In this market research report, Technavio covers the market outlook and growth prospects of the global blood testing market for 2017-2021. The report further segments the market into different end-user segments that include hospitals and clinics and diagnostic centers.
Technavio's research analysts segment the global blood testing market into the following regions:
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Americas: largest blood testing market
The blood testing market in the Americas is growing due to the high prevalence of diabetes and chronic diseases such as cardiovascular diseases. These diseases result in approximately 610,000 deaths each year in the US. The global blood testing market is led by the US. This is because of the high awareness about disease prevention and the introduction of rapid diagnostic technologies such as Abbott's FREESTYLE INSULINX Blood Glucose Test Strips. Due to these technologies, an increasing number of people are undergoing regular blood tests and checkups.
"There is an increase in vitro tests, which has led to an increase in the number of blood tests being done. This has benefitted the market. Major vendors are primarily focusing on the US market by launching new, time saving, and cost-effective diagnostics products such as the automated biochemistry analyzer for blood testing to increase their market share," says Tasneem, a lead lab equipment research expert from Technavio.
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Blood testing market in EMEA
France, Germany, the UK, Italy, and Spain are the key contributors of revenue to the blood testing market in EMEA. This is because of the increased importance given to the early detection of diseases in these countries and the availability of specialized diagnoses in various fields such as endocrinology, gynecology, and oncology. Though there is a decrease in the number of laboratories in several European countries, the increasing prevalence of infectious diseases in Africa will increase the demand for blood testing.
"In 2016, the blood testing market in EMEA was led by the UK, followed by Germany and France. The presence of many clinics and hospitals has increased the adoption rate of blood testing equipment and related diagnostic products in these countries. Apart from this, the growing incidence of diseases in older adult population and the demand for personalized medicines will necessitate the introduction of faster blood-based diagnostic technologies in the coming years," says Tasneem.
Blood testing market in APAC
The blood testing market in APAC is growing rapidly due to the high prevalence of chronic and infectious diseases such as influenza A (H1N1), malaria, dengue, and HIV in developing countries such as India and China. Countries from this region account for more than 60% of the world's diabetic population. Huge patient pool, growing interests of international and domestic vendors such as Quest Diagnostics and Clinical Reference Laboratory, and the increase in R&D activities are fueling the growth of the market in this region.
The top vendors in the global blood testing market as highlighted in this market research analysis are:
- Abbott Laboratories
- Bio-Rad Laboratories
- F. Hoffmann-La Roche
- Siemens Healthineers
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