Blood Testing Market Size Worth $140.3 Billion By 2028 | CAGR

8.3%: Grand View Research, Inc.

SAN FRANCISCO, May 11, 2021 /PRNewswire/ -- The global blood testing market size is expected to reach USD 140.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.3% from 2021 to 2028. The shortened length of stay at hospitals and reduced contact between patient and concerned physician coupled with the rise in outpatient services have increased the demand for blood testing services. Additionally, the growing prevalence of target diseases such as diabetes, COVID-19, and cardiovascular diseases is expected to drive the market at a significant rate.

Key suggestions from the report:

• The COVID-19 testing segment dominated the market in 2020 owing to higher sales of these tests in comparison with the other segments
• Higher adoption of at-home glucose tests is anticipated to increase revenue generation in the market, making it the 3rd largest testing segment in 2020
• High incidence of type I and type II diabetes coupled with the rising risk of hereditary diabetes is among the factors responsible for the higher share of the glucose test segment
• Furthermore, diabetes monitoring is carried out before any surgical intervention. This increases the usage rate of blood glucose tests
• The availability of glucose monitoring meters that are reusable and user-friendly also contributes to the growth of the segment
• North America held the largest revenue share in 2020 and is expected to maintain its share during the forecast period
• Favorable government initiatives aimed at early disease diagnosis, the presence of well-established healthcare infrastructure, and the local presence of key service providers and instrument manufacturers such as Abbott Laboratories and Laboratory Corporation of America Holdings (LabCorp) in North America are the factors driving the market in the region
• In Asia Pacific, the market is expected to witness significant growth due to the presence of high unmet diagnostic needs, rapidly rising patient awareness regarding point-of-care diagnostic technologies and rising healthcare expenditure in India and China
• Growing medical tourism is also boosting the demand for patient monitoring using blood testing services. This positively impacts the blood-testing industry in the Asia Pacific
• The industry is driven by the presence of several large, mid-sized, and small companies in the region
• The key players are involved in the development and launch of novel products to increase their footprint. For instance, in August 2020, Trinity Biotech Plc company filed a EUA for COVID 19 testing product-Covid-19 IgG ELISA antibody test-with the FDA.

Read 108 page research report with ToC on "Blood Testing Market Size, Share & Trends Analysis Report By Test Type (Glucose, Lipid, COVID-19, A1C, CRP, Vitamin D, ALT, AST, TSH, PSA, Cortisol, Creatinine, BUN, Direct LDL, Testosterone), By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/blood-testing-market