The global blood testing market size was estimated at USD 51.5 billion in 2015. Confluence of influencing factors, such as accelerated disease R&D, rising prevalence of chronic disease, and consumerism; is anticipated to augment the scope of blood testing services throughout the forecast period. Also, notable maturity in diagnostic techniques that aimed at early disease detection is anticipated to foster the future market growth. Furthermore, there is perpetual growth of the data pool pertaining to the mechanism of chronic and rare conditions. This has enabled physicians, and patients to further understand the susceptibility to certain diseases, thereby driving adoption in this space.
Governments bodies are observed to encourage hospitals for reducing hospital-stays as well as expenses associated with it through promoting home healthcare and telemedicine. This has resulted in continuous introduction of portable home healthcare blood testing kits. Furthermore, government and pertinent organizations are constantly engaged in endeavors that are aimed to keep in check disease related healthcare expenditure.
These bodies are also encouraging patients to undergo regular diagnostic examinations in order to avoid the occurrence of chronic conditions. These factors are expected to boost revenue generation through prompting the population to undergo blood testing for early disease diagnostics. Moreover, the shift in government focus on disease prevention rather than treatment is expected to positively impact product sales up to certain extent.
Furthermore, a substantial number of CLIA waived blood tests are available in the space that can be effectively used within wide range of healthcare settings. This, in turn, has led to the growth in the blood testing practices at out-of-hospital setting such as home and physician's offices.
Companies are engaged in pooling their resources for development of novel diagnostics as an effort to find new sources of revenue generation. For instance, in January 2017, Quest Diagnostics launched Hepatitis B Virus Quantitative Test that helps in quantitative analysis of viral antigen in blood.
In addition, rising preference for minimally invasive diagnostic procedures amongst the population is anticipated to major ramifications on the commercialization of blood testing kits throughout the forecast period.
Blood testing involves the tests carried out on the blood sample withdrawn by pricking on the finger. These tests are either carried out in the laboratories or with the use of point-of-care tests. Out of all the test type, glucose testing held the major share in terms of revenue and volume owing to the relative higher adoption of these tests.
Rising incidence of Type I as well as Type II diabetes coupled with the growing cases of hereditary diabetes has also supported the growth of this segment in the past years. This is primarily due to the fact that regular glucose testing is of paramount importance for diabetic patients.
Introduction of portable glucose meters that can be used by the patients for routine checkup anywhere anytime has resulted in the significant share of this segment. Furthermore, diabetes monitoring is carried out prior to any surgical intervention for the patient with diabetes which consequently influences demand for these products.
Glycated hemoglobin (aka A1C testing) are expected to witness the fastest growth. One of the major factors which are expected to drive segment growth is that this test does not require any fasting and blood can be drawn for the test at any time of the day. This high convenience rate associated with this blood test type is expected to boost adoption in this segment.
Other major tests offered in the space include lipid panel testing, direct LDL testing, prostate-specific antigen testing, BUN testing and A1C testing. These tests are useful for providing the insights for the assessment of the general heath of the patient and screening for certain genetic conditions. Rise in R&D with respect to the development of point of care tests that can enable blood screening for the presence of several infections is attributive for projected growth in this industry.
In 2015, North America dominated the global blood testing market with respect to revenue generation. Key factors attributing to the growth of the market include constantly increasing geriatric population, advanced technological facilities and introduction of advanced technologies for the POC blood tests.
U.S. is recognized as home to several prominent players operating in the space. This, in turn, has resulted in the highest turnover in this regional market. In addition, government initiatives and CLIA waiver on POC testing devices are estimated to be important factors pertaining to increasing acceptance levels for these devices in this region.
Asia Pacific is expected to grow at the lucrative pace due to the presence of untapped market potential and growing awareness amongst the population regarding early disease detection tests. Furthermore, increase in a number of government schemes to curb the rising healthcare expenditures in emerging economies is expected to drive the regional market growth.
Some of the major players operating in this space are Abbott/Alere; Bio-Rad Laboratories Inc.; F. Hoffmann-La Roche Ltd; Quest Diagnostics; Danaher (Beckman Coulter Inc. and Radiometer); Becton Dickinson & Company; Biomerica, Inc.; BioMerieux S.A.; Siemens Healthineers; Trinity Biotech PLC; and Nipro Diagnostics/Trividia Healthcare.
These participants are involved in strategic merger & acquisitions in order to strengthen their market presence through expansion of product portfolio. For instance, in October 2017, Abbott completed Alere acquisition. Similarly, in April 2016, Abbott acquired St. Jude Medical. These acquisitions are anticipated to help company in enhancing their offerings, thus influencing market growth.
Furthermore, these companies are geared to receive clearance from regulatory authorizations, such as FDA, to accelerate the commercial access of their market. For instance, in April 2015, Abbott announced the FDA clearance for its new meter, FreeStyle Precision Neo blood glucose monitoring system, this approval is anticipated to enhance the market presence of the company.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on latest industry trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the global blood testing market report on the basis of type, and region:
Test Type Outlook (Revenue, USD Million, 2013 - 2024)
Lipid panel testing
Direct LDL testing
Prostate specific antigen testing
High sensitivity CRP testing
Vitamin D testing
Thyroid stimulating hormone testing
Serum nicotine/cotinine testing
Other blood tests
Regional Outlook (Revenue, USD Million, 2013 - 2024)
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The most common concern for the governments of all Covid-19 hit nations is the excruciating need to screen for and test large numbers of patients for possible Sars-Cov-2 infection. As a result, most of them are facing major shortages in the supply for diagnostic kits to test for the virus. Diagnostics virology entities are under immense pressure to provide reliable testing kits, and there is a surge in demand for in-vitro or point-of-care testing capacities by labs across a large number of countries. The report will account for Covid19 as a key market contributor.