Global Blood Testing Market to Surpass USD 60 Billion by 2023

The global burden of chronic non-communicable, infectious and lifestyle diseases are rapidly increasing. Early and reliable diagnosis through blood testing is important for the detection, monitoring and treatment of these diseases. The global market for blood testing is expected to reach USD 60.5 billion in 2023. Blood testing and diagnosis is tremendously important for today’s healthcare system. Blood tests provide a wide range of screening, monitoring and diagnostic capabilities that pave the way for drug discovery and the design of new treatment plans. From an estimated USD 53.8 billion in 2018, a five-year compound annual growth rate of 2.4 percent is projected. The growing number of elderly patients with chronic diseases, such as diabetes, has increased the need for blood glucose monitoring systems. The market for blood testing is also growing due to escalating demand for home-monitoring and point-of-care testing devices, as well as a higher demand for automation.

Research highlights

• Blood testing for oncology is one of the most rapidly developing fields in the market, with the development of companion diagnostics and precision medicine contributing to growth.
• The surge in point-of-care testing is expected to continue with the development of newer technologies that integrate the accuracy of laboratory testing with the comfort of self-monitoring.
• Blood tests that may cause breakthroughs in the diagnosis of diseases are being developed, for example, tests that can detect multiple cancers from a single drop of blood.

Genetic testing has achieved significant progress over the years and shows great promise for early cancer diagnosis. Next-generation sequencing techniques and real-time sequencing for the diagnosis of complex diseases are set to be the blood testing methods of the future.

Asia-Pacific region has highest growth potential

North America holds the largest share of the global blood testing market due to high healthcare expenditures, excellent healthcare facilities and infrastructure, government funding for research and development of innovative products, and development of technology for rapid and accurate disease diagnosis. The Asia-Pacific region has the highest potential for growth. – BCC Research