Global blood testing market is anticipated to reach USD 62.9 billion by 2024, according to a new report by Grand View Research, Inc. Growing adoption of testing and screening methodologies that enhance near patient diagnosis through enhanced blood testing that reduce diagnostic turnaround times and lower hospitals stay durations is a major factor expected to provide lucrative growth in demand for the market.
Federal agencies that play a major role in regulation of genetic tests, including Centers for Medicare and Medicaid Services, Food and Drug Administration, and Federal Trade Commission, have also undertaken initiatives expected to further enhance market usage of Clinical Laboratory Improvement Amendments (CLIA) compliant tests in the market. These steps reinforce the goals set by national governments and the medical fraternities to strengthen early diagnostic capabilities across a number of key geographic regions.
Increasing levels of patient awareness that have been witnessed in a number of demographic factions across developed and developing countries alike is another notable factor expected to drive growth. Growing prevalence of chronic diseases such as diabetes that warrant long term disease management is also a considerable factor attributive of growth potential over the forecast period.
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Further key findings from the study suggest:
- Glucose testing is estimated to be the dominant segment in 2015 owing to the high number of awareness programs carried out by various diabetes management focused associations. Presence of several local and established players in this segment that serve the market with a broad portfolio of point-of-care and portable meters for blood glucose monitoring is another factor reinforcing the dominance of this segment.
- Market revenue from of lipid panel tests is second only to blood glucose monitoring and their strong market position can be accounted for by higher incidence of cholesterol associated cardiovascular disorders as a consequence of sedentary lifestyle, need for risk analysis of cardiac diseases and screening for probability of congestive heart failure.
- Glycated hemoglobin (aka A1C) is anticipated to witness relatively faster growth among the market segments over the forecast period owing to associated higher patient convenience, faster turnaround time, higher accuracy and reliability for testing.
- North America dominated the industry in 2015, with over 40% of total revenue. Technological advancements such as the introduction of miniaturized diagnostic devices rendering rapid and accurate results that have higher market penetration in the region coupled with favorable medical insurance policies enhancing market adoption are attributive for the largest share. Favorable government initiatives and CLIA waiver on POC testing devices are also notable factors estimated drive growth.
- Asia Pacific is estimated to witness the fastest growth over the forecast period owing to presence of high unmet medical needs pertaining to target disease segments such as cardiovascular disorders, prostate cancer, diabetes, liver diseases, hepatotoxicity, and hyperlipedemia.
- Moreover, constantly improving healthcare expenditure in developing economies and ongoing initiatives taken by key market participants to strengthen their presence in these untapped pockets of the market is expected to drive regional market development through to 2024.
- Key players operating in this industry include Roche Diagnostics, Abbott diagnostics, Bio-Rad Laboratories, Becton Dickinson & Company, Alere, Trinity Biotech PLC, BioMerieux SA, Nipro Diagnostics, Biomerica Inc, Siemens Healthcare, and Beckman Coulter.
- Introduction of the combination plans and other promotion programs by the clinics and laboratories which provide complete analysis of the blood are factors attributive for the projected growth in the coming years
- These entities are adopting strategies such as collaborations with hospital sand diagnostic laboratories in order to provide online testing services. Such services include ordering a test online, carrying out the test and submission to the authorized laboratory, and retrieval of the results via e-mail so as to reduce the number of hospital visits.