Pune, India, September, 2022/MRFR Press Release/- Market Research Future published a half-cooked research “Global Blood Testing Market Research Report - Forecast to 2030”- Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2030
The global Blood Testing Market is accounted to register a CAGR of 7.90% during the forecast period and is estimated to reach USD 152.39 billion by 2030.
The global blood testing market refers to the market for various types of tests conducted on blood samples to diagnose and monitor various medical conditions. Blood tests are an essential part of routine medical examinations, as they provide valuable information about a person's overall health, help diagnose diseases, and monitor the effectiveness of treatment.
The global Blood Testing Market has been segmented based Test Type, Disease, and end user.
Based on Test Type, the market segmentation of Blood Testing includes Complete Blood Count, Blood Chemistry Tests, and Enzyme Tests. The complete blood count Blood Testing segment held the majority share in 2021 with respect to the Blood Testing market revenue. The growth is being fueled to look at overall health and find various conditions, including anemia, infection and leukemia. Increased chronic disease will further help create demand in this segment. The growing burden of chronic diseases, rising demand for home healthcare, the introduction of advanced technology-enabled products, implementation of favorable government initiatives and rising research and development expenditures on developing blood tests is expected to drive the market.
The Blood Testing industry, based on disease, includes Anemia, infection, and Leukemia. The infection segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030, due to the increasing number of chronic and infectious diseases. The World Health Organization (WHO) said in January 2022 that an estimated 100-400 million dengue infections occur worldwide each year. Early detection of severe dengue-related disease progression and access to appropriate medical care can reduce severe dengue mortality to less than 1%. Therefore, the reduction in mortality due to early diagnosis of the disease will increase the demand for timely diagnosis and drive the market
The blood testing market data has been bifurcated by application in hospitals and diagnostic centers. The hospital's segment dominated the market in 2022, and the terminal side segment is anticipated to be the faster-growing segment during the forecast period, 2023-2030. The ascendency of this segment is due to its fast service. Clinics, hospitals and other medical facilities offer advanced testing. The exponential growth of COVID-19 cases worldwide has increased the demand for large-scale diagnostic testing.
The global Blood Testing Market, based on region, has been divided into Asia-Pacific, Europe, North America, and Rest of the World. The North America Blood Testing market accounted for USD 40.991 billion in 2022 and is anticipated to exhibit a significant CAGR growth during the study period. This is attributed to increasing strategic initiatives by government agencies and market players to increase plasma donations across the region, which is one of the factors expected to drive market growth. Blood centers across the country are increasing efforts to collect plasma from people who have recovered from illness. In addition, the US market of blood testing accounted for the largest market share, while the Canadian market of blood testing was the fastest growing market in the North America region.
Europe's Blood Testing market accounts for the second-largest market share due to the rising number of blood donations is further expected to drive demand for testing products for pre and post-transplant procedures to drive the market growth. Furthermore, various initiatives undertaken by governmental bodies to accelerate the market of blood testing enhance their capabilities and boost their position in the market. Moreover, the UK market of blood testing held the largest market share, and the Germany market of blood testing was the fastest-growing market in Asia-Pacific.
The Asia-Pacific Blood Testing Market is anticipated to increase at the fastest CAGR from 2023 to 2030 due to the Increasing occurrence of chronic diseases in developing countries such as China and India is the main factor driving the market growth. Additionally, several multinational companies have invested heavily in the region. Moreover, the China market of blood testing held the largest market share, and the India market of blood testing was the fastest-growing market in Asia-Pacific.
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Key Findings of the Study