Blood Testing 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 trends will grow exponentially by 2023, registering approximately 5.5% during the review period (2017 – 2023).
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Blood Testing Market Segmentation
The MRFR analysis is segmented into five key dynamics for the convenience of understanding;
· By Test Types : Complete Blood Count, Blood Chemistry Tests, and Enzyme Tests among others.
· By Diseases : Anemia, Infection, and Leukemia among others.
· By Methods : Manual, and Automated among others.
· By End-Users : Hospitals, and Diagnostic Center among others.
· By Regions : North America, Europe, APAC and the Rest-of-the-World (RoW).
Blood Testing Market Regional Analysis
The North America market is expected to retain its dominance over the global blood testing market with the largest market share. A well-developed healthcare sector, increasing prevalence of chronic diseases such as diabetes and cancer especially in the US & Canada along with the high per capita healthcare expenditures drive the market growth in the region. This market will create a substantial revenue pocket registering a substantial CAGR throughout the forecast period (2017-2023). Furthermore, the presence of prominent market players impacts the market growth positively.
Europe & Asia Pacific region accounts for the second & third largest market respectively for the blood test. The European blood testing market is growing due to the increasing awareness of chronic infectious diseases, the initiatives undertaken by private and public organizations, and well-spread awareness towards keeping the good health.
The Asia Pacific region is emerging as one of the promising markets for the blood testing. This attributes to the increasing healthcare expenditures and favorable government policies of developing economies like India and China.
Factors substantiating the market growth in the APAC region include the substantial funds transpired into R&D activities, huge patient population, well-developed healthcare infrastructure, and government support. Simultaneously, economies having high healthcare expenditures such as India, China, and Japan propel the market growth in the region.
Blood Testing Market Players
· Globus Medical, Inc. (U.S.)
· Depuy Synthes Inc. (Johnson & Johnson) (U.S.)
· Smith & Nephew plc. (UK)
· NuVasive, Inc. (U.S.)
· Stryker Corporation (U.S.)
· Integra LifeSciences Holdings Corporation (U.S.)
· Zimmer Biomet Holdings, Inc. (U.S.)
· Medtronic, plc (Ireland)
· Wright Medical Group N.V. (Netherlands)
· The Orthopedic Implant Company (U.S.)
· Aesculap Implant Systems (U.S.)
· Conmed Corporation (U.S.)
· BioTek Instruments, Inc. (U.S.)
· Arthrocare Corporation (U.S.)
among others are some key companies in the global blood testing that are listed by MRFR for market research.
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