Development of Novel Innovative Diagnostic tests Generating Huge Revenue Opportunity for Global Blood Testing Market

PALM BEACH, Fla., Feb. 16, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The global blood testing market has grown during the pandemic and is expected to continue to rise in the coming years. Growing medical spending by the government and regulatory bodies is expected to drive the market during the forecast period. Government and key organizations are constantly engaged in encouraging patients to undergo regular diagnostic examinations. Multinational healthcare organizations aid in the discovery of novel techniques and promote awareness about the eradication and diagnosis of common as well as chronic disorders. Robust external funding to the clinical studies conducted for the development of novel innovative diagnostic tests is expected to boost the market. The introduction of constructive regulatory parameters that aim to promote the usage of POC testing is a high-impact rendering driver of the market.  A report from Grand View Research projected that the global blood testing market size was valued at USD 73.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028.  The report said: "A continuous rise witnessed in the prevalence of chronic diseases along with high demand for rapid products for assessment of health conditions is expected to offer the market a significant momentum in the coming years. This is expected to provide lucrative opportunities to operational entities as blood testing is integral for the regular monitoring of diseases. Moreover, to provide swift services, clinics, hospitals, and other healthcare facilities are providing advanced tests. An exponential rise in the number of COVID-19 cases globally is boosting the demand for large-volume diagnostic testing."  Active companies in the markets this week include:  Goodbody Health Inc. (OTCPK: GDBYF) (CSE: GDBY), Labcorp (NYSE: LH), Quest Diagnostics Incorporated (NYSE: DGX), ImmunityBio, Inc. (NASDAQ: IBRX), Moderna, Inc. (NASDAQ: MRNA).

Grand View Research concluded: "North America dominated the blood testing market and accounted for the largest revenue share of over 43.0% in 2020. In Asia Pacific, the market for blood testing is anticipated to witness the fastest CAGR over the forecast period. The rising prevalence of chronic diseases in developing countries such as India and China is a major factor propelling the market growth. In addition, several multinational companies are investing heavily in this region. Market players are involved in the development and launch of novel products to increase their market presence."

Goodbody Health Inc. (OTCPK: GDBYF) (CSE: GDBY) BREAKING NEWS:  GOODBODY HEALTH ANNOUNCES BLOOD TESTING TRIAL SUCCESS - Goodbody Health Inc. (OTCPK: GDBYF) (CSE: GDBY) (Goodbody Health" or the "Company") is pleased to announce the rollout of its plan to introduce blood testing through its existing network of clinics while it continues to contract with more new pharmacies including 15 last week.

This process includes venous blood draws with an in-clinic phlebotomist and Goodbody have launched its own phlebotomy training academy, training up staff within its existing clinic network to allow them to offer in clinic health and wellness blood tests. Newly partnered clinics will also have the opportunity to train up to three members of their staff within the phlebotomy training school.

At the same time the Group continues to bring in innovative technologies into its clinics to offer results to tests such as cholesterol and diabetes delivered in minutes.   These tests help people assess their wellness and determine any lifestyle changes required to live better giving feedback to Goodbody Health to develop the model including additional products and services.  Meanwhile COVID testing revenues are still averaging at over 500 tests per day, remaining strong due to other country entry requirements although the UK restrictions have eased.

Geremy Thomas, Executive Chairman, said; "We have set up a model for blood testing, that our partners cannot wait to roll out as they see the benefits for everyone in their local area, while continuing to provide PCR testing for our customer base."  CONTINUED….  Read this release for the Goodbody Health news at:  https://www.financialnewsmedia.com/news-gdby/   

Other recent developments in the markets include:

Labcorp (NYSE: LH), a leading global life sciences company, recently announced that it has entered into agreements to create a comprehensive strategic relationship with Ascension, one of the nation's leading Catholic and non-profit health systems. Through the expansive strategic collaboration, Labcorp will manage Ascension's hospital-based laboratories in 10 states and purchase select assets of the health system's outreach laboratory business. This long-term relationship will expand Labcorp's clinical laboratory services in several states across the country while creating opportunities to enhance care across all clinical areas.

The transactions build on Labcorp's strong track record of establishing health system relationships that foster innovation and create value for patients, clinicians and communities. The relationship allows Ascension to leverage Labcorp's scientific expertise, technology and scale in therapeutic areas such as oncology, neurology and women's health—thereby enhancing existing laboratory services and offerings. Ascension's patients and clinician network will also have access to Labcorp's leading diagnostics and at-home test collection services.

Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic information services, recently announced financial results for the fourth quarter and full year ended December 31, 2021.  "In another unprecedented year, Quest provided critical COVID-19 testing to our country and delivered record revenues, earnings and cash from operations for full year 2021," said Steve Rusckowski, Chairman, CEO and President. "At the same time, our base business revenues grew more than 19 percent year over year, achieving record levels.

"Quest is well positioned in 2022 to deliver on our commitments. Our guidance for 2022 reflects lower demand for COVID-19 testing services; growth in the base business; and the impact of the previously announced one-year delay of PAMA cuts; partially offset by investments to accelerate growth.  "I am proud of the incredible accomplishments of our 50,000 Quest employees throughout the pandemic. They have risen to the challenge of bringing COVID-19 testing to millions of patients – all the while innovating, persevering, and remaining committed to our vision of empowering better health. Our team is strong, the business has momentum, and Quest's future is bright."

ImmunityBio, Inc. (NASDAQ: IBRX) recently announced the successful completion of its acquisition of the leasehold interest in an ISO Class 5 pharmaceutical manufacturing space in western New York from global pharmaceutical company Athenex, Inc. (ATNX).

The new state-of-the-art biotech production facility, located in Dunkirk, New York (Chautauqua County), includes clean rooms for upstream and downstream manufacturing activities, as well as fill and finish and large-scale lyophilization capabilities. The full-scale facility enables ImmunityBio to substantially expand and diversify its existing manufacturing capacity in the U.S. and through its strategic collaborators in Africa.

Moderna, Inc. (NASDAQ:MRNA), a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines, recently announced a new supply agreement with the government of Colombia for 10.8 million doses of Moderna's COVID-19 vaccine. These doses are in addition to 10 million doses supplied to Colombia in 2021. Under the terms of the agreement, Moderna expects to deliver one million doses in the first quarter of 2022, six million doses in the second quarter of 2022, and 3.8 million doses in the third quarter of 2022.

"We thank the government of Colombia for their continued collaboration, support, and trust in our COVID-19 vaccine," said Stéphane Bancel, Moderna's Chief Executive Officer. "COVID-19 vaccines continue to be our best tools in helping to end the COVID-19 pandemic."

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