PSA) testing, Blood Urea Nitrogen (BUN) testing, A1C testing, high sensitivity C-Reactive Protein (hs-CRP) testing, Vitamin D testing, alt testing, thyroid stimulating hormone testing, creatinine testing, serum nicotine/cotinine testing, AST testing, cortisol testing, testosterone testing, and others.

On the basis of disease, the global Blood Testing market can be segmented into anemia, infection, leukemia, hypokalemia, kidney disorders, heart attack, coronary heart disease, and other diseases.

On the basis of method, the global Blood Testing market can be segmented into manual blood culture testing and automated blood culture testing.

The automated blood culture testing segment is classified into automated blood culture system, blood culture instruments, and others

On the basis of end-user, the global Blood Testing market is segmented into hospitals, clinics, diagnostic centers, research labs, and others.

Industry News:

September 07, 2018 – Scientists in Australia published their study of a novel blood test they have developed in the JCI Insight Journal. The new blood test that can potentially identify whether a person who had a heart attack in the past is at high risk of having another one. certain lipid biomarkers or fats in the blood to improve upon traditional risk factors in predicting heart disease. The researchers hope to trial it in Australia in the next two to three years.

August 13, 2018 – Engineering for All (Israel), announced the development of a handheld programmable device, named as RevDx (Revolution Diagnostics) that performs automated blood analysis and diagnostics at the point of care. RevDx is meant for anyplace without reliable access to a lab, electricity or Internet connection.

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