Global Blood Testing Market to Generate Revenue of $129.13 Billion by 2028 | Glucose Testing Holds Over 29% Market Share

SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest Technology Consulting Pvt. Ltd.

Global blood testing market was valued at USD 73.9 billion in 2021, and is expected to reach a value of USD 129.13 billion by 2028, at a CAGR of 8.3% over the forecast period (2022–2028).

Westford, USA, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Blood tests are important tools used to screen for and diagnose a variety of illnesses and conditions. They can be used to check for everything from anaemia and infections, to cancer and heart disease. With the help of blood tests, doctors can determine the best course of treatment for their patients. As the population continues to grow, so does the demand for blood testing market. In fact, the demand for blood tests is expected to increase by nearly 50% over the next decade. This is due in part to the aging population, as well as the increasing number of chronic illnesses that can be diagnosed with a blood test.

With the current state of healthcare, many people are wanting to take proactive measures to protect their health. Blood tests are one way to do this. They are generally quick, easy, and relatively inexpensive. With the recent implementation of mandatory health insurance in many countries, the demand for blood testing market is expected to grow even further. This is good news for the medical community, as blood tests play an important role in disease prevention and early detection. However, it also means that we need to be prepared for an influx of patients seeking blood tests.

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SkyQuest’s report on blood testing would help you by providing detailed insights into the latest trends, drivers, and dynamics shaping the global blood testing market. It would also offer an in-depth analysis of the key segments, regions, and companies operating in this market. Additionally, this report would help you to identify opportunities for growth in the blood testing market and make informed decisions about your business strategies.

Glucose Testing Holds Over 29% Share of Global Blood Testing Market

The rapid increase in the demand for glucose testing is due to the rising incidence of diabetes. According to the World Health Organization, the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. This number is likely to increase by 25% and 51% by 2030 and 2050 respectively.  The main reason for this increase is the increasing prevalence of obesity and sedentary lifestyles. It has been observed that physicians recommend patient with type 1 diabetes to monitor their blood glucose level at least once in day to keep the sugar level in check.

Given the current and future market scenario, the global blood testing market is expected witnesses over 29% revenue contribution from the glucose testing segment. Wherein, fingertip or prick testing to dominate or hold the largest market share.  The primary reason for the growing demand for fingertip glucose testing is improvements in technology. Glucose meters have become smaller, more portable, and easier to use. In addition, test strips are now available that require only a small drop of blood, making finger prick tests less painful than they used to be.

As per SkyQuest analysis, the demand for fingertip glucose testing has grown significantly in the recent years across global blood testing market as mentioned above, it is seen as a more convenient option for people with diabetes who need to regularly check their blood sugar levels. It is also much less painful than other methods of taking a blood sample, such as from a vein in the arm.

Another reason for the growing popularity of fingertip glucose testing is that it can be done at home using readily available kits, meaning that people with diabetes can test their own blood sugar levels without having to visit a healthcare professional or clinic. This is particularly important at present during the COVID-19 pandemic when many clinics and hospitals are closed or have reduced opening hours.

Glucose testing in the blood testing market is used to diagnose diabetes and prediabetes, and to monitor blood sugar levels in people who have diabetes. There are two types of tests: fasting blood sugar (FBS) and oral glucose tolerance test (OGTT). FBS measures your blood sugar after you have fasted for at least 8 hours. OGTT measures blood sugar after having consumed a sugary drink.

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Latest Advancements in Blood Testing Detect Multiple Cancers Without Symptoms

It is estimated that cancer affects over 5.4% population in the US. Unfortunately, many cancers do not have symptoms until they are at an advanced stage. This can make detecting and treating cancer difficult. However, there have been recent advancements in blood tests that can detect multiple types of cancer without symptoms. This is important for the blood testing market because the earlier cancer is detected, the better the chances are for successful treatment.

Recently, Pathfinder Study by GRAIL, a company engaged in developing and manufacturing screening test, conducted a study on over 6,662 individuals who were not showing any symptoms of cancer. All the test subject were above 50 years. It was observed that around 1% of the individual had cancer. Most importantly, the study in the blood testing market also found that several patients were diagnosed with cancer that have no standardized cancer screening method. The researcher reported that 92 patients were detected with cancer signal but only 35 of them were confirmed having 36 cancers. In fact, the study suggests that over 71% participant diagnosed with cancer that had no preliminary or concreate diagnosis tests.

Another such test, called CancerSEEK, was recently found to be successful in detecting eight common types of cancer, including ovarian, pancreatic and liver cancer. What’s more, the test was able to detect these cancers without any symptoms in 70% of cases. This is a major breakthrough in cancer detection, as current screening methods often involve invasive procedures like biopsies, which can be costly and uncomfortable in the blood testing market. Blood tests like CancerSEEK could one day replace these screenings, making cancer detection easier and more affordable for everyone.

While more research is needed to validate these findings, the potential for blood tests to detect multiple types of cancer without symptoms is very exciting. This could change the way we screen for and treat cancer in the future, helping us to save even more lives.

There are a few different types of blood tests that are being used to detect cancer across global blood testing market. One type of test looks for certain proteins that are produced by cancer cells. Another type of test looks for DNA changes that are associated with cancer.

These blood tests are still in the early stages of development, but they hold promise for more effectively detecting and treating cancer.

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Prominent Players in Global Blood Testing Market

  • Novartis Diagnostics (US)

  • Siemens Healthcare (Germany)

  • Cepheid Corporation (US)

  • Nanosphere Inc. (US)

  • Roche Diagnostics (Switzerland)

  • Alere Inc. (US)

  • Bruker Corporation (US)

  • Grifols (Spain)

  • Thermo Fisher Scientific Inc. (US)

  • Cardinal Health (US)

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