Global Blood Testing Market Size (2024 - 2029)

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).

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.

Blood, plasma, and serum are the most important elements 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 National Breast Cancer Foundation's April 2024 update, approximately 1 in 8 women in the United States is expected to face a breast cancer diagnosis during their lifetime. For 2024, projections suggest that around 310,720 women and 2,800 men will receive diagnoses of invasive breast cancer. 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 forecast 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 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 introduced 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 market is expected to grow significantly during the forecast period due to the above-mentioned factors. However, a stringent regulatory approval process is expected to hinder market growth during the forecast period.

Blood Testing Industry Segmentation

As per the scope of the report, blood testing is an analysis conducted in a laboratory, with the main aim of determining the general state of health, the presence of harmful bacteria or viruses, and assessing disease progression. Some of the major diseases that require blood testing are cancer and AIDS/HIV.

The blood testing market is segmented by type, method, end user, and geography. By type, the market is segmented into glucose testing, lipid panel testing, prostate-specific antigen (PSA) testing, blood urea nitrogen (BUN) testing, thyroid stimulating hormone testing, and other types. By method, the market is segmented into manual blood testing and automated blood testing. By end user, the market is segmented into manual blood testing and automated blood testing. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD) for all the above segments.