Blood Borne Testing Market Forecast and CAGR
According to the latest research by Fact.MR, the blood borne testing market is set to witness exponential growth with over 7%-8% CAGR during 2021-2031. Increasing bacterial infection with the growing adoption of point of care devices will witness a promising growth outlook for blood borne testing in the long run. Technological advancement in devices for blood borne pathogens provides momentum to the blood borne testing market with double-digit expected CAGR over forecast years.
What is Driving Demand for Blood Borne Testing?
Blood borne pathogens are microorganisms such as viruses or bacteria that are carried in the blood and can cause disease in people. The emergence of new pathogens like West Nile Virus, Ebola, Dengue, and Zika, threaten human health on a global scale.
Identification of these pathogens requires a rapid response from industry to develop new tests and the FDA to assess test safety and efficacy. The impact of transfusion-transmitted infection of such agents can have fatal consequences, particularly in highly vulnerable populations such as newborns, the elderly, or immunocompromised individuals.
The increasing number of agents that may infect blood and the recognition that some of them only pose a risk in certain areas or certain times means that new methods to streamline blood testing must be developed. Besides there has been a significant increase in diseases like HIV, HBV, Hepatitis C, and others are anticipated to give rise to rapid blood-borne testing.
Other factors such as the significant increase in capital investments by the government and medical device manufacturers, technological advancements in mobile healthcare are also expected to propel the blood-borne testing market in long run.
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Increasing Usage of Point-of-Care Devices to Boost Blood Borne Testing Demand
There has been a rapid increase in rapid and point-of-care testing devices globally. Rapid and point-of-care tests for HIV have facilitated a rapid increase in the uptake of HIV testing in sub-Saharan Africa, Asia, and the United States.
POCTs for HIV are now commercially available to either detect early infection or ascertain the degree of immunosuppression and monitor disease progression, thereby improving patient management.
The COVID19 pandemic had significantly impacted the blood-borne testing market growth in 2020. Bloodborne testing has been highly preferred during the pandemic to access the convenience healthcare solution in-home care settings. The pandemic also creates a tremendous opportunity for the market players to develop digital health solutions and expand their market reach.
The U.S. and Canada Blood Borne Testing Market Outlook
The U.S. is anticipated to be the largest market for blood-borne testing owing to its high adoption of advanced digital technology, awareness among the patients, well-developed healthcare infrastructure, and supportive government policies. The U.S bloodborne testing market is likely to set considerable growth during the forecast period 2021-2031
Like the U.S, Canada is also creating big opportunities for the market players in blood-borne testing product launch and development. Meanwhile, many top U.S blood-borne testing market leaders are expanding their facilities in Canada.
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Europe Demand Outlook for Blood Borne Testing
The current Covid-19 pandemic led to a revolution in blood borne testing adoption and innovation in Europe. The growing demand since early 2020 for blood borne testing and virtual care creates a huge opportunity for market growth in Europe.
Suitable government policies and regulations for the reimbursement of digital health applications are expected to boost the European blood borne testing market over forecast years. In addition, Germany is anticipated to share the largest market in terms of revenue owing to its national reimbursement policies on which over 73 million people accessing the digital health application in this country.
Who are the Key Manufacturers and Suppliers of Blood Borne Testing?
Some of the leading manufacturers and suppliers of blood borne testing include
- CTK Biotech Inc.
- Biochrome Scientific.
- Coris BioConcept
- Athenese Dx
- EKF Diagnostics
- Ads Biotec Inc.
- Abingdon Health
Manufacturers in this market engaged in several industry development activities such as a new product launch, collaborations to hold their strong position in the global market.
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Laboratory Informatics Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
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By Test Type
- Rapid Test
By End User
- At home
- North America
- The U.S.
- Latin America
- Rest of Latin America
- Rest of Europe
- South Asia
- Rest of South Asia
- East Asia
- South Korea
- New Zealand
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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