November 05, 2018
WELLESLEY, Mass., Nov 05, 2018 – The global burden of chronic noncommunicable, infectious and lifestyle diseases is rapidly increasing. Early and reliable diagnosis through blood testing is important for the detection, monitoring and treatment of these diseases. A new BCC Research study projects that the global market for blood testing will reach $60.5 billion in 2023 and examines it by type, application and region.
Blood testing and diagnosis is tremendously important for today’s healthcare system. Blood tests provide a wide range of screening, monitoring and diagnostic capabilities that pave the way for drug discovery and the design of new treatment plans. From an estimated $53.8 billion in 2018, a five-year compound annual growth rate of 2.4% is projected, according to a newly updated report by BCC Research Blood Testing: Technologies and Global Markets.
The growing number of elderly patients with chronic diseases, such as diabetes, has increased the need for blood glucose monitoring systems. The market for blood testing is also growing due to escalating demand for home-monitoring and point-of-care testing devices, as well as a higher demand for automation.
“Genetic testing has achieved significant progress over the years and shows great promise for early cancer diagnosis,” the report notes. “Next-generation sequencing techniques and real-time sequencing for the diagnosis of complex diseases are set to be the blood testing methods of the future.”
Asia-Pacific Region Has Highest Growth Potential
North America holds the largest share of the global blood testing market due to high healthcare expenditures, excellent healthcare facilities and infrastructure, government funding for research and development of innovative products, and development of technology for rapid and accurate disease diagnosis. The Asia-Pacific region has the highest potential for growth during the forecast period.
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Blood Testing: Technologies and Global Markets( HLC184B )
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