The Latest Bilirubin Blood Test Industry Statistics Explained
As of 2020, the global blood testing market size was valued at USD 62.9 billion.
The statistic indicates that in the year 2020, the overall market size of blood testing worldwide was estimated to be USD 62.9 billion. This figure represents the total value of revenues generated by businesses offering blood testing services and products on a global scale during that particular year. The large market size suggests a high demand for blood testing services, likely driven by factors such as increasing incidences of chronic diseases, advancements in medical technology, and growing healthcare expenditure globally. This statistic underscores the significant economic importance and widespread utilization of blood testing for various diagnostic and monitoring purposes across healthcare systems worldwide.
The blood testing market is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2021 to 2028.
This statistic indicates that the market for blood testing is projected to grow steadily over the period from 2021 to 2028, with an estimated compound annual growth rate (CAGR) of 8.2%. This growth rate signifies the average annual increase in the market size over the specified time frame, suggesting a positive trend in the demand for blood testing services and products. Factors driving this expansion may include advancements in technology, increased awareness about the importance of regular blood testing for health monitoring, and the rising prevalence of chronic diseases that require blood monitoring. The forecasted growth rate of 8.2% indicates a promising outlook for the blood testing market, presenting potential opportunities for businesses operating in this sector.
As of 2020, North America held the largest share in the blood test market.
The statistic that North America held the largest share in the blood test market as of 2020 indicates that North America’s healthcare industry experienced high demand and consumption of blood testing services compared to other regions globally. This could be due to factors such as increasing prevalence of chronic diseases, advancements in medical technology, higher healthcare expenditure, and robust infrastructure for diagnostics in the region. The data suggests that North America’s healthcare system is well-equipped to handle the demand for blood tests, with providers offering a wide range of testing services to meet the needs of the population. Understanding this statistic provides insights into the regional healthcare landscape and market dynamics of blood testing services in North America compared to other regions.
The Asia Pacific blood testing market is anticipated to witness the fastest growth, registering a CAGR of 9.4% over the forecast period.
This statistic indicates that the Asia Pacific blood testing market is expected to experience significant growth at a compound annual growth rate (CAGR) of 9.4% over the forecast period. This suggests a strong upward trajectory in the demand and adoption of blood testing services and products in the region. Factors such as increasing awareness about preventive healthcare, growing prevalence of chronic diseases, and advancements in healthcare infrastructure are likely driving this growth. The anticipated rapid expansion of the Asia Pacific blood testing market implies a favorable outlook for companies operating in this sector, along with potential benefits for public health outcomes in the region.
Infectious disease testing occupied around 20% of the total market share in 2020 and this trend is expected to continue over the forecast period.
The statistic indicates that infectious disease testing accounted for approximately 20% of the total market share in 2020 and is projected to maintain this level of market dominance in the coming years. This suggests a significant demand for infectious disease testing services relative to other types of medical testing. The consistent market share forecast implies that the need for identifying and diagnosing infectious diseases remains a critical aspect of healthcare diagnostics and public health management. This trend may be driven by factors such as the ongoing COVID-19 pandemic, the importance of early detection and containment of infectious diseases, and advancements in diagnostic technologies. As a result, it is likely that investments and innovations in infectious disease testing will continue to be a key focus area for healthcare providers and stakeholders in the foreseeable future.
References
0. – https://www.www.grandviewresearch.com
