Kenneth Research recently added a report on Blood Testing Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Blood Testing Market , along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Blood Testing Market products.
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“In 2021, the global blood testing market is estimated to be worth ~USD 75 billion and it is expected to expand at a compound annual growth rate (CAGR) of 9% from 2022 to 2030. Increasing medical expenditures by the government and regulatory agencies will drive the market during the forecast period. The government and key organizations continue to encourage patients to receive regular diagnostic tests. Multinational health organizations assist in the discovery of new technologies and raise awareness of the eradication and diagnosis of common and chronic diseases. Strong external funding for clinical research to develop innovative new diagnostic tests is expected to drive the market. The introduction of constructive regulatory parameters aimed at promoting the use of POC testing is a rendering engine with high influence on the market. Regulatory agencies such as the FDA, the Centers for Medicare and Medicaid Services (CMS), and the Federal Commerce Commission play an important role. Play an important role in the supervision of diagnostic tests. These institutions have taken steps to commercialize diagnostic tests that comply with the Clinical Laboratory Improvement Amendment (CLIA), which helps in the early detection of diseases.
The introduction of CLIA in the United States is expected to increase the use of blood testing during the forecast period. The prevalence of chronic diseases is expected to continue to increase, while the high demand for fast products for assessing health conditions will provide the market with a significant boost in the coming years. This is expected to provide profitable opportunities for operating entities, as blood testing is an integral part of routine disease surveillance. In addition, in order to provide fast service, clinics, hospitals and other medical institutions provide advanced testing. The number of COVID-19 cases worldwide is increasing exponentially, driving the demand for high-volume diagnostic tests. Rapid diagnosis, effective treatment options, and future prevention plans are critical to managing COVID-19. The current rush to develop cost-effective test kits that can detect coronavirus infection at the point of contact has led to rapid innovation in diagnosis. In July 2020, doctors in Washington examined the blood of people affected by COVID-19 to identify high-risk patients with serious illnesses, and isolated patients who might need ventilators during treatment.
TEST TYPE INSIGHT:
The glucose testing department dominates the blood testing market and will have the largest revenue share in 2020, at 30%. This can be attributed to the high penetration rate of these tests in the world market. The outbreak of the COVID-19 pandemic is expected to provide profitable opportunities for key operating entities to expand business expansion and supply of innovative products related to glucose monitoring. For example, DarioHealth Corp. announced in May 2020 that its self-testing blood glucose meter has been approved by the US FDA for use in hospitalized diabetic patients. Technological advancements in these blood glucose meters, such as wireless connectivity and Bluetooth capabilities, have further promoted the adoption of these blood glucose meters on the market. iHealth Smart, iHealth Align, Dario Health Smart Meter, Glooko are some examples of smart blood glucose monitoring products. Companies such as LabCorp America, Mayo Clinic, and Quest Diagnostics are some of the top service providers in this market. The consumables required for glucose testing include test strips, lancets, syringes, and diabetes test kits.
A1C testing is expected to witness lucrative growth during the study period. The A1C test, also known as the glycosylated hemoglobin test, is expected to grow significantly in the market due to its high degree of convenience. This is a relatively simple blood test that shows the average sugar level in the blood, which helps diagnose diabetes and monitor the treatment of diabetes. These tests are very useful in point-of-care (POC) diagnosis because they provide long-term indicators of blood sugar control. Quick or over-the-counter tests as well as prescription tests can be used to monitor the level of glycated sugars in the blood using POC testing equipment. The global outbreak of the SARS-CoV-2 virus has promoted the development of the global blood testing market. Some market participants are currently participating in or have developed a COVID-19 antibody test/serological test that uses blood samples from suspected individuals. Major players in the market, such as Abbott Laboratories; Beckman Coulter; Bio-Rad Laboratories; Biocan Diagnostics; BioMérieux; and Cellex, Inc. have established a strong market position for their products, This has led to the growth of this market segment.
North America dominates the blood testing market, with the largest revenue share in 2020, exceeding 44%. The increase in the number of strategic initiatives implemented by government agencies and market participants to increase plasma donations in the region is one of them.
Factors that are expected to drive market growth. Blood donation centers across the country are stepping up efforts to collect plasma from recovered patients. New York Blood Center, American Red Cross, AABB, American Blood Center, Armed Forces Blood Program, and American Blood Center are dedicated to collecting plasma and providing information about plasma donations. It is expected that more and more blood donations will further drive the demand for pre-transplant and post-transplant procedural testing products. In the Asia-Pacific region, the blood testing market is expected to witness the fastest compound annual growth rate during the forecast period. In developing countries such as India and China, the increasing prevalence of chronic diseases is the main factor driving market growth. In addition, some multinational companies are investing heavily in the region.
For example, in October 2020, Siemens Healthineers announced the expansion of its COVID-19 manufacturing capacity and molecular testing in India. This new facility in Vadodara, Gujarat will develop antigen, antibody (serological tests) and RT PCR tests for COVID-19 in India. Continued research activities in developed Asian economies such as Japan are expected to drive growth. In September 2020, researchers at the National Center for Health and Global Medicine in Japan developed a blood test method that can provide early warning for severe cases of COVID-19. 500 prototypes of the machine have been tested to verify their effectiveness. These measures have promoted the growth of the Asian market.
KEY COMPANIES AND MARKET SHARE PROSPECTS :
Market participants participate in the development and launch of new products to increase their influence in the market. For example, in April 2020, the company launched the third COVID 19 test, which is a laboratory antibody blood test that helps detect IgG antibodies. This launch expanded Abbott’s molecular testing department and increased departmental revenue. Some well-known players in the blood testing market include: AbbottF. Hoffmann-La Roche AG Bio-Rad Laboratories, Inc. bioMerieux SAQuest Diagnostics Biomerica, Inc. Becton, Dickinson and Company Siemens Healthineers Danaher Corporation Trinity Biotech Plc
MARKET SEGMENTS COVERED BY THE REPORT:
The report forecasts global, regional and national revenue growth, and analyzes the latest industry trends in each market segment from 2022-2030. For the purpose of this research, Kenneth Research has conducted a breakdown of the global blood test market report by test type and region: Analysis type outlook (revenue, millions of dollars, 2022-2030) glucose A1C direct LDL lipid panel prostate specific Sex Antigen COVID Test-19BUN Vitamin DTH Thyroid Stimulating Hormone Serum Nicotine/Cotinine High Sensitivity CRP Testosterone ALT Cortisol Creatine
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