The global blood testing equipment market is anticipated to achieve a valuation of USD 85 billion by the close of 2023. Over the forecast period from 2023 to 2033, market demand is expected to grow at a CAGR of 7%. A primary driver of this growth is the rising need for safe blood and blood products among healthcare institutions worldwide.
Rising health consciousness encourages patients to undergo regular health checkups. Governments all over the world, too, are promoting proper health care; investing heavily in healthcare infrastructure and healthcare policies. This will boost the sales of blood testing equipment in the market.
Various healthcare organizations, too, are investing in research and development activities so as to introduce innovative blood testing equipment that will aid in the detection of chronic illnesses. These healthcare organizations also create programs for generating health awareness among the general public. All this has led to an increase in demand for blood testing equipment thereby contributing to the growth of the global blood testing equipment market.
Key Takeaways:
- Rising incidences of dengue, malaria and diarrhea in countries like China, India, the U.S., and Brazil promote market growth.
- Commercialization of Clinical Laboratory Improvements Amendments (CLIA) for early disease detection by regulatory bodies will increase demand for blood testing equipment in the U.S.
- Upsurge in HIV cases along with increasing geriatric population will supplement market growth
- Increasing investments in healthcare and the presence of several blood testing centers account for North America’s lead in this market.
- Rapid expansion of the healthcare sector in China, Japan, and India will boost the market possibilities for Asia Pacific.
- Europe is expected to register substantial growth in the global blood testing market during the forecast period.
- Hemoglobin segment will account for more than 1/3rd of total sales in 2022.
Competitive Landscape
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 are some of the major players in the blood testing equipment market that are profiled in the full version of the report.
In a competitive market, major players in the global blood testing equipment market are focused on releasing novel products into the market. These organizations are also invested in acquiring swift approvals from regulatory bodies so as to retain or upscale their market rankings.
Blood Testing Equipment Market Regional Analysis
According to FMI reports, North America is expected to continue to dominate the global blood testing equipment market over the assessment period. Increasing investments in the healthcare infrastructure as well as the presence of multiple blood testing centers like New York Blood Center, Armed Services Blood Program, American Red Cross, etc., will propel the North America blood testing equipment market over the assessment period. It is estimated that North America will account for nearly 2/5th of the demand share of the global blood testing equipment market.
Blood testing equipment market in Europe presents a substantial potential for growth over the forecast period. Rapid development of healthcare infrastructure in Germany, the U.K., and other countries is responsible for this presentation. Additionally, growing research and development activities to produce enhanced blood testing equipment will also propel the market growth in the region.
Development of diagnostics laboratories and healthcare expansion in Asian countries like China, Japan, and India will contribute to the market growth of blood testing equipment in the region. Sales of blood testing equipment are expected to rise at a healthy rate over the forecast period.
Blood Testing Equipment Market Segmentation Analysis
By product type segmentation, hemoglobin is expected to lead the global blood testing equipment market with over 1/3rd ownership of total sales in 2022.
Key Segments Profiled in the Blood Testing Equipment Industry Survey
By Product:
- Incubator
- Photo Colorimeter
- Hemoglobin Meter
- Blood Cell Counter
- Others
By End-Use:
- Hospitals & Clinics
- Community Blood Banks
- Research and Development Organizations
- Ambulatory Surgical Centers
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/blood-testing-equipment-market
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