Blood Testing Market Demand Analysis 2021 Growth Statistics, Revenue Estimates, COVID-19 Impact, Industry Size, Global Share, Emerging Trends, Top Leading Players with Development Strategies and Forecast 2026

Report Ocean presents a new report on Blood Testing Market size, share, growth, industry trends, and forecast 2026, covering various industry elements and growth trends helpful for predicting the market’s future. The worldwide blood testing market is anticipated to reach USD 65,464.3 million by 2026. In 2017, the glucose testing segment dominated the global market, in terms of revenue, whereas geographically, North America accounted for the majority share in the global blood testing market.

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In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Blood Testing Market report 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.

The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.

This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth. 

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Increasing dependency of doctors on blood-based diagnosis to ensure reliable and rapid treatment, along with rapidly growing geriatric population are the major factors which drives the blood testing device market. Moreover, surge in the demand for blood donations and organ donors, and increasing awareness about the safety of donated blood further increase the market growth. The other key factors enhancing the global market growth include multiplying prevalence of infectious diseases such as bacterial and viral diseases and other health-related disorders such as HIV, cancer, thyroid, and genetic disorders, and the exponential increase in the number of point of care (POC) testing. Use of self-testing products and home diagnostic tests, blood testing in under-developed countries, and research and development for developing new testing technologies further provide growth opportunities for the blood testing market in the forecast period.

In the era of rapid and effective medical treatments, physicians and other medical personnel are dependent on various types of laboratory testing in order to make an accurate diagnosis and carry out subsequent treatment measures. Thus, increasing reliance on physicians for blood-based diagnosis to ensure reliable and rapid treatment procedures are the factors anticipated to enhance the blood testing market in the forecast period. Generally, the elderly population who are susceptible to age-related diseases such as diabetes and cardiovascular diseases require more frequent blood testing. Furthermore, the elderly population undergoes complex surgical procedures such as dialysis, joint replacements and cancer therapies which requires blood transfusions. These factors are anticipated to bolster the demand for blood testing in the upcoming years.

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Recent times have witnessed an increase in the prevalence of infectious diseases such as bacterial and viral diseases, and other disorders such as HIV, cancer, thyroid, and genetic disorders in all age groups and population. Blood testing plays a vital role in the identification of the causative agents of these diseases and disorders thereby boosting the growth of this market. Also, the growing number of POC testing has led to the increased growth of the market.

Asia Pacific is anticipated to grow at the highest CAGR during the forecast period owing to the increasing economic growth in developing economies such as India, China and Japan. Various factors governing the growth in this region include large patient pool, increasing ageing population, rising standard of living, high disposable income, increasing health awareness, and improving medical facilities. Furthermore, global players are tapping into these countries, which in turn are expected to boost the market growth.

The different types of blood testing include glucose testing, lipid profile, liver function tests, prostate specific antigen, hormones, blood urea nitrogen, high-sensitivity c-reactive protein, thyroid stimulating hormone, serum nicotine/cotinine and others. The glucose testing segment is expected to dominate the market during the forecast period due to increasing population of diabetic patients and changing lifestyles. Blood glucose testing is conducted by both laboratories and point of care testing.

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The major market players profiled in the report include Abbott Laboratories, Alere, Inc., Becton Dickinson and Company, Bio-Rad Laboratories, Beckman Coulter, bioMérieux SA, Biomerica Inc., Bruker Corporation, Nanosphere Inc., Nipro Diagnostics, Roche Diagnostics, Siemens AG, Thermo Fisher Scientific Inc. and Trinity Biotech PLC among others. These market players have adopted various strategies such as merger & acquisitions, novel product development, and venture capital investments among others to expand their foothold and increase their customer base.

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What are the aspects of this report that relate to regional analysis?

 The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.

Reports on the market include the growth rates of each region, which includes their countries, over the coming years.

How are the key players in the market assessed?

This report provides a comprehensive analysis of leading competitors in the market.

The report includes information about the key vendors in the market.

The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.

The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.

A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.

What is the key information extracted from the report?

Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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