The global blood testing equipment market is expected to reach a valuation of USD 85 billion by the end of 2023. Demand in the blood testing equipment market is expected to increase at 7% CAGR over the forecast period from 2023 to 2033. A key factor driving the growth in the market is the increasing need for safe blood and blood products among healthcare organizations across the globe.
The government across the globe is encouraging patients to undergo regular health check-ups and examinations, with growing health consciousness. Consequently, they are also investing extensively in favorable policies and healthcare infrastructure to cater to the growing demand. This is expected to propel the demand for blood testing equipment in the market.
Several healthcare organizations invest in research and development activities to develop novel testing equipment to diagnose chronic disorders. They are also promoting awareness to curb the prevalence of several common and chronic illnesses, aiding the growth in the blood testing equipment market.
Backed by these aforementioned factors, the global blood testing equipment market is expected to top a valuation of USD 167.2 billion by 2033. In terms of product type, the hemoglobin segment is expected to dominate the market, accounting for over 1/3rd of total sales in 2023 to 2033, as per Future Market Insights (FMI).
| Attribute | Details |
|---|---|
| Blood Testing Equipment Market Estimated Size (2023) | USD 85 billion |
| Blood Testing Equipment Market Projected Size (2033) | USD 167.2 billion |
| Blood Testing Equipment Market Estimated Growth Rate (2023 to 2033) | 7% CAGR |
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Several international healthcare organizations are necessitating the development of novel testing techniques through investments. Regulatory bodies such as the United States Food and Drug Administration (FDA), Federal Trade Commission, and Centers for Medicare and Medicaid Services (CMS) are undertaking initiatives to develop numerous blood testing techniques to aid early detection.
The commercialization of Clinical Laboratory Improvements Amendments (CLIA) for early disease diagnoses by the aforementioned regulatory bodies is fueling the demand in the market. Further, blood testing equipment is used to examine blood for various parameters such as to check hemoglobin, white blood cells, etc.
The demand for blood testing equipment is on the rise, with the rising incidence of common diseases such as malaria, diarrhea, dengue, and others, especially in countries such as India, China, Brazil, and the United States. Another factor improving the growth in the market is the development of diverse sectors such as microbiology, diagnostic research, forensics, and others.
The surging prevalence of HIV coupled with the rising geriatric population is facilitating the growth in the blood testing equipment market. Subsequently, increasing demand for near-patient diagnostics and point-of-care testing might also accelerate the demand over the upcoming decade.
The blood testing equipment market is expected to witness positive growth over the forthcoming decade. Further, a lack of awareness regarding the new testing technology and unavailability of resources in low-and middle-income economies might hamper the demand in South Asia and Latin American markets.
The presence of stringent regulatory approval policies and processes by the FDA and other bodies might affect the sales of blood testing equipment in the United States and Canada. This is expected to affect North America’s market negatively.
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According to Future Market Insights, North America dominated the global blood testing equipment market during the historic period from 2018 to 2022. With growing development in healthcare infrastructure and the presence of several blood testing centers such as the American Red Cross, New York Blood Center, Armed Services Blood Program, and others, North America’s blood testing equipment market is anticipated to gain traction through 2023 to 2033 & beyond.
As per the study, North America is projected to retain its dominance in the market, holding nearly 2/5th of the demand share in the global market. Besides this, the rising incidence of HIV and other chronic disorders is increasing the need for novel blood testing equipment. This is further anticipated to propel the growth in North America’s market. North America accounted for a market share of 45% in 2022.
FMI estimates Europe is likely to account for a significant share in terms of value in the global blood testing equipment market. Growth is attributed to the significant development of healthcare infrastructure in the United Kingdom, Germany, and other countries.
Increased spending on research and development activities to develop advanced blood testing equipment might improve the growth in the Europe market. The region accounted for a market share of 35% in 2022.
As per the study, Asia Pacific is expected to witness impressive growth in the blood testing equipment market. This is owing to the rapid development of the healthcare sector and the expansion of diagnostic laboratories in India, China, and Japan. On the back of this, sales of blood testing equipment in Asia Pacific might increase at a notable pace over the forecast period. The market in China is anticipated to expand at a CAGR of 6.5%.
Malaria, syphilis, brucellosis, and human immunodeficiency virus (HIV) are the most prevalent blood ailments. The demand for technologically sophisticated medical instruments to assess the concentrations of hemoglobin and hematocrit in whole blood and evaluate blood composition arises. This has resulted in the market emergence of hemoglobin meters.
One of the primary causes driving the rise in the market for hemoglobin meters is the increasing prevalence of persistent illnesses all over the world. In a nutshell, the rising prevalence of anemia, diabetes, and other diseases is opening up significant growth potential for the hemoglobin meter segment. Further, diabetes patients must undergo testing regularly, which is expected to benefit the hemoglobin meter segment.
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Some of the leading manufacturers of blood testing equipment include Abbott, Becton Dickinson & Company, Trinity Biotech, Genteel, Baxter International, Gen-Probe, Inc., Biomerica, Inc., Cepheid Corporation, Meridian Bioscience, Inc., Alere, Inc., TaiDoc Technology Corporation, and Getein Biotech, Inc. among others.
Key players profiled in the blood testing equipment market are aiming for new product launches to strengthen their market presence. They are also focusing on gaining fast approval from regulatory bodies to gain a competitive edge in the market and increase their revenue.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7% from 2023 to 2033 |
| Projected Market Size (2023) | USD 85 billion |
| Estimated Market Size (2033) | USD 167.2 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product, End-use, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; The Middle East & Africa (MEA) |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Becton Dickinson & Company; Abbott; Genteel; Baxter International; Cepheid Corporation; Gen-Probe Inc.; Biomerica, Inc.; Meridian Bioscience, Inc.; Alere, Inc.; Trinity Biotech; TaiDoc Technology Corporation; Getein Biotech, Inc. |
| Customization | Available Upon Request |
The market is valued at USD 85 billion in 2023.
The market in China is anticipated to expand at a CAGR of 6.5%.
The market is predicted to be worth USD 167.2 billion in 2033.
The market is projected to expand at a 7% CAGR
Abbott, Genteel and, Baxter International are the leading industry players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Incubator 5.2. Photo Colorimeter 5.3. Hemoglobin Meter 5.4. Blood Cell Counter 5.5. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use 6.1. Hospitals & Clinics 6.2. Community Blood Banks 6.3. Research and Development Organizations 6.4. Ambulatory Surgical Centers 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Becton Dickinson & Company 17.2. Abbott 17.3. Genteel 17.4. Baxter International 17.5. Cepheid Corporation 17.6. Gen-Probe Inc. 17.7. Biomerica, Inc. 17.8. Meridian Bioscience, Inc. 17.9. Alere, Inc. 17.10. Trinity Biotech 17.11. TaiDoc Technology Corporation 17.12. Getein Biotech, Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Blood Testing Equipment Market
