The global blood testing market to grow at a CAGR of 2.82% during the period 2017-2021.
Global Blood Testing Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the revenue generated from retail sales of blood testing equipment, which includes instruments, reagents, and consumables.
One trend in the market is thriving demand for POCT. The diagnostics business market is undergoing revolutionary change, with the devices getting smaller in size, the customary focal research centers moving to close patient locales, and growing test menus due to the increasing adoption of multiparameter monitoring devices.
According to the report, one driver in the market is high demand for RDTs. RDTs are medical tests that are quick and easy to perform. They are suitable for preliminary or emergency medical screening, and can be performed in medical facilities with limited resources. They also allow POC testing in primary care, which was earlier limited to laboratories. They provide results within two hours, typically in approximately 20 minutes. Hence, laboratory methods that require more than one hour to provide a clear diagnosis of disease are not considered rapid tests.
Further, the report states that one challenge in the market is lack of trained professionals. Effective translation of diagnostics from the research phase to the application phase presents challenges. For instance, blood testing requires extensive optimization before results can be interpreted correctly. Therefore, clinical laboratories require trained specialists. However, there is a shortage of these specialists in diagnostic centers and hospitals worldwide. Most rural hospitals in the US face issues such as lack of required patient volume to justify having specialists who charge a premium for performing additional tests.
Thriving demand for POCT
Increasing adoption of automation in healthcare sector