Market Size of Global Blood Testing Industry
| Study Period | 2018 - 2029 |
| Market Size (2024) | USD 90.62 Billion |
| Market Size (2029) | USD 126.12 Billion |
| CAGR (2024 - 2029) | 6.88 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Blood Testing Market Analysis
The Global Blood Testing Market size is estimated at USD 90.62 billion in 2024, and is expected to reach USD 126.12 billion by 2029, growing at a CAGR of 6.88% during the forecast period (2024-2029).
The outbreak significantly impacted the blood testing market as COVID-19 cases increased worldwide. Also, the rising adoption of blood testing to perform the COVID-19 diagnosis routines is expected during the forecast period. According to the article published in the Nature Journal in May 2022, the study constructed a machine-learning model for COVID-19 diagnosis that was based on and cross-validated on the routine blood tests of 5333 patients with various bacterial and viral infections, including 160 COVID-19-positive patients. Due to these factors, the COVID-19 impact on the market was expected to be positive. However, the market is currently growing at a stable pace owing to a resumption of diagnosis services, and it is expected to witness a similar trend over the coming years.
Factors such as the growing burden of chronic diseases, rising demand for home healthcare, the introduction of advanced technology-enabled products, the implementation of favorable government initiatives, and rising research and development expenditures on developing blood tests are expected to drive the market.
The blood, plasma, and serum are the most important factors in the body's circulation system. These are also widely studied for the detection of biomarkers, especially for cancer detection and early diagnosis. The growing burden of several chronic diseases increased the demand for their early and effective diagnosis, as delay in diagnosis may lead to complications that can be fatal. For instance, according to the Breast Cancer Factsheet Now 2021, around 55,000 women and 370 men in the United Kingdom are diagnosed with breast cancer yearly. Breast cancer claimed the lives of an estimated 600,000 people in the United Kingdom. This figure is expected to climb to 1.2 million by 2030. The huge prevalence of cancer cases worldwide requires regular monitoring and diagnosing of these diseases, which is expected to fuel the market growth during the study period.
According to the European Centre for Disease Prevention and Control's January 2023 publication, up to December 31, 2022, 4,110,465 cases of dengue and 4,099 deaths were reported. The majority of cases were reported from Brazil (2,363,490), Vietnam (367,729), the Philippines (220,705), Indonesia (125,888), and India (110,473). Early detection of disease progression associated with severe dengue boosts the demand for blood testing for timely diagnosis of the diseases, thus driving the market. Furthermore, product launches by market players are expected to propel the market's growth over the forecast period. For instance, in June 2022, in association with Datar Cancer Genetics, Apollo Cancer Centers will introduce a blood test to detect breast cancer early in asymptomatic individuals. The test, EasyCheck-Breast, can help detect breast cancer even before the first stage.
Thus, the studied market is expected to grow significantly during the study period due to the abovementioned factors. However, a stringent regulatory approval process is expected to hinder the market growth during the study period.
