Blood Testing Market
Blood Testing Market Size, Share & Industry Analysis, By Test Type (Complete Blood Count, Basic Metabolic Panel, Lipid Panel, Thyroid Function Tests, Enzyme Tests), By Technology (Hematology Analyzers, Immunoassay Analyzers, Clinical Chemistry Analyzers, Molecular Diagnostics), By End-user (Hospitals, Diagnostic Centers, Clinics, Research Laboratories), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The Blood Testing Market is expected to grow at a CAGR of 6.8% from 2024 to 2031. The market size is projected to reach XX USD by 2024 and YY USD by 2031.
North America emerges as the dominant region, driven by advanced healthcare infrastructure and increasing prevalence of chronic diseases. Key metrics include rising adoption of point-of-care testing and growing demand for personalized medicine.
The Blood Testing market is steadily expanding due to advances in diagnostic techniques and the rising frequency of chronic and infectious disorders. The COVID-19 pandemic has increased the relevance of blood testing in disease detection and management, resulting in faster market growth.
Blood Testing Market Dynamics:
Market Trend: Rising adoption of point-of-care testing transforming blood diagnostics
The Blood Testing market is rapidly transitioning to point-of-care testing (POCT), which is changing the face of blood diagnostics. POCT enables speedy and convenient testing at or near the patient's location, resulting in faster decisions and better patient outcomes. This tendency is most noticeable in emergency departments, intensive care units, and distant healthcare facilities.
The global POCT market, a key area of blood testing, is estimated to reach YY billion by 2025, increasing at a 10.1% CAGR. Microfluidics and biosensor technologies have advanced, resulting in more precise and user-friendly POCT devices. For example, modern portable blood analysers can now run whole metabolic panels in minutes, a process that formerly required centralised laboratory testing.
Market Driver: Increasing prevalence of chronic diseases fueling demand for blood tests
The increasing prevalence of chronic diseases is a major driver of the blood testing market. Diabetes, cardiovascular disease, and cancer all require frequent blood tests for diagnosis, treatment, and monitoring.
According to the World Health Organisation, chronic diseases account for 71% of all deaths worldwide. In the United States alone, six out of ten people have at least one chronic condition, with four out of ten suffering from two or more. This high incidence emphasises the importance of blood testing. For example, the global diabetes diagnostics market, which is mostly dependent on blood tests, is expected to reach $39.9 billion by 2026, with a 6.6% CAGR. The increased use of preventative healthcare measures and frequent health check-ups is driving up demand for routine blood tests, resulting in market growth.
Market Restraint: Stringent regulatory requirements and reimbursement issues impacting market growth
The Blood Testing market is facing challenges due to severe regulatory regulations and reimbursement issues. Regulatory authorities such as the FDA in the United States and the EMA in Europe have stringent requirements for the development, validation, and marketing of blood tests. These stringent regulatory processes may cause product delays and higher development expenses. The typical cost of bringing a new diagnostic test to market ranges between $50 million and $100 million.
Furthermore, payment constraints for blood tests differ significantly across nations and insurance carriers, influencing market growth. In the United States, changes in reimbursement rates for clinical laboratory tests under the Protecting Access to Medicare Act (PAMA) have resulted in lower pay for some routine blood tests, which may have an impact on availability and cost.
Segment Overview:
The Complete Blood Count (CBC) segment dominates the Blood Testing market, accounting for over YY% of the total market share.
The Complete Blood Count (CBC) category has maintained its dominance in the Blood Testing market due to its relevance in assessing general health and identifying a variety of illnesses. CBC tests reveal important information about red blood cells, white blood cells, and platelets, making them critical for identifying anemia, infections, blood malignancies, and other hematological diseases. The global hematology analyser market, which mostly performs CBC tests, is estimated to reach $5.4 billion by 2025 at a 5.9% CAGR.
In the realm of cancer, CBC tests are critical for monitoring patients receiving chemotherapy. With the global cancer burden projected to reach 28.4 million cases by 2040, routine CBC testing in cancer care will become increasingly important. This trend is driving advancements in CBC testing technologies, as companies create more powerful and automated haematology analysers.
The use of artificial intelligence (AI) in CBC analysis is another element driving the segment's expansion. AI algorithms can now identify aberrant cell morphologies and warn potential concerns, increasing the accuracy and efficiency of CBC examinations. For example, Sight Diagnostics' OLO analyser employs AI and machine vision to perform CBC tests with only two drops of blood, demonstrating the promise for more accessible and rapid CBC testing in a variety of healthcare settings.
Regional Outlook:
North America leads the Blood Testing market, accounting for approximately 40% of the global market share.
North America's dominance in the blood testing market is due to its advanced healthcare infrastructure, high healthcare spending, and the presence of large industry competitors. The United States has been a leader in blood test invention and adoption. The US in vitro diagnostics market, which includes blood testing, is anticipated to be worth YY billion by 2025, rising at a CAGR of 4.5%.
Recent developments in the region include the FDA's clearance of a number of groundbreaking blood testing procedures. For example, in 2022, the FDA designated a blood test capable of detecting more than 50 different types of cancer as a breakthrough device, demonstrating the region's expertise in advanced diagnostic technologies. The North American clinical laboratory services market is expected to reach YY billion by 2025, at a 5.8% CAGR.
Blood tests account for a sizable fraction of the over 7 billion clinical lab tests conducted in the United States each year. In terms of country-specific developments, Canada has made tremendous advances in blood testing research and accessibility. The Canadian government has funded more than $1 billion in the Genomics Research and Development Initiative, which is focused on blood-based biomarkers for a variety of diseases.
Furthermore, Canadian companies such as LuminUltra Technologies have developed quick blood testing solutions for COVID-19, demonstrating the region's inventiveness in response to emerging health challenges.
