Global Blood Testing Market 2017-2021

Overview of the global blood testing market

Factors such as increasing development of genome technology, companion diagnostics, and a growing number of clinics are contributing to the growing demand for personalized medicine. Technavio’s market study identifies the increasing demand for personalized medicine to be one of the primary growth factors for the blood testing market. Personalized medicines are based on genomes, that are developed based on the individual genome sequence of the individual. Blood tests enable better treatment by providing accurate test results, that aids in the development of personalized medicine. Our market research analysts have estimated that this market will register a revenue of about USD 61 billion by 2021.

The number of blood donations has steadily increased, due to increasing awareness about the benefits and initiatives taken by private companies, government organizations, and educational institutions to increase the awareness has increased the number of blood donations. Large companies are organizing blood donation camps in collaboration with recognized blood banks to increase the number of blood donation volunteers. These blood camps increase the demand for blood testing procedures prior to transferring the blood to the patients. The increasing number of blood donations is identified to be one of the key factors having a positive impact on the growth of the blood testing market.

Competitive landscape and key vendors

The blood testing market is significantly fragmented owing to the presence of several diversified international and regional vendors. Key vendors account for major market share based on features such as quality, price, market reach, and financial resources, consequently, the regional vendors are unable to sustain themselves. Growing product innovations, product or service extensions, and M&A will further increase the competitiveness among the blood testing vendors. High growth potential of the blood analysis market is encouraging several new entrants.

The leading vendors in the market are

• Abbott Laboratories
• Bio-Rad Laboratories
• F. Hoffmann La Roche
• Siemens Healthineers

The other prominent vendors in the market are bioMerieux, Cardinal Health, Cepheid, Danaher, Novartis, Thermo Fisher Scientific, Trinity Biotech, and Trividia Health.

Segmentation by end-user and analysis of the blood testing market

• Hospitals
• Clinic and diagnostic centers

Hospitals will be the major end-user segment in the blood analysis market due to their wide application of blood testing in the diagnosis of several diseases such as autoimmune disease and cancer. Additionally, the increasing prevalence of chronic diseases and growing trend toward preventive healthcare is increasing the number of blood tests being conducted in hospitals.

Geographical segmentation and analysis of the blood testing market

• Americas
• APAC
• EMEA

The growing older adult population is increasing the demand for diagnostic procedures in the Americas. The market is witnessing steady growth in this region and this is mainly influenced by the increasing awareness about the importance of diagnostics in personalized medicine and government initiatives to promote the use of personalized medicine. Additionally, the high prevalence of diabetes and chronic diseases will also contribute to the growth of the blood analysis market in Americas.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global blood testing market?
• What are the key market trends impacting the growth of the global blood testing market?
• What are the challenges to market growth?
• Who are the key vendors in the global blood testing market?
• What are the market opportunities and threats faced by the vendors in the global blood testing market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global blood testing market?

Technavio also offers customization on reports based on specific client requirement.