Blood Testing Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 A blood glucose test measures the total amount of glucose in the blood. The symptoms of various disorders like diabetes usually appear suddenly, and are why blood sugar levels must be checked. Self-testing blood sugar is also important to manage diabetes and prevent complications. The rising prevalence of type I and type II diabetes, coupled with the growing cases of hereditary diabetes, also supports the growth of the glucose testing segment.

Furthermore, the prevalence of diabetes increased in recent years, and many reports predict that this prevalence will increase further in the future. For instance, as per the December 2021 report by the International Diabetes Federation, approximately 537 million adults (20-79 years old) lived with diabetes in 2021 across the globe. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. It will increase the demand for blood glucose testing, which will help the market grow.

The Global Blood Testing Market size is expected to grow from USD 84.79 billion in 2023 to USD 118.23 billion by 2028, registering a CAGR of 6.88% during the forecast period.

The outbreak significantly impacted the blood testing market as COVID-19 cases increased worldwide. Also, the rising adoption of blood testing to perform the COVID-19 diagnosis routines is expected during the forecast period. According to the article published in the Nature Journal in May 2022, the study constructed a machine-learning model for COVID-19 diagnosis that was based on and cross-validated on the routine blood tests of 5333 patients with various bacterial and viral infections, including 160 COVID-19-positive patients. Due to these factors, the COVID-19 impact on the market was expected to be positive. However, the market is currently growing at a stable pace owing to a resumption of diagnosis services, and it is expected to witness a similar trend over the coming years. 

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