Dublin, Nov. 10, 2020 (GLOBE NEWSWIRE) -- The "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 has been added to ResearchAndMarkets.com's offering.
The global blood testing market size is expected to reach USD 84.7 billion by 2027. The market is expected to expand at a CAGR of 6.6% from 2020 to 2027.
A rise in the demand for early detection of diseases is anticipated to propel market growth.
The market is anticipated to witness lucrative growth owing to the rising demand for point-of-care facilities for blood tests. The shortened length of stay at hospitals and reduced contact between patient and concerned physicians coupled with the rise in outpatient services have increased the demand for blood testing services.
Rising demand for early detection, especially in the case of cardiovascular and endocrinology-based diseases, is expected to drive the market during the forecast period. Other drivers include the growing global geriatric population and the introduction of various innovative solutions that enable faster and accurate diagnosis by employing blood screening methods.
Blood Testing Market Report Highlights
- Glucose testing dominated the market in 2019 owing to higher sales of these tests in comparison with the other segments
- Higher adoption of at-home glucose tests is anticipated to increase revenue generation in the market
- High incidence of type I and type II diabetes coupled with the rising risk of hereditary diabetes is among the factors responsible for the higher share of this segment
- Furthermore, diabetes monitoring is carried out prior to any surgical intervention. This increases the usage rate of blood glucose tests
- The availability of glucose monitoring meters that are reusable and user-friendly also contributes to segment growth
- North America held the largest revenue share of 43.7% in 2019 and is expected to maintain its share during the forecast period
- Favorable government initiatives aimed at early disease diagnosis, the presence of well-established healthcare infrastructure, and the local presence of key service providers and instrument manufacturers such as Abbott Laboratories and Laboratory Corporation of America Holdings (LabCorp) in this region are some of the drivers of the market
- The Asia Pacific market is expected to witness the fastest CAGR of 8.3% from 2020 to 2027 due to the presence of high unmet diagnostic needs, rapidly rising patient awareness regarding point-of-care diagnostic technologies, and rising healthcare expenditure in India, China, and countries that lie in the region
- Growing medical tourism is also boosting the demand for patient monitoring using blood testing services. This positively impacts the blood-testing industry in the Asia Pacific
- The industry is driven by the presence of several large, mid-sized, and small companies.
- These players are involved in the development and launch of novel products to increase their footprint. For instance, in August 2020, Trinity Biotech Plc company filed a EUA for COVID 19 testing product-Covid-19 IgG ELISA antibody test-with the FDA
Key Topics Covered:
Chapter 1 Methodology and Scope
1.1 Research Assumptions
1.2 Research Methodology
1.3 Information Procurement
1.4 Information or Data Analysis
1.5 Market Formulation & Validation
1.6 Market Model
1.7 Global Market: CAGR Calculation
1.8 Objectives
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
2.3 Competitive Insights
2.4 Market Summary
Chapter 3 Blood Testing Industry Outlook
3.1 Market Trends & Outlook
3.2 Market Segmentation & Scope
3.3 Blood Testing Market Dynamics
3.3.1 Market driver analysis
3.3.1.1 Growing prevalence of target diseases
3.3.1.2 Growing demand for point-of-care tests
3.3.1.3 Implementation of favorable government initiatives & external funding for R&D activities
3.3.1.4 Introduction of CLIA waived tests
3.3.1.5 Rising demand for early disease detection
3.3.2 Market restraint analysis
3.3.2.1 Stringent regulatory and reimbursement policies
3.3.2.2 Limitations associated with blood testing
3.4 Penetration and Growth Prospect Mapping for Test Type (Top 5), 2019 (USD Million)
3.5 Impact of COVID-19 Pandemic on Blood Testing Market
3.6 Business Environment Analysis
3.6.1 SWOT Analysis; By factor (Political & Legal, Economic and Technological)
3.6.2 Porter's Five Forces Analysis
Chapter 4 Test Type Movement Analysis
4.1 Blood Testing Market: Test Type Movement Analysis
4.2 Glucose Testing
4.2.1 Market estimates and forecast, 2016-2027 (USD Million)
4.3 A1C Testing
4.4 Direct LDL Testing
4.5 Lipid Panel Testing
4.6 Prostate-Specific Antigen Testing
4.7 COVID-19 Testing
4.8 BUN Testing
4.9 Vitamin D Testing
4.10 Thyroid Stimulating Hormone (TSH) Testing
4.11 Serum Nicotine/Cotinine Testing
4.12 High Sensitivity CRP Testing
4.13 Testosterone Testing
4.14 ALT Testing
4.15 Cortisol Testing
4.16 Creatinine Testing
4.17 AST Testing
4.18 Other Blood Tests
Chapter 5 Regional Business Analysis
5.1 Blood testing Market: Regional Movement Analysis
Chapter 6 Company Profiles
6.1 Company overview
6.2 Financial Performance
6.3 Product benchmarking
6.4 Strategic Initiatives
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/p00xvp
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.