Blood Testing Market by Product (Instruments, Reagents & kits, Software), Test Type (Basic Metabolic Panels, Complete Blood Count Tests, Complete Metabolic Panels), Application, End-User - Global Forecast 2024-2030

Blood Testing Market by Product (Instruments, Reagents & kits, Software), Test Type (Basic Metabolic Panels, Complete Blood Count Tests, Complete Metabolic Panels), Application, End-User - Global Forecast 2024-2030

The Blood Testing Market size was estimated at USD 100.02 billion in 2023 and expected to reach USD 106.01 billion in 2024, at a CAGR 6.48% to reach USD 155.31 billion by 2030.

Blood testing is a clinical procedure that involves analyzing a blood sample in a laboratory to assess the general state of health, detect the presence of viral or bacterial infections, determine the functioning of various organs, and screen for genetic conditions. Blood tests are critical tools for preventive medicine and medical diagnostics, providing valuable data for early disease detection and management. Blood tests have various applications in various medical and healthcare domains. Routine testing for metabolic functions, increasing prevalence of infectious disease, and ongoing investments in blood testing facilities have enhanced the need for advanced blood testing solutions. However, strict regulatory requirements for approval and high costs associated with advanced testing technologies may restrict product penetration worldwide. In addition, a lack of trained professionals to conduct and interpret complex blood tests may limit the use of blood testing solutions. Nevertheless, the improved testing technologies that provide quicker, more accurate, and less invasive testing and Increased spending on healthcare infrastructure and diagnostics are expected to create growth opportunities for the blood testing market in the coming years.

Regional Insights

The blood testing market in the Americas is highly developing and characterized by advanced healthcare systems and higher consumer awareness of health conditions. A growing prevalence of chronic diseases, an aging population, and the presence of major healthcare companies elevate the need for diagnostic services such as blood testing. European Union (EU) countries exhibit a strong need for blood testing due to the high healthcare standards and the presence of national healthcare systems. An increasing focus on preventive care and the prevalence of chronic diseases among aging populations drives the market. Furthermore, the EU's stringent regulatory framework ensures high-quality blood testing procedures and equipment standards. The Middle East showcases rapid advancement due to investments in healthcare infrastructure, while many African regions face challenges, including accessibility and affordability of blood testing products. The Asia Pacific region represents a rapidly growing blood testing market due to large population bases, increasing healthcare expenditures, and rapid urbanization. The ongoing innovation and development of consumer-friendly blood testing products are expected to drive the blood testing market in Asia-Pacific.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Blood Testing Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Prevalence of autoimmune disorders among individuals and need for enhanced care
• Government initiatives in blood testing checkup campaigns
• Significant expansion of blood testing facilities worldwide

Market Restraints

• Changing costs of raw materials and issues of product recalls

Market Opportunities

• Rapid adoption of home-based healthcare and telemedicine
• Advancements in blood testing products

Market Challenges

• Inaccuracy in skin puncture and safety issues associated with blood testing products

Market Segmentation Analysis

• Type: Significant penetration of basic metabolic panels for blood testing
• Application: Rising usage of blood testing kits for diagnosis of autoimmune diseases
• End-User: Emerging penetration of blood testing products in home care settings

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Blood Testing Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Blood Testing Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Quest Diagnostics Introduces P-Tau217 Blood Biomarker for Alzheimer’s Risk Assessment and Diagnostic Support

Quest Diagnostics expanded its health service offerings by including a new blood biomarker test, P-Tau217, aimed at enhancing the evaluation of Alzheimer's disease risk and aiding in its diagnosis. With the integration of P-Tau217 Blood Biomarker into their services, Quest Diagnostics provides critical insights into Alzheimer's disease. This development reflects Quest Diagnostics' commitment to advancing neurological health through innovative diagnostic solutions.

Babson Diagnostics Launches Innovative Retail-Based Blood Testing Service

Babson Diagnostics, a healthcare technology company, announced the launch of a new blood testing service. This new service aims to make blood testing more accessible and convenient by integrating it within retail environments, thus allowing consumers to undergo testing while they shop. The initiative promises to enhance the customer experience by drastically reducing the blood needed for testing and shortening the turnaround time for results, leveraging advanced diagnostic technologies and a network of state-of-the-art labs.

Japan's Eisai Enhances Alzheimer’s Detection with Strategic Investment in C2N Diagnostics

Japan-based pharmaceutical company Eisai Co. has embarked on a strategic investment in C2N Diagnostics, a U.S. biotechnology that provides blood tests for Alzheimer’s disease. This partnership aims to enhance the development and global distribution of C2N Diagnostics’ innovative blood testing technology, which promises a less invasive, more accessible means of diagnosing Alzheimer’s early. Eisai’s investment aligns with its focus on neurological diseases and adds to its portfolio of treatments and diagnostics for Alzheimer’s.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Blood Testing Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Blood Testing Market, highlighting leading vendors and their innovative profiles. These include A. Menarini Diagnostics s.r.l., Abbott Laboratories, ACON Laboratories, Inc., ARKRAY, Inc., B. Braun Melsungen AG, Becton Dickinson & Company, Bio-Rad Laboratories Inc., bioMérieux S.A., Danaher Corporation, F. Hoffmann-La Roche AG, Johnson & Johnson Services, Inc., Medtronic PLC, Merck KGaA, Nipro Corporation, Nova Biomedical Corporation, Novo Nordisk A/S, Omnipod by Insulet Corporation, Quest Diagnostic, Randox Laboratories Ltd., Siemens AG, Terumo Corporation, Thermo Fisher Scientific, Inc., Trinity Biotech PLC, Trividia Health, Inc., and Ypsomed AG.

Market Segmentation & Coverage

This research report categorizes the Blood Testing Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Product
• Instruments
• Reagents & kits
• Software
• Test Type
• Basic Metabolic Panels
• Complete Blood Count Tests
• Complete Metabolic Panels
• Electrolyte Panels
• Application
• Allergies
• Autoimmune Diseases
• Cancer/Noncancerous Blood Disorders
• Endocrine System Disorders
• Heart Diseases
• End-User
• Blood Banks
• Diagnostic Centers
• Hospital & Clinics
• Pathology Labs

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year