Global Blood Testing Market 2017-2021
About Blood Testing
Blood testing is the analysis of blood samples. It is used in healthcare to detect mineral contents in blood, diseases and disease-causing infections, and signs of drug abuse. It helps physicians to understand the biochemical and physiological state of the blood, pharmaceutical drug effectiveness, and organ functioning. For blood testing, blood is either taken from a vein in the arm with the help of a syringe or through a finger prick with the help of a needle.
Technavio’s analysts forecast the global blood testing market to grow at a CAGR of 2.82% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global blood testing market for 2017-2021. To calculate the market size, the report considers the revenue generated from retail sales of blood testing equipment, which includes instruments, reagents, and consumables.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Blood Testing Market 2017-2021
Technavio recognizes the following companies as the key players in the global blood testing market: Abbott Laboratories, Bio-Rad Laboratories, F. Hoffmann La Roche, and Siemens Healthineers.
Other Prominent Vendors in the market are: bioMerieux, Cardinal Health, Cepheid, Danaher, Novartis, Thermo Fisher Scientific, Trinity Biotech, and Trividia Health.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is thriving demand for POCT. The diagnostics business market is undergoing revolutionary change, with the devices getting smaller in size, the customary focal research centers moving to close patient locales, and growing test menus due to the increasing adoption of multiparameter monitoring devices.”
According to the report, one driver in the market is high demand for RDTs. RDTs are medical tests that are quick and easy to perform. They are suitable for preliminary or emergency medical screening, and can be performed in medical facilities with limited resources. They also allow POC testing in primary care, which was earlier limited to laboratories. They provide results within two hours, typically in approximately 20 minutes. Hence, laboratory methods that require more than one hour to provide a clear diagnosis of disease are not considered rapid tests.
Further, the report states that one challenge in the market is lack of trained professionals. Effective translation of diagnostics from the research phase to the application phase presents challenges. For instance, blood testing requires extensive optimization before results can be interpreted correctly. Therefore, clinical laboratories require trained specialists. However, there is a shortage of these specialists in diagnostic centers and hospitals worldwide. Most rural hospitals in the US face issues such as lack of required patient volume to justify having specialists who charge a premium for performing additional tests.
Abbott Laboratories, Bio-Rad Laboratories, F. Hoffmann La Roche, Siemens Healthineers, bioMerieux, Cardinal Health, Cepheid, Danaher, Novartis, Thermo Fisher Scientific, Trinity Biotech, and Trividia Health.
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