Blood Testing Market Size was valued at USD 101.15 Billion in 2023. The Global Blood Testing industry is projected to grow from USD 110.49 Billion in 2024 to USD 205.68 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.15% during the forecast period (2024 - 2032).Growing medical spending by the government and regulatory bodiesare the key market drivers enhancing market growth.
There may be a greater need for all-encompassing blood testing options due to the incidence of NCDs. Having more people get sick from infections is good for business. The rising prevalence of chronic diseases is a major factor in the market's CAGR. Growth in the market could be spurred by the increasing incidence of infectious disorders such diabetes, COVID-19, and cardiovascular disease.
The need for blood donations also rises in tandem with the rising cancer patient population. Blood and platelets are essential for patients undergoing chemotherapy, blood transfusions, or surgical procedures for cancer. Therefore, there will likely be a greater demand for diagnostic blood testing.
Health organizations on a global scale help in the search for new treatments and raise public consciousness about the importance of early identification and treatment of both common and chronic diseases. The market is anticipated to grow as a result of robust external funding for clinical trials leading to the creation of novel breakthrough diagnostic tests. High-impact rendering market drivers include the establishment of positive regulatory parameters that aim to boost the use of POC testing.
February 2024, Becton Dickinson has launched a new blood collection device that links with its digital health platform, enabling real-time monitoring and analysis of patient samples.
January 2024, Novartis Diagnostics has announced a new collaboration with a top technology company to improve its blood testing capabilities through AI. The partnership is intended to increase diagnostic accuracy and speed for a variety of blood-related illnesses.
July 2023:By the end of 2024, Identifai, an Israeli medical firm, may have commercialized a noninvasive test for genetic abnormalities, which could alleviate some of the associated anxiety during pregnancy. An ideal prenatal test would be a blood test that could detect genetic diseases as early as possible in pregnancy, with accuracy on par with amniocentesis. Furthermore, despite the test's ease of use and lack of invasiveness, it is still a screening tool used to anticipate risk, and not a diagnostic test.
According to the World Health Organization report, cardiovascular disease is the leading cause of most deaths (17.9 million) associated with NCD, followed by malignant disease, respiratory disease and diabetes. The prevalence of NCDs may increase the demand for comprehensive blood testing solutions. Increasing the number of people suffering from pathogens will boost the industry. The market CAGR is driven by an increase in chronic diseases related to health assessment. The rising prevalence of infectious diseases such as diabetes, COVID-19, and cardiovascular disease may boost the market growth. In addition, as the number of cancer patients increases, the demand for blood donations increases. Cancer patients need blood and platelets during chemotherapy, blood replacement, and surgery. As a result, the need for screening blood tests is expected to increase. For instance, as per the national diabetes statistics report in 2020, 34.2 million people approximately or about 10.5% of the United States population, have diabetes. Type 1 diabetes consists about 5.2% of all detected cases of diabetes, affecting approximately 1.6 million people in the United States.
Figure 1: Growing prevalence of NCDs globally from 2002-2017 (in %)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Launching technologically advanced blood tests in the country will also positively contribute to market growth. For instance, in August 2021, Smart Meter launched an iGlucose monitor for managing gestational diabetes. iGlucose offers an reliable and easy way to monitor, test, and manage blood glucose levels, confirming that all care suppliers have rapid access to testing results.
However, the lengthy regulatory process and lack of understanding regarding developing new blood testing technologies and processes may hinder the the Blood Testing market revenue.
Based on Test Type, the market segmentation of Blood Testing includes Complete Blood Count, Blood Chemistry Tests, and Enzyme Tests. The complete blood count Blood Testing segment held the majority share in 2021 with respect to the Blood Testing market revenue. The growth is being fueled to look at overall health and find various conditions, including anemia, infection and leukemia. Increased chronic disease will further help create demand in this segment. The growing burden of chronic diseases, rising demand for home healthcare, the introduction of advanced technology-enabled products, implementation of favorable government initiatives and rising research and development expenditures on developing blood tests is expected to drive the market.
