Blood Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Blood Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The blood testing market was estimated to be growing at a CAGR of 5.2% during the forecast period of 2022-2027.

As the number of COVID-19 cases increased worldwide, the blood testing market was significantly impacted due to the outbreak. Also, the rising adoption of blood testing to perform the COVID-19 diagnosis routines is expected during the forecast period. According to the article titled ' COVID-19 diagnosis by routine blood test using machine learning' published in May 2022, the study constructed a machine learning model for COVID-19 diagnosis that was based and cross-validated on the routine blood test of 5333 patients with various bacterial and viral infections and 160-COVID-19 positive patients. Due to these factors, the COVID-19 impact on the market is expected to be positive.

The factors such as the growing burden of chronic diseases, rising demand for home healthcare, the introduction of advanced technology-enabled products, implementation of favourable governmnet initiatives and rising research and development expenditures on developing blood tests is expected to drive the market stuided.

The blood is the most important factor directly within the circulation system of the body, along with the plasma and serum, which is widely studied for the detection of biomarkers also, especially in cancer for cancer detection and early diagnosis. The growing burden of several chronic diseases has increased the demand for its early and effective diagnosis, as delay in diagnosis may lead to complications and can be fatal in nature. Therefore, these diseases are creating a burden on the healthcare system. Hence, regular monitoring and diagnosing of these diseases are recommended which is expected to fuel the market growth during the study period. According to the Globocan 2020, the new cancer cases that were diagnosed accounted for 19,292,789 in 2020 globally, with 9,958,133 deaths. Among all cancers, breast cancer accounted for 2,261, 419 new cancer cases, followed by lung (2,206,771), prostate (1,414,259), and colon with 1,148,515 new cases in 2020.

The study article titled “Dengue and severe dengue” published by World Health Organization (WHO) in January 2022 stated that an estimated 100-400 million dengue infections occur each year globally. Early detection of disease progression associated with severe dengue, and access to proper medical care lowers fatality rates of severe dengue to below 1%. Therefore, decrease in mortality rate due to early diagnosis of the disease, boosts the demand for timely diagnosis of the diseases, thus driving the market. With the diversity of diseases increasing and growing focus toward the development of better treatment options for chronic and infectious diseases, the burden of such diseases drives the blood testing market globally, and is among the major factors, for the same.

Thus, due to the above-mentioed factors, the stuided market is expected to grow signiifcantly during the study period. However, stringent regulatory approval process is expected to hinder the market growth during study period.

Key Market TrendsGlucose Testing is Expected to Hold Significant Share of the Blood Testing Market.

A blood glucose test is used to measure the total amount of glucose in the blood. The symptoms of various disorders like diabetes, usually appear suddenly and are often the reason why blood sugar levels need to be checked. Additionally, the self-testing of blood sugar is an important tool to manage diabetes and prevent complications. The rising prevalence of type I as well as type II diabetes coupled with the growing cases of hereditary diabetes also supports the growth of the glucose testing segment.

Furthermore, the prevalence of diabetes has increased in recent years, and many reports have predicted this prevalence to increase further in the future. For instance, as per the December 2021 report by the International Diabetes Federation, approximately 537 million adults (20-79 years) lived with diabetes in 2021. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. This will increase the demand for blood glucose testing, which will help in market growth.

The presence of portable glucose meters that can be used by patients for routine checkups anywhere anytime has resulted in a significant share of this segment. Furthermore, diabetes monitoring is carried out before any surgical intervention for the patient with diabetes, which consequently influences the demand for these products. The launch of new products in the segment is expected to drive market growth during the study period. For instance, in May 2022, Labcorp launched an at-home collection kit through Labcorp OnDemand that measures hemoglobin A1c (HbA1c) from a small blood sample to measure the sugar level.

Thus, owing to the above-mentioned factors the segment is expected to show significant growth over the forecast period.

North American Region Holds the Largest Market Share of the Blood Testing Market

The North American region has acquired the largest market share due to technological advancements such as the introduction of miniaturized diagnostic devices, rendering rapid and accurate test results that have higher market penetration in the region, along with favorable medical insurance policies enhancing the market adoption of products. The United States is expected to dominate the market in the North American region.

The rising burden of chronic diseases in the United States such as diabetes, thyroid, and other diseases requiring blood tests will boost the studied market. For instance, as per the National Diabetes Statistics Report, 2020, there are approximately 34.2 million people or 10.5% of the United States population who have diabetes. Type 1 diabetes accounts for about 5.2% of all diagnosed cases of diabetes, affecting approximately 1.6 million people in the United States.

Furthermore, the launch of technologically advanced blood tests in the country will also positively contribute to market growth. For instance, in January 2022, Eurofins subsidiary empowerDX launched PFAS Exposure in the United States, the direct-to-consumer at-home test to determine levels of Per- and Polyfluorinated Alkyl Substances (PFAS) in a person’s blood and measure 47 of the PFAS forever chemical compounds. Also, in August 2021, Smart Meter launched iGlucose monitor for managing gestational diabetes. iGlucose provides an easy and reliable way to test, monitor and manage blood glucose levels, ensuring that all care providers have immediate access to testing results.

Thus, above-mentioned factors are expected to drive the market's growth in the North American region.

Competitive Landscape

The market consists of several major players. The companies have implemented certain strategic initiatives, such as a merger, new product launches, acquisitions, and partnerships, which help them in strengthening their market position. The major players are Danaher Corporation, BioRad Laboratories, Thermofisher Scientific, Abbott Laboratories, and BioMerieux S.A. Additionally, the key players have been involved in various strategic alliances such as acquisitions, and collaborations along with the launch of advanced products to secure their position in the global market.

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