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A blood test is referred as a medical procedure of analyzing blood samples in a laboratory. Factors such as increasing need for the identification of infectious agents, increased healthcare spending by the government and regulatory bodies is expected to drive the market during the projected timeframe. Additionally, the growing prevalence of infectious diseases such as diabetes, COVID-19 and cardiovascular diseases is expected to boost the market growth. For instance, as per CDC, total 34.2 million people have diabetes (10.5% of the US population) which is creating the demand for blood test thus propeeling the market growth.
The major factors propelling the growth are substantial rise in the chronic diseases along with high demand for products for assessment of health. The rising instances of people suffering from various infectious diseases will create good opportunity for the market to grow. Additionally, growing patient awareness about home diagnostic tests and self-testing is expected to boost market adoption of significant products in the blood testing market. For instance, at home glucose testing kits like Accu-Chek Active Blood Glucose Meter
However, stringent regulatory approval process is hampering the market growth. For instance, in U.S, the development of commercial tests is regulated by the U.S. Food and Drug Administration (FDA). They are considered medical devices. FDA is responsible for approving the use of clinical laboratory tests. Additionally, lack of awareness about the development of new technologies and process related to blood testing is restraining the market growth.
Key Market Driver -
Rise in Chronic Diseases to bolster the demand of Blood Testing
Key Market Restraint -
Stringent Regulatory approval process
Globally, the blood testing market can be categorized into test type, end users and region. Based on test type, the market can be segmented into lipid panel testing, prostate-specific antigen, COVID-19, complete blood count (CBC), BUN testing, glucose testing, A1C, direct LDL, cortisol, creatinine and others test. Based on method market is segmented into manual and automated. Based on end user market is segmented into hospitals, clinics, diagnostic center, research laboratories and others (blood banks). Geographically, the blood testing market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
Some of the major companies that are present in the blood testing market are Abbott Diagnostics, Bio-Rad Laboratories Inc., Roche Diagnostics, Quest Diagnostics, Danaher Corporation, Becton Dickinson & Company, Biomerica, Inc., bioMérieux S.A, Siemens Healthcare, Trinity Biotech PLC others prominent players
Based on region segmentation, the blood testing market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to dominate the market in 2020 and is expected to dominate during the projected timeframe. Factors such as presence of new government initiatives, developing healthcare infrastructure and technological advancements is propelling the market growth. For instance, regulatory bodies such as FDA and Federal Trade Commission play an important role in the regulation of diagnostic tests. In U.S the introduction of CLIA (Clinical Laboratory Improvement Amendments) is likely to boost the use of blood testing. In Europe, the market is stimulated by factors such as upsurge in blood donation. As per WHO the European region has the highest percentage of countries with haemovigilance systems which monitors and improve the safety of transfusion of blood. The market growth in the Asia Pacific is supplemented by the dense population in the regions like china and India where the demand for frequent check-ups are increasing due to increase in diseases such as diabetes, cancer, liver disease etc. The market in Latin America and Middle East countries, and Africa is expected to grow slower than other regions owed to reluctance to adopt new technology.
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