Blood Testing Market Forecast Research Reports Offers Key Insights

Blood testing is a laboratory based analysis that is performed in order to determine general state of health, presence of a bacteria or virus and to assess disease progression. It is usually performed by taking a small sample of blood from the patient’s body with the help of a needle or finger prick. Cancer, cardiovascular diseases, acquired immunodeficiency syndrome (AIDS)/HIV, anemia and diabetes are some major diseases for which blood testing is recommended so as to confirm the diseased condition. Blood testing is also performed in order to assess how well body vital organs such as liver, kidney and thyroid are functioning. Blood testing is very common and is often recommended by physicians for analyzing the normal body functioning. Some major blood tests that are widely used for diagnosing various diseases include full blood count (FBC), erythrocyte sedimentation rate (ESR), C-reactive protein (CRP) test, coagulation test, electrolyte test, thyroid function test, enzyme-linked immunosorbent assay (ELISA) test, karotyping, blood cholesterol test and liver function test.

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The market for blood testing continued to grow under the influence of aging population, rise in incidences of various diseases such as hepatitis, human immunodeficiency virus (HIV) infection, cancer, thyroids, genetic disorders and bacterial and viral allergic disorders, and expanding application of blood testing in other diagnostic areas. The market for blood testing is also growing owing to burgeoning demand for point of care testing (POCT). POCT majorly includes blood glucose testing, electrolyte testing and coagulation testing. POCT offers rapid diagnosis by performing test at or near patient’s location and does not cause patients to wait for a longer time in order to get test result. Technical advances leading to the development of innovative testing tools and equipment such as automated blood collection equipment is also playing a key role in driving the market growth for blood testing.

The blood testing market is segmented into four major regions on the basis of geography, namely North America, Europe, Asia-Pacific and Rest of the World (RoW). In 2012, North America held the majority share representing the largest regional market for blood testing, followed by Europe. The North American and European markets are expected to retain their positions through near future as well. However, during the upcoming years, Asia-Pacific has been identified as the fastest growing region. Japan, China, India and Australia are the most potential markets in the Asia-pacific region.

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Some major factors that have been anticipated to drive the market growth in the region include the presence of large patient population, continuously improving healthcare infrastructure coupled with the scope of expansion of clinical laboratories. Rapidly increasing elderly population will play a key role in driving the market growth in Japan as elderly population are more often undergo various blood tests. In Rest of the World (RoW) region, Latin America, Africa and Middle East are the major markets. Growing economy of Brazil, Mexico and South Africa is expected to be a prominent growth factor for blood testing market during upcoming years. Lacks of awareness and limited knowledge about advanced technology coupled with reluctance to adopt newer technology have been restraining the market growth in the region since long.

Some of the major players in this market are Abbott Laboratories, Ortho Clinical Diagnostics, Bio-Rad Laboratories, Baxter International, Gen-Probe, Inc., Novartis Diagnostics, Roche Diagnostics, Becton Dickinson & Company, Biomerica, Inc., bioMerieux, Inc., Cepheid Corporation, Meridian Bioscience, Inc., Trinity Biotech and Alere, Inc.

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