Market Trends of Global Blood Testing Industry
Glucose Testing is Expected to Hold a Significant Share of the Blood Testing Market
A blood glucose test measures the total amount of glucose in the blood. The symptoms of various disorders like diabetes usually appear suddenly, which is why blood sugar levels must be checked. Self-testing blood sugar is also important to manage diabetes and prevent complications. The rising prevalence of type I and type II diabetes, coupled with the growing cases of hereditary diabetes, also supports the growth of the glucose testing segment.
The prevalence of diabetes has increased in recent years, and many reports expect this prevalence to increase further in the future. For instance, as per report by the International Diabetes Federation, the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. It will increase the demand for blood glucose testing, which will boost segmental growth.
The presence of portable glucose meters that patients can use for routine check-ups anywhere anytime boosts segmental growth. Furthermore, diabetes monitoring is carried out before any surgical intervention for the patient with diabetes, which influences the demand for these products. The launch of new products in the segment is expected to drive growth during the forecast period. For instance, in May 2022, Labcorp launched an at-home collection kit through Labcorp OnDemand that measures hemoglobin A1c (HbA1c) from a small blood sample to measure the sugar level.
Thus, the segment is expected to grow significantly over the forecast period due to the above-mentioned factors.
North America Holds a Significant Market Share
North America holds a significant market share due to technological advancements such as miniaturized diagnostic devices, which render rapid and accurate test results. Higher market penetration in the region and favorable medical insurance policies enhance the adoption of such products. The United States is expected to dominate the market.
The rising burden of chronic diseases in the United States, such as cancer, diabetes, thyroid, and other diseases requiring blood tests, will boost market growth. For instance, according to Cancer Facts and Figures 2023, published in January 2023 by the American Cancer Society, an estimated 1.9 million new cancer cases were diagnosed in 2023. Among these, prostate cancer accounted for 288,300 cases, followed by 23,830 cases of lung cancer and 300,590 cases of breast cancer. According to statistics published in May 2022 by the Government of Canada, about 233,900 Canadians were diagnosed with cancer in 2022, and prostate cancer is expected to remain the most commonly diagnosed cancer. Thus, the huge burden of cancer in the region is expected to increase the demand for blood testing, thereby boosting market growth over the forecast period.
Launching technologically advanced blood tests in the country will also positively contribute to market growth. For instance, in January 2022, Eurofins subsidiary empowerDX launched PFAS Exposure in the United States, a direct-to-consumer at-home test to determine levels of per- and polyfluorinated alkyl substances (PFAS) in a person's blood and measure 47 of the PFAS chemical compounds.
Thus, the above-mentioned factors are expected to drive market growth in North America.