Competitive Intelligence:
A number of significant players dominate the blood testing sector, including both classic medical equipment corporations and innovative diagnostics startups. To strengthen their market position, industry leaders have prioritised technological advancements, strategic collaborations, and mergers and acquisitions.
Roche Diagnostics, a company of F. Hoffmann-La Roche Ltd, has emerged as a prominent player, accounting for more than 20% of the global in vitro diagnostics industry, which includes blood tests. The company's excellent position can be ascribed to its extensive range of blood testing technology and ongoing innovation. Roche's diagnostics sector generated CHF 17.7 billion in revenue in 2022, with blood testing products accounting for a substantial percentage of that figure.
Strategic relationships have been an important marketing approach. For example, in 2021, Abbott Laboratories collaborated with Babson Diagnostics to create a novel technology for extracting and analysing small quantities of blood with reduced patient discomfort, with the goal of improving the blood testing experience.
Product innovation is a top priority for blood testing companies. Siemens Healthineers, for example, has made significant investments in AI-based blood testing technologies. The company's Atellica Solution, an AI-powered laboratory diagnostics platform, has been well received, with over 3,000 units sold internationally by 2022.
Future market opportunities include growing rivalry in the development of non-invasive and minimally invasive blood testing technologies. Companies such as Seventh Sense Biosystems and Tasso Inc. are developing cutting-edge blood collection technologies that have the potential to disrupt standard blood draw procedures and change the future landscape of the blood testing industry.
Analyst Opinion:
The blood testing industry is undergoing a change, propelled by technology improvements and a trend towards personalised medicine. The use of AI and machine learning in blood analysis is predicted to significantly improve diagnostic accuracy and efficiency, potentially leading to earlier illness identification and more personalised treatments.
The progress of liquid biopsy technology for cancer detection and monitoring is a particularly interesting topic to follow. These novel blood tests can detect circulating tumour DNA and cells, providing a less intrusive alternative to standard tissue biopsies. As research in this field continues, we should expect a considerable impact on cancer diagnosis and therapy monitoring, perhaps altering oncology practices in the next years.
Major Players:
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F. Hoffmann-La Roche Ltd
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Abbott Laboratories
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Siemens Healthineers
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Becton, Dickinson and Company
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Danaher Corporation
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Thermo Fisher Scientific Inc.
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Sysmex Corporation
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bioMérieux SA
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Ortho Clinical Diagnostics
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Bio-Rad Laboratories, Inc.
Key Developments:
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Roche will introduce the cobas 5800 System in July 2023, a cutting-edge molecular diagnostics platform aimed to improve blood testing efficiency in small to medium-sized laboratories.
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Abbott gained FDA approval in March 2023 for their Alinity m STI Assay, a multiplex blood test that detects and distinguishes four common sexually transmitted illnesses from a single patient specimen.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. F. Hoffmann-La Roche Ltd
5.2. Abbott Laboratories
5.3. Siemens Healthineers
5.4. Becton, Dickinson and Company
5.5. Danaher Corporation
5.6. Thermo Fisher Scientific Inc.
5.7. Sysmex Corporation
5.8. bioMérieux SA
5.9. Ortho Clinical Diagnostics
5.10. Bio-Rad Laboratories, Inc. (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Rising adoption of point-of-care testing transforming blood diagnostics
6.1.2. Development of liquid biopsy technologies for cancer detection
6.1.3. Integration of AI and machine learning in blood analysis
6.2. Market Drivers
6.2.1. Increasing prevalence of chronic diseases fueling demand for blood tests
6.2.2. Technological advancements in blood testing methods
6.2.3. Growing focus on preventive healthcare and regular health check-ups
6.3. Market Restraints
6.3.1. Stringent regulatory requirements and reimbursement issues impacting market growth
6.3.2. Concerns over data privacy and security in digital blood testing platforms
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TEST TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Complete Blood Count
7.1.1. Red blood cell count
7.1.2. White blood cell count
7.2. Basic Metabolic Panel
7.2.1. Glucose test
7.2.2. Electrolyte tests
7.3. Lipid Panel
7.3.1. Total cholesterol
7.3.2. Triglycerides
7.4. Thyroid Function Tests
7.4.1. TSH test
7.4.2. T4 test
7.5. Enzyme Tests
7.5.1. Liver enzyme tests
7.5.2. Cardiac enzyme tests
8. BY TECHNOLOGY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Hematology Analyzers
8.1.1. Automated hematology analyzers
8.1.2. Semi-automated hematology analyzers
8.2. Immunoassay Analyzers
8.2.1. Chemiluminescence immunoassay
8.2.2. Enzyme-linked immunosorbent assay
8.3. Clinical Chemistry Analyzers
8.3.1. Automated chemistry analyzers
8.3.2. Semi-automated chemistry analyzers
8.4. Molecular Diagnostics
8.4.1. PCR-based methods
8.4.2. Next-generation sequencing
9. BY END-USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Hospitals
9.1.1. Hospital laboratories
9.1.2. Emergency departments
9.2. Diagnostic Centers
9.2.1. Independent diagnostic laboratories
9.2.2. Imaging centers
9.3. Clinics
9.3.1. General practitioner clinics
9.3.2. Specialty clinics
9.4. Research Laboratories
9.4.1. Academic research laboratories
9.4.2. Pharmaceutical research laboratories
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Test Type:
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Complete Blood Count
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Basic Metabolic Panel
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Lipid Panel
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Thyroid Function Tests
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Enzyme Tests
By Technology:
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Hematology Analyzers
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Immunoassay Analyzers
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Clinical Chemistry Analyzers
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Molecular Diagnostics
By End-user:
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Hospitals
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Diagnostic Centers
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Clinics
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Research Laboratories
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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