The blood testing market is expected to reach $56.6 billion in 2019.
Wellesley, Mass. (PRWEB) May 13, 2015
BCC Research reveals in its new report on the blood testing market that the increasing need for rapid identification and determination of infectious agents, potential cardiac risk factors, cancer biomarkers, drugs of abuse, and women’s health issues are driving modest market growth. In addition, the growing number of elderly with chronic diseases like diabetes has increased demand for blood glucose monitoring systems. Greater demand for point-of-care testing devices also has bolstered market growth.
The global blood testing market is expected to reach $56.6 billion in 2019, reflecting a five-year compound annual growth rate of 2.6%. In terms of revenues, the market for blood tests in cancer or oncology is the largest segment. The implementation rate of blood tests used for identifying serious infections, diabetes, and cardiovascular disease should increase during the forecast period. However, the market seems to be highly competitive with the entry of similar testing strategies from local and regional companies.
Mergers and acquisitions were at their peak and booming in 2014. The profitability pressures from competitors; dry pipelines; tax exemptions and reductions due to acquisitions; business consolidation; and innovations with collaboration around latest technologies have been the main drivers for mergers and acquisitions. The merging of small companies and international companies with giant companies has been a current trend in the medical device industry.
“The blood testing market is very lucrative and highly competitive. It is fueled mainly by innovation and is driven by quality and price,” says BCC Research analyst Shalini S. Dewan. “Thus, collaborations, mergers and acquisitions, licensing agreements, and joint developments have resulted in companies with robust pipelines.”
Blood Testing: Technology and Global Markets examines present and future strategies within the blood testing market. The blood testing market includes blood tests in various categories including tests used in hematology, oncology and toxicology and tests used for heart profiles and the diagnosis of inflammation. Revenues are segmented by regions and sales figures are estimated from 2014 through 2019.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
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