A Look into Blood Testing Industry……Deep Analysis…..
Global blood
testing market is anticipated
to reach USD 62.9 billion by 2024,
according to a new report by Grand View Research, Inc. Growing adoption of
testing and screening methodologies that enhance near patient diagnosis through
enhanced blood testing that reduce diagnostic turnaround times and lower
hospitals stay durations is a major factor expected to provide lucrative growth
in demand for the market.
The most common concern for the governments of
all Covid-19 hit nations is the excruciating need to screen for and test large
numbers of patients for possible Sars-Cov-2 infection. As a result, most of
them are facing major shortages in the supply for diagnostic kits to test for
the virus. Diagnostics virology entities are under immense pressure to provide
reliable testing kits, and there is a surge in demand for in-vitro or
point-of-care testing capacities by labs across a large number of countries.
The report will account for Covid19 as a key market contributor.
Federal agencies that play a major
role in regulation of genetic tests, including Centers for Medicare and
Medicaid Services, Food and Drug Administration, and Federal Trade Commission,
have also undertaken initiatives expected to further enhance market usage of Clinical
Laboratory Improvement Amendments (CLIA) compliant tests in the market. These
steps reinforce the goals set by national governments and the medical
fraternities to strengthen early diagnostic capabilities across a number of key
geographic regions.
Increasing levels of patient awareness
that have been witnessed in a number of demographic factions across developed
and developing countries alike is another notable factor expected to drive
growth. Growing prevalence of chronic diseases such as diabetes that warrant
long term disease managementis also a considerable factor attributive of growth
potential over the forecast period.
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Further key findings from the study suggest:
·
Glucose testing is estimated to
be the dominant segment in 2015 owing to the high number of awareness programs
carried out by various diabetes management focused associations. Presence of
several local and established players in this segment that serve the market
with a broad portfolio of point-of-care and portable meters for blood glucose
monitoring is another factor reinforcing the dominance of this segment.
·
Market revenue from of lipid
panel tests is second only to blood glucose monitoring and their strong market
position can be accounted for by higher incidence of cholesterol associated
cardiovascular disorders as a consequence of sedentary lifestyle, need for risk
analysis of cardiac diseases and screening for probability of congestive heart
failure.
·
Glycated hemoglobin (aka A1C)
is anticipated to witness relatively faster growth among the market segments
over the forecast period owing to associated higher patient convenience, faster
turnaround time, higher accuracy and reliability for testing.
·
North America dominated the
industry in 2015, with over 40% of total revenue. Technological advancements
such as the introduction of miniaturized diagnostic devices rendering rapid and
accurate results that have higher market penetration in the region coupled with
favorable medical insurance policies enhancing market adoption are attributive
for the largest share. Favorable government initiatives and CLIA waiver on POC
testing devices are also notable factors estimated drive growth.
·
Asia Pacific is estimated to
witnessthe fastest growth over the forecast period owing to presence of high
unmet medical needs pertaining to target disease segments such as cardiovascular
disorders, prostate cancer, diabetes, liver diseases, hepatotoxicity, and
hyperlipedemia.
·
Moreover, constantly improving
healthcare expenditure in developing economies and ongoing initiatives taken by
key market participants to strengthen their presence in these untapped pockets
of the market is expected to drive regional market development through to 2024.
·
Key players operating in this
industry includeRoche Diagnostics, Abbott diagnostics, Bio-Rad Laboratories,
Becton Dickinson & Company, Alere, Trinity Biotech PLC, BioMerieux SA,
Nipro Diagnostics, Biomerica Inc, Siemens Healthcare, and Beckman Coulter.
·
Introduction of the combination
plans and other promotion programs by the clinics and laboratories which
provide complete analysis of the blood are factors attributive for the
projected growth in the coming years
·
These entities are adopting
strategies such as collaborations with hospitalsand diagnostic laboratories in
order to provide online testing services. Such services include ordering a test
online, carrying out the test and submission to the authorized laboratory, and
retrieval of the results via e-mail so as to reduce the number of hospital
visits.
The global blood testing market
size was estimated at USD 51.5 billion in 2015. Confluence of influencing
factors, such as accelerated disease R&D, rising prevalence of chronic
disease, and consumerism; is anticipated to augment the scope of blood testing
services throughout the forecast period. Also, notable maturity in diagnostic
techniques that aimed at early disease detection is anticipated to foster the
future market growth. Furthermore, there is perpetual growth of the data pool
pertaining to the mechanism of chronic and rare conditions. This has enabled
physicians, and patients to further understand the susceptibility to certain
diseases, thereby driving adoption in this space.
Governments bodies are observed to encourage
hospitals for reducing hospital-stays as well as expenses associated with it
through promoting home healthcare and telemedicine. This has resulted in
continuous introduction of portable home healthcare blood testing kits.
Furthermore, government and pertinent organizations are constantly engaged in
endeavors that are aimed to keep in check disease related healthcare expenditure.
These bodies are also encouraging patients to
undergo regular diagnostic examinations in order to avoid the occurrence of
chronic conditions. These factors are expected to boost revenue generation
through prompting the population to undergo blood testing for early disease
diagnostics. Moreover, the shift in government focus on disease prevention
rather than treatment is expected to positively impact product sales up to
certain extent.
Browse Press
Release of this report:
Grand View Research has segmented blood
testing market on the basis of test type and region:
Global Blood Testing Outlook, by Test Type (Revenue, USD
Million, 2013 - 2024)
·
Glucose testing
·
Lipid panel testing
·
Direct LDL testing
·
Prostate specific antigen
testing
·
BUN testing
·
A1C testing
·
High sensitivity CRP testing
·
Vitamin D testing
·
ALT testing
·
Thyroid stimulating hormone
testing
·
Creatinine testing
·
Serum nicotine/cotinine testing
·
AST testing
·
Cortisol testing
·
Testosterone testing
·
Other blood tests
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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