The Blood Testing industry, based on disease, includes Anemia, infection, and Leukemia. The infection segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032, due to the increasing number of chronic and infectious diseases. The World Health Organization (WHO) said in January 2022 that an estimated 100-400 million dengue infections occur worldwide each year. Early detection of severe dengue-related disease progression and access to appropriate medical care can reduce severe dengue mortality to less than 1%. Therefore, the reduction in mortality due to early diagnosis of the disease will increase the demand for timely diagnosis and drive the market. It is among the major factors for the same. Hence, rising Disease options for blood testing positively impact the market growth.
The blood testing market segmentation, based on Method, includes manual and automated. The complete blood count blood testing segment held the majority share in 2022 with respect to the market revenue of blood testing, primarily owing to the growing integration of software in the laboratory for managing large sample sizes is one of the major factors propelling market development.
The blood testing market data has been bifurcated by application in hospitals and diagnostic centers. The hospital's segment dominated the market in 2022, and the terminal side segment is anticipated to be the faster-growing segment during the forecast period, 2024-2032. The ascendency of this segment is due to its fast service. Clinics, hospitals and other medical facilities offer advanced testing. The exponential growth of COVID-19 cases worldwide has increased the demand for large-scale diagnostic testing..
May 2020:DarioHealth Corp. announced that its Self-test Blood Glucose Meters had been approved U.S. FDA approval for use in hospitalized diabetic patients.
Figure 2: Blood Testing Market, by End-User, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
July 2023,Quest Diagnostics introduced the first DTC blood test for beta amyloid, a critical Alzheimer's protein that can be present years before symptoms of dementia develop. The news comes after Leqembi, a medicine developed by Eisai and its partner Biogen to clear amyloid from the brain and delay the progression of Alzheimer's in early-stage patients, received full regulatory approval in the United States earlier this month. The FDA has not reviewed the Quest lab-designed test because it was developed and is administered in a single lab. As long as the test is ordered by a doctor, the FDA usually doesn't look into it.
July 2023,SiPhox Health, a Silicon Valley, California-based silicon photonics firm, revealed it had secured USD 27 million in investment. Khosla Ventures and Y Combinator led a USD 10 million seed fundraising round, while Intel Capital led a USD 17 million Series A round, both with participation from other investors. The funds raised will be used to hire more people to help the company gain FDA approval for the SiPhox Home platform. The business claims that its SiPhox Home device, which requires only a finger prick for blood collection, will be able to perform a wide variety of protein and hormone assays
By region, the study offers market insights into Asia-Pacific, Europe, North America, and Rest of the World. The North America Blood Testing market accounted for USD 40.991 billion in 2022 and is anticipated to exhibit a significant CAGR growth during the study period. This is attributed to increasing strategic initiatives by government agencies and market players to increase plasma donations across the region, which is one of the factors expected to drive market growth. Blood centers across the country are increasing efforts to collect plasma from people who have recovered from illness. In addition, the US market of blood testing accounted for the largest market share, while the Canadian market of blood testing was the fastest growing market in the North America region.
Further, the key countries studied in the market report are: The U.S, Canada, UK, Italy, Spain, Germany, France, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: BLOOD TESTING MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Blood Testing market accounts for the second-largest market share due to the rising number of blood donations is further expected to drive demand for testing products for pre and post-transplant procedures to drive the market growth. Furthermore, various initiatives undertaken by governmental bodies to accelerate the market of blood testing enhance their capabilities and boost their position in the market. Moreover, the UK market of blood testing held the largest market share, and the Germany market of blood testing was the fastest-growing market in Asia-Pacific.
The Asia-Pacific Blood Testing Market is anticipated to increase at the fastest CAGR from 2024 to 2032 due to the Increasing occurrence of chronic diseases in developing countries such as China and India is the main factor driving the market growth. Additionally, several multinational companies have invested heavily in the region. Moreover, the China market of blood testing held the largest market share, and the India market of blood testing was the fastest-growing market in Asia-Pacific.
Blood Testing Key Market Players & Competitive Insights
Key market players are spending a lot of money on research & development to increase their product lines, which will help the market growth of blood testing. Market players are also taking various strategic initiatives to expand their presence, with key market developments such as contractual agreements, increased investments, new product launches, mergers and acquisitionsand collaboration with other organizations. Competitors in the Blood Testing industry must offer cost-effective products and services and survive in an environment of increasing competition and expanding markets..
