The blood testing market is expected to witness rapid growth, due to the increasing need for the identification of infectious agents, cardiovascular diseases, cancer biomarkers, drug abuse, and women’s health issues. A blood test is performed for various indications, such as anaemia, infection, leukaemia, hypokalemia, and kidney. Lab diagnostics, relying on diagnostic tests to initiate the treatment of any disease condition, have played a significant role in the growth of the blood testing market.
Moreover, increasing technological advancement is also one of the significant factors for the growth of the market. Furthermore, a substantial number of CLIA waived blood tests available in the market are used within a wide range of healthcare settings. This, in turn, has led to the growth in the blood testing practices at out-of-hospital settings, such as home and physician's offices. Thus, technological advancement and increasing demand for identification of blood test are two main factors for the growth of the market.
Key Market Trends
Glucose Testing is Expected to Hold Significant Share of the Blood Testing Market.
A blood glucose test measures the amount of glucose in the blood. Symptoms of disorders like diabetes often appear suddenly and are often the reason for checking blood sugar levels. Moreover, self-testing blood sugar can be an important tool in managing diabetes and preventing complications.
The prevalence of diabetes has increased in recent years and many reports have predicted this prevalence to increase further in future. For instance, as per the 2019 report by the International Diabetes Federation, the global prevalence of diabetes is expected to increase from 9.3% in 2019 to 10.9% by 2045. This will increase the demand for blood glucose testing, which will help the market growth.
North American Region Holds the Largest Market Share of the Blood Testing Market
North America acquired its largest market share with technological advancements such as the introduction of miniaturized diagnostic devices, rendering rapid and accurate test results that have higher market penetration in the region, coupled with favourable medical insurance policies enhancing the market adoption. Favourable government initiatives and CLIA waiver on POC testing devices were also notable factors that estimated the growth.
The market consists of several major players. The companies have implemented certain strategic initiatives, such as a mergers, new product launches, acquisitions, and partnerships, which help them in strengthening their market position.
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