Blood Testing Market Size, Share & Trends Analysis Report By Test Type (Glucose, Lipid, BUN, A1C, Vitamin D, ALT, AST, Thyroid Stimulating Hormone, PSA), By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global blood testing market size was valued at USD 50.9 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2020 to 2027. The growing prevalence of target diseases such as COVID-19, diabetes, and cardiovascular diseases is expected to drive the market at a significant rate. Cardiovascular diseases are among the most fatal disorders and the leading cause of death across the globe. They have become the leading cause of mortality and morbidity in the world in the last three decades. According to a report published by the WHO, cardiovascular diseases account for 17.9 million deaths annually. Moreover, the global prevalence of diabetes is increasing, thus widening the patient pool for glucose testing. According to the International Diabetes Federation, the prevalence of diabetes is expected to increase from 463.0 million people in 2019 to 578.0 million by 2030 and 700.0 million by 2045.

Rising external funding to conduct clinical studies for developing novel innovative diagnostic tests is expected to boost the market for blood testing. In September 2019, DiaMonTech, Berlin raised USD 8.3 million (EUR 1 = USD 1.19) funding to develop a non-invasive blood glucose measurement test. Other startups, such as Livongo, DexCom, BeatO, JanaCare, Senseonics, Sano Intelligence, FeetMe, Bluedrop Medical, Intuity Medical (POGO), and Telcare, have also raised funding for the development of glucose monitoring systems.

A rise in the demand for Point-of-Care (POC) diagnostic tests is anticipated to propel market growth. POC tests allow medical professionals to achieve accurate lab-quality, real-time diagnostic results within a few minutes. Portable blood analyzers have streamlined the diagnostic process and assisted physicians in providing efficient and effective treatments in a faster manner. Moreover, continuous advancements in POC systems are contributing to the rising demand for POC blood testing.

POC testing can potentially improve economic savings in general practices and hospitals operating in remote locations. Moreover, other advantages offered by POC tests such as efficiency, speed of diagnosis and treatment, specimen stability and ease of handling, portability, and improved patient outcomes over laboratory tests are anticipated to increase revenue generation in the market.

A constant rise observed in the prevalence of chronic disorders coupled with an increase in the demand for quick solutions to analyze health conditions is anticipated to boost the demand for regular disease diagnosis. This, in turn, will provide growth opportunities to market players as blood testing is an important way of regularly monitoring diseases.

Moreover, to provide swift services, clinics, hospitals, and other healthcare facilities are providing advanced tests. Improvements in technology and the introduction of economically viable, high-quality medical solutions aimed at achieving lab automation are expected to enhance usage rates of blood testing services, consequently influencing industrial growth.

Test Type Insights

Glucose testing dominated the blood testing market and accounted for the largest revenue share of 24.2% in 2019. The revenue share was valued at USD 13.1 billion in 2019. This is due to the awareness programs conducted by various diabetes associations coupled with the presence of a number of local and established players in this segment. These players provide several POC and portable meters for blood glucose monitoring which increases revenue generation in the market for blood testing.

The COVID-19 pandemic has encouraged major market players to focus on the development of new innovative products for blood glucose monitoring. For instance, in May 2020, DarioHealth Corp. announced that the FDA has approved the use of self-test blood glucose meters by hospitalized patients with diabetes. This was intended to limit the exposure to the COVID-19 virus by self-checking of blood glucose levels by hospitalized patients and providing information to healthcare personnel.

A1C testing is the fastest-growing segment of the market for blood testing. The adoption of A1C testing is anticipated to rise as A1C has higher pre-analytical stability, and considerable analytical variability when compared to blood glucose. In addition, initiatives taken by key players and communities to increase the efficiency and adoption of A1C tests are attributive to segment growth.

In October 2020, Coastal Bend Community Foundation (CBCF), U.S. announced to provide A1C testing to uninsured patients with the help of the Mayor's Disaster Relief Fund. The initiative was launched as a preventive step to manage the COVID-19 outbreak and also included the distribution of flu shots, COVID testing, and blood pressure checks.

Similarly, in July 2020 ALR Technologies Inc. launched ALRT Prediabetes Solution, a comprehensive diabetes management platform that has the ability to track patients and send them regular reminders for their A1C tests according to payer protocols. The ALRT Prediabetes Solution also offers educational videos and supplemental content for the management of diabetes. The introduction of similar platforms is anticipated to increase the adoption of A1C tests and thereby enhance segment growth.

Regional Insights

North America dominated the market for blood testing and accounted for the largest revenue share of 43.8% in 2019. 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 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

The Asia Pacific market is anticipated to witness the fastest CAGR by 2027. 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 are likely to boost the growth of the market in the region.

Key Companies & Market Share Insights

The key players are involved in the development and launch of novel products to increase their market presence. For instance, in September 2020, Roche partnered with SD Biosensor Inc. to launch the SARS-CoV-2 Rapid Antigen Test before the end of September in CE mark regulated markets. The company has also planned to file Emergency Use Authorisation (EUA) with the FDA. In addition, Roche and SD Biosensor had also launched a rapid antibody test for COVID-19 in July 2020. Some of the prominent players in the blood testing market include:

• Abbott Diagnostics

• Bio-Rad Laboratories Inc.

• Roche Diagnostics

• Quest Diagnostics

• Danaher Corporation

• Becton Dickinson & Company

• Biomerica, Inc.

• bioMérieux S.A.

• Siemens Healthcare

• 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 2016 to 2027. 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, 2016 - 2027)

  • Glucose

  • A1C

  • Direct LDL

  • Lipid panel

  • Prostate-specific antigen

  • COVID-19

  • BUN

  • Vitamin D

  • Thyroid-stimulating hormone

  • Serum Nicotine / Cotinine

  • High sensitivity CRP

  • Testosterone

  • ALT

  • Cortisol

  • Creatinine

  • AST

  • Other tests

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • Russia

    • Turkey

  • Asia Pacific

    • China

    • Japan

    • India

    • Indonesia

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa (MEA)

    • South Africa

    • Nigeria