One of the key business strategies manufacturers adopt in the Blood Testing industry to benefit clients and expand the market sector is increasing investment in R&D to enhance solutions and services. In recent years, the blood testing industry has provided transparency and reduced disruptions in the supply chain. The Blood Testing market major player such as Novartis Diagnostics (U.S.), Becton Dickinson & Company (U.S.), Biomerica Inc. (U.S.), Cepheid Corporation (U.S.), Meridian Bioscience, Inc. (U.S.), Trinity Biotech (U.S.), Bio-Rad Laboratories Inc. (U.S.), Siemens Healthcare (Germany), Grifols (Spain), Nanosphere Inc. (U.S.), bioMérieux (France), Roche Diagnostics (Switzerland), Alere Inc. (U.S.), Bruker Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.) Beckman Coulter (U.S.), Cardinal Health (U.S.), Danaher Corporation (U.S.), Trividia Health (U.S.), and others are working on expanding the market demand by investing in research and development activities.
Siemens Healthineers is a German medical device company. It is the parent company of numerous medical technology companies. In October 2020, Siemens Healthineers announced an expansion of its COVID-19 and molecular assay industrial capacity in India. This innovative facility will develop antibody (serology testing), antigen, and RT PCR tests for COVID-19 in in Vadodara, Gujarat.
Becton, Dickinson and Company (also known as BD) is an American manufacturer of multinational medical technology company and markets medical devices, device systems and reagents. BD also offers consulting and analytical services in certain geographies. For instance, in March 2020, BD and BioMedomics announced the release of an point-of-care test that can identify antibodies in blood to check past exposure or current to COVID-19 in less than 15 minutes.
Key Companies in the Blood Testing market includes
Blood Testing Industry Developments
October 2020: Siemens Healthineers has announced the shipping worldwide of a laboratory-based total antibody test for the discovery of IgM and IgG antibodies to SARS-CoV-2 in blood. Total antibody testing can identify patients who have developed an adaptive immune response.
November 2020: BioMerieux launched CLARION, a software-as-a-service (SaaS) solution for diagnosing infectious diseases and connecting the diagnostic data in the United States. Developments such as these are expected to impact industry dynamics positively.
Complete Blood Count
Blood Chemistry Tests
Enzyme Tests
Manual
Automated
Hospitals
Diagnostic Center
North America
Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 101.15 billion |
| Market Size 2024 | USD 110.49 billion |
| Market Size 2032 | USD 205.68 billion |
| Compound Annual Growth Rate (CAGR) | 7.15% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Test Type, Disease, Method, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Novartis Diagnostics (U.S.), Becton Dickinson & Company (U.S.), Biomerica Inc. (U.S.), Cepheid Corporation (U.S.), Meridian Bioscience, Inc. (U.S.), Trinity Biotech (U.S.), Bio-Rad Laboratories Inc. (U.S.), Siemens Healthcare (Germany), Grifols (Spain) |
| Key Market Opportunities | Technological advancement in blood tests to Aid Market Growth. |
| Key Market Dynamics | The growing prevalence of NCDs will fuel the adoption of complete blood count tests. Increase in chronic disease to boost the market growth. |
Blood Testing Market Highlights:
Frequently Asked Questions (FAQ) :
The market size of blood testing was valued at USD 101.15 Billion in 2023.
The market is projected to grow at a CAGR of 7.15% during the forecast period 2024-2032.
North America had the leading share of the market
The key players in the market are Novartis Diagnostics (U.S.), Becton Dickinson & Company (U.S.), Biomerica Inc. (U.S.), Cepheid Corporation (U.S.), Meridian Bioscience, Inc. (U.S.), Trinity Biotech (U.S.), Bio-Rad Laboratories Inc. (U.S.), Siemens Healthcare (Germany), Grifols (Spain), Nanosphere Inc. (U.S.), bioMérieux (France), Roche Diagnostics (Switzerland), Alere Inc. (U.S.), Bruker Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.) Beckman Coulter (U.S.), Cardinal Health (U.S.), Danaher Corporation (U.S.), Trividia Health (U.S.), and others.
The complete blood count Blood Testing blood testing category dominated the market in 2022.
Infection Disease had the largest share in the market.
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Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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