Blood Testing Market Size, Share & Trends Analysis Report By Test Type (Glucose, Lipid, COVID-19, A1C, CRP, Vitamin D, ALT, AST, TSH, PSA, Cortisol, Creatinine, BUN, Direct LDL, Testosterone), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global blood testing market size was valued at USD 73.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028. Growing medical spending by the government and regulatory bodies is expected to drive the market during the forecast period. Government and key organizations are constantly engaged in encouraging patients to undergo regular diagnostic examinations.

Multinational healthcare organizations aid in the discovery of novel techniques and promote awareness about the eradication and diagnosis of common as well as chronic disorders. Robust external funding to the clinical studies conducted for the development of novel innovative diagnostic tests is expected to boost the market. The introduction of constructive regulatory parameters that aim to promote the usage of POC testing is a high-impact rendering driver of the market.

Regulatory bodies such as FDA, Centers for Medicare and Medicaid Services (CMS), and Federal Trade Commission play an important role in the regulation of diagnostic tests. These bodies have undertaken initiatives to commercialize Clinical Laboratory Improvement Amendments (CLIA) compliant diagnostic tests that can aid in early disease detection. The introduction of CLIA in the U.S. is expected to boost usage rates of blood tests during the forecast period.

A continuous rise witnessed in the prevalence of chronic diseases along with high demand for rapid products for assessment of health conditions is expected to offer the market a significant momentum in the coming years. This is expected to provide lucrative opportunities to operational entities as blood testing is integral for the regular monitoring of diseases. Moreover, to provide swift services, clinics, hospitals, and other healthcare facilities are providing advanced tests. An exponential rise in the number of COVID-19 cases globally is boosting the demand for large-volume diagnostic testing.

Rapid diagnosis, effective treatment options, and future prevention plans are essential in the management of COVID-19. The current race for the development of test kits that are cost-effective and offer point-of-contact detection of coronavirus infection has led to rapid innovation in diagnostics. In July 2020, doctors in Washington examined blood for people affected with COVID-19 for identification of patients that are at great risk to encounter severe illness and to isolate the one who might need a ventilator during treatment.

Test Type Insights

The glucose testing segment dominated the market for blood testing and accounted for the largest revenue share of 28.7% in 2020. This can be attributed to the high market penetration of these tests in the global market. COVID-19 pandemic outbreak is expected to offer profitable opportunities to key operational entities for expansion of business expansion and innovative product offerings pertaining to glucose monitoring. For instance, DarioHealth Corp. announced in May 2020 that its Self-test Blood Glucose Meters have been granted U.S. FDA approval, for use in hospitalized diabetic patients.

Technological advancements in these glucometers, such as wireless connectivity and Bluetooth capabilities, further boost the adoption of these products in the market. iHealth Smart, iHealth Align, Dario Health Smart Meter, Glooko are some of the examples of smart glucose monitoring products. Companies such as LabCorp America, Mayo Clinic, and Quest Diagnostics are some of the major service providers in this market. Consumables required for glucose testing include test strips, lancets, syringe, diabetes testing kits, and other.

A1C testing is anticipated to witness lucrative growth through the study period. A1C testing also known as glycated hemoglobin testing is expected to witness significant market growth owing to high convenience. This is a relatively simple blood test that depicts average blood sugar level, aiding in the diagnosis of diabetes and monitoring of diabetes treatment. The tests are of significant use in Point Of Care (POC) diagnosis as they provide a long-term gauge of blood glucose control. Rapid or over-the-counter tests along with prescription tests are available in the market for monitoring glycated sugar levels in the blood using POC testing devices.

The outbreak of the SARS-CoV-2 virus around the world has fueled the global market for blood testing. Several market players are currently engaged in or have developed a serology test/COVID-19 antibody test that uses a blood sample from the suspected individual. Major market players, such as Abbott Laboratories; Beckman Coulter, Inc.; Bio-Rad Laboratories, Inc.; Biocan Diagnostics, Inc.; bioMérieux SA; and Cellex, Inc., have established strong market presence for their products, which has led to segment growth.

Regional Insights

North America dominated the blood testing market and accounted for the largest revenue share of over 43.0% in 2020. A rise in the number of strategic initiatives being undertaken by government bodies and market players to increase plasma donations across the region is one of the factors expected to fuel the market growth. Blood donation centers across the country are increasing their efforts to collect plasma from individuals who have recovered from the disease.

A few sites such as the New York Blood Center, the American Red Cross, AABB, America’s Blood Centers, Armed Services Blood Program, and Blood Centers of America are engaged in collecting plasma and providing information regarding plasma donations. The rising number of blood donations is further anticipated to fuel the demand for testing products for pre-and post-transplant procedures

In Asia Pacific, the market for blood testing is anticipated to witness the fastest CAGR over the forecast period. The rising prevalence of chronic diseases in developing countries such as India and China is a major factor propelling the market growth. In addition, several multinational companies are investing heavily in this region. For instance, in October 2020, Siemens Healthineers announced to expand its COVID-19 and molecular assays manufacturing capacity in India. This new facility in Vadodara, Gujarat will develop antigen, antibody (serology testing), and RT PCR tests for COVID-19 in India.

Continuous research activities in developed Asian economies, such as Japan, are expected to fuel growth. In September 2020, researchers from the National Center for Global Health and Medicine, Japan developed a blood test that could provide early warning for serious COVID-19 cases. The tests have been deployed for 500 prototype machines to check their effectiveness. Such initiatives boost the growth of the Asian market.

Key Companies & Market Share Insights

Market players are involved in the development and launch of novel products to increase their market presence. For instance, in April 2020, the company launched its third COVID 19 test, which is a laboratory-based antibody blood test that helps in detecting the antibody IgG. This launch has expanded Abbott’s molecular tests segment, increasing segment revenue. Some of the prominent players in the blood testing market include:

• Abbott

• F. Hoffmann-La Roche AG

• Bio-Rad Laboratories, Inc.

• bioMerieux SA

• Quest Diagnostics

• Biomerica, Inc.

• Becton, Dickinson and Company

• Siemens Healthineers

• Danaher Corporation

• Trinity Biotech Plc

Blood Testing Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global blood testing market report on the basis of test type and region:

• Test Type Outlook (Revenue, USD Million, 2017 - 2028)

  • Glucose

  • A1C

  • Direct LDL

  • Lipid panel

  • Prostate-specific antigen

  • COVID-19

  • BUN testing

  • Vitamin D

  • Thyroid-stimulating hormone

  • Serum Nicotine / Cotinine

  • High sensitivity CRP

  • Testosterone

  • ALT

  • Cortisol

  • Creatinine

  • AST

  • Other tests

•  Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • Russia

    • Turkey

  • Asia Pacific

    • China

    • Japan

    • India

    • Indonesia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa (MEA)

    • South Africa

    • Nigeria