Global Blood Testing Market - 2022-2029

Global Blood Testing Market - 2022-2029

Market Overview

Blood Testing Market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 5.2% during the forecast period (2022-2029).

Blood testing examines various components in the blood or counts different types of blood cells. Blood tests are prescribed to check disease pathogens or agents, check for antibodies or tumor markers, or see how well desired treatments work. Blood tests help physicians evaluate the working conditions of organs, diagnose diseases and risk factors for heart disease, check if medicines are working, cases of any infection or genetic conditions, and how well the blood is clotting. Blood tests take only a few minutes to complete and can be carried out in any local hospital or clinic.

Market Dynamics

The blood testing market growth is driven by several factors: the increased prevalence of infectious disease, technological advancements, rise in geriatric population, rise in R&D and rising number of blood donation and blood donors.

The increasing technological advancements drive global market growth.

There are various technological advancements in the blood testing market. Many companies in the segment are working on new technological advances that can detect cancer by blood tests. For instance, ApoCell, Inc., a company based in Texas, has launched ApoCell to commercialize biomarker technologies that monitor the effectiveness of cancer drugs. Through this venture, the company developed ApoStream, a proprietary circulatory tumor cell isolation technology. Similarly, many universities, such as the University of California, San Diego, also work on cancer detection through blood tests. Many other companies are focusing on one-drop diagnostics in a faster way. Genalyte can run up to 128 different tests on a single finger prick of blood in under 15 minutes, a San Diego-based company. Another Silicon Valley startup, Athelas, developed a portable diagnostic device leveraging deep learning and machine vision to rapidly measure white blood cell count and tell the medical professional whether it can identify leukemia, infections, inflammation, and other diseases. The Bon and Neuchatel, a Switzerland-based company, has a diagnostic panel housed inflammation that can deliver a test result within 15 minutes from a single drop of blood.

The high product development cost will restrain global blood testing growth.

However, the development of blood testing methods is a high-cost consuming process. Also, the clinical trial cost reimbursement policies are not well established, making it difficult for market players to spend on research and development, which will impede the overall growth of the blood testing market.

Industry analysis

The global blood testing report will provide an in-depth analysis of the market based on various industry factors such as porter`s five forces, innovations, new product launches, pricing Etc.

Segment Analysis

The ELISA is expected to have a greater grasp of the blood testing market during the forecast period (2022-2029).

ELISA is expected to hold the major share of the overall blood testing market throughout the forecast period (2022-2029). ELISA is the most common and classical blood test that gives detection results in between 2-8 hours. From the time it was invented in the 1960s, it has been widely used till now. Based upon the platform, ELISA is of three types, namely, Fluorescence Immunoassay (FIA), Chemiluminescence Immunoassay (CLIA), Colorimetric Immunoassay (CI) and by generation ELISA is First-Generation ELISA, Second-Generation ELISA, Third-Generation ELISA, Fourth-Generation & Above. Among other types of ELISA, for COVID-19 diagnosis, indirect ELISA was the most commonly used. In COVID-19 new developments in the ELISA method were brought out; for instance, an automated ELISA device was developed for detecting SARS-CoV-2-specific IgA levels in less than 15 min. Furthermore, ELISA is considered the gold standard for protein analysis; the recent advances in nanomaterials have offered numerous promising tools for enhancing performance without significantly altering the classic ELISA format. These factors assure the dominance of the ELISA blood testing kits and are foretold to be the same throughout the forecast period (2022-2029).

Geographical Analysis

North America is dominating the global blood testing market.

North America dominated the blood testing market in 2021 and is estimated to hold the largest market size over the forecast period (2022-2029), owing to the rise in technological advancements such as cancer-detecting blood tests, miniature diagnostic devices, digital systems with faster outcomes and accurate results and favorable government initiatives such as insurance policy Medicare that fully insure all the blood tests. The U.S. has many key players operating in the region, such as Bio-Rad Laboratories Inc., Abbott Laboratories, Ortho Clinical Diagnostics, Inc., Becton, Dickinson and Company, Thermo Fisher Scientific, Inc., Danaher Corporation, Etc; these market players hold majority of the market share thereby ensure North America's dominance over the global blood testing market. Moreover, there are many points to care health facilities and good hospital infrastructure in this region. The government in the U.S. offers many government waivers and sanctions, such as the CLIA waiver, which further contributes to market growth.

Competitive Landscape

Some of the primary key players in the market are Bio-Rad Laboratories Inc., Grifols, Abbott Laboratories, F. Hoffmann-La Roche, Siemens Healthineers, Biomérieux, Thermo Fisher Scientific, Inc., Ortho Clinical Diagnostics, Inc., Becton, Dickinson and Company, Chembio Diagnostics, Inc. and Danaher Corporation. In the blood testing market, Bio-Rad Laboratories Inc. holds the leadership position. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the growth of the blood testing market globally. For instance, on February 17, 2022, Siemens Healthineers and UNICEF partnered to help improve access to healthcare in sub-Saharan Africa. Also, on September 02, 2021, Abbott acquired WALK VASCULAR, LLC.

Chembio Diagnostics, Inc.

Overview:

Chembio Diagnostics, Inc. was founded in 1985 in New York, United States. Chembio Diagnostics is a leading diagnostic kit manufacturing company constantly researching and innovating new diagnostics kits and manufacturing quality products through the best quality checks system.

Product Portfolio:

The product portfolio of blood testing has Infectious Diseases Blood testing products (DPP HIV-Syphilis, DPPHIV 1/2 Assay, DPP Syphilis Screen & Confirm), Tropical & Fever Diseases Blood Testing Products (Chagas STAT PAK Assay, DPPZika IgM/IgG System, DPP Zika IgM System), and respiratory disease blood testing products (Status COVID-19/FLU, DPP SARS-CoV-2 IgM/IgG, DPP SARS-CoV-2).

The global blood testing report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.