Blood Testing Market Size, Share, Industry Trends and Forecast to 2030

Blood Testing Market Size & CAGR in 2021

The global blood testing market is anticipated to have a CAGR of 5.2% from 2021 to 2028. As a result, the market is expected to reach USD 80.5 billion by 2028.

COVID-19 Impact on the Blood Testing Market

The COVID-19 pandemic has significantly impacted the blood testing market. With the increased focus on healthcare, rapid testing kits, and diagnostics, the market witnessed a surge in demand for blood testing services.

Many healthcare facilities had to increase their testing capacities to accommodate the rising number of patients seeking COVID-19 testing. This led to a higher utilization of blood testing equipment and services, driving the market growth during the pandemic.

Blood Testing Dynamics

The blood testing market is influenced by factors such as technological advancements in testing methods, increasing prevalence of chronic diseases, growing awareness about preventive healthcare, and rising healthcare expenditure globally.

Additionally, the shift towards personalized medicine and the development of innovative testing solutions are driving the growth of the blood testing market.

Segments and Related Analysis

The blood testing market can be segmented based on test type, end-user, and region. Major segments include glucose testing, cholesterol testing, infectious disease testing, and others. Hospitals, clinics, diagnostic centers, and research institutes are key end-users of blood testing services.

Regionally, North America dominates the blood testing market, followed by Europe and Asia Pacific. The market is driven by increasing healthcare expenditure, technological advancements, and the presence of key market players in these regions.

By Region Analysis

- North America: The largest market share in the blood testing market, attributed to high healthcare expenditure and advanced healthcare infrastructure.

- Europe: Significant market growth driven by increasing demand for preventive healthcare services and rising prevalence of chronic diseases.

- Asia Pacific: Emerging market with growing awareness about healthcare, expanding healthcare infrastructure, and rising disposable income.

- Latin America: Increasing focus on healthcare services and rising investments in healthcare infrastructure to drive market growth.

- Middle East and Africa: Growing healthcare sector and increasing adoption of advanced diagnostic technologies to boost market growth.

Key Market Players and Competitive Landscape

The key players in the blood testing market include Roche Diagnostics, Abbott Laboratories, Siemens Healthineers, Bio-Rad Laboratories, and Quest Diagnostics. These companies focus on product innovation, strategic partnerships, and acquisitions to maintain their market position.

Other prominent players in the market include Sysmex Corporation, Thermo Fisher Scientific, BioMérieux, Becton Dickinson, and Cepheid. The competitive landscape of the blood testing market is characterized by intense competition and technological advancements.

Recent Happenings in the Blood Testing Market

- In December 2020, Abbott Laboratories launched a rapid COVID-19 antigen test to detect the virus in minutes, contributing to the company's portfolio of diagnostic solutions.

- In July 2021, Roche Diagnostics received FDA approval for its Elecsys Anti-SARS-CoV-2 S antibody test, enhancing its COVID-19 testing capabilities.

- In September 2021, Siemens Healthineers acquired Varian Medical Systems, expanding its oncology care solutions and diagnostic capabilities.

- In January 2022, Bio-Rad Laboratories launched a new digital PCR system for high-performance genetic analysis, strengthening its molecular diagnostics offerings.

- In March 2022, Quest Diagnostics introduced a comprehensive respiratory pathogen panel test to identify multiple infections, enhancing its infectious disease testing portfolio.