Market Overview
Blood Testing provides more of a high-level overview and in-depth details on more specific aspects of health functions alongside indicating current and potential health risks. Integration of several powerful technologies such as Artificial Intelligence (AI) has made the blood testing more effective. An AI-powered blood test consisting of one clinical variable and six biomarkers predicted with high accuracy the presence of peripheral artery disease and the need for revascularization in patients with and without diabetes.
Growing incidents of chronic diseases and conditions such as cancer, diabetes, heart disease along with the organ failure cases drive the demand for blood testing in multiplications. Needless to say, that the blood testing market is ever increasing. Also, great technological strides being made in electronic monitoring devices and substantial investments transpired into R&D activities are in turn, paying off well, expanding the market size.
Recognizing the exponential growth, the market perceives currently and gauging the potential the market holds to grow in the years to come; Market Research Future (MRFR), in its recently published market forecast asserts that the global blood testing market will grow exponentially by 2023, registering approximately 5.5% during the review period (2017 – 2023). Market Segmentation
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Market Segmentation
The global blood testing market segmentation is based on the following: disease, test type, method, and end-user.
By test type, the market includes Prostate Specific Antigen (PSA) testing, glucose testing, lipid panel testing, direct LDL testing, A1C testing, serum nicotine/cotinine testing, Blood Urea Nitrogen (BUN) testing, Vitamin D testing, high sensitivity C-Reactive Protein (hs-CRP) testing, alt testing, testosterone testing, creatinine testing, cortisol testing, thyroid stimulating hormone testing, AST testing, and others.
By method, the market is divided into automated blood culture testing and manual blood culture testing. The automated blood culture testing segment includes blood culture instruments, automated blood culture system, and others.
By end-user, the market includes clinics, research labs, hospitals, into diagnostic centers, and others.
By disease, the market comprises of infection, kidney disorders, anemia, leukemia, coronary heart disease, hypokalemia, heart attack, and other diseases.
Regional Analysis
The global blood testing market is regionally segmented into the following regions: Asia Pacific, North America, Europe, and the Middle East and Africa.
The North American region holds the largest share in the global market standings of blood testing. This is due to the rising occurrences of diseases like blood stream infections, kidney disorders, and other infections as well as high demand for fast-paced diagnostic tests and growing old-age population.
The European market holds the second largest standings in terms of market share. The growth of the market can be attributed to the growing awareness concerning chronic infection diseases owing to the favorable initiatives undertaken by government organizations, private enterprises, and educational institutions.
The Asia Pacific market is projected to be the fastest growing market during the forecast period due to the increasing awareness among the consumers concerning the significance of diagnostics in personalized medicines and due to various initiatives undertaken by the government that promote the usage of personalized medications. Moreover, the growing number of government schemes to reduce the increasing expenditures in healthcare in developing economies is also expected to push the growth of the market.
The Middle Eastern region is anticipated to grow at a decent pace due to factors like extensive development of the healthcare infrastructure and surging research and development activities in the healthcare industry.
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Competitive Landscape
The global blood testing market comprises of numerous players including Cepheid Corporation (U.S.), Baxter International (U.S.), Gen-Probe, Inc. (U.S.), Abbott Laboratories Inc. (U.S.), Biomerica, Inc. (U.S.), Meridian Bioscience, Inc. (U.S.), Novartis Diagnostics (U.S.), Nanosphere Inc. (U.S.), Roche Diagnostics (Switzerland), Bio-Rad Laboratories Inc. (U.S.), Becton Dickinson & Company (U.S.), Thermo Fisher Scientific Inc. (U.S.), bioMérieux (France), Trinity Biotech (U.S.), Grifols (Spain), Alere Inc. (U.S.), Beckman Coulter (U.S.), Cardinal Health (U.S.), Siemens Healthcare (Germany), Danaher Corporation (U.S.), Trividia Health (U.S.), Bruker Corporation (U.S.), and others.
March 5th, 2019, Tasso, a startup from Seattle, working on bringing-forward blood testing to the home has raised $6.1 million in Series A funding. The round was led by Vertical Venture with percipients like Cedars Sinai and TechStars.
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