Blood Test Equipment Market Size - Growth by 2031
The Blood Test Equipment Market is expected to register a CAGR of 7.2% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Haemoglobin Meter, Blood Cell Counter, Erythrocyte Sedimentation Rate Analyzer, Others). Futher, it is segmented based on Application (Hospital, Clinic, Blood Bank, Ambulatory Surgical Center, Others). The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments.
Purpose of the ReportThe report Blood Test Equipment Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Blood Test Equipment Market Segmentation
Type- Haemoglobin Meter
- Blood Cell Counter
- Erythrocyte Sedimentation Rate Analyzer
- Others
- Hospital
- Clinic
- Blood Bank
- Ambulatory Surgical Center
- Others
Strategic Insights
Blood Test Equipment Market Growth Drivers- Technological Innovations: Continuous innovation in blood testing technology, such as miniaturized devices and point-of-care testing, improves accuracy and speed. This allows healthcare providers to better service their needs for rapid results and fuels market growth, hence improving patient outcomes.
- Rising Prevalence of Chronic Diseases: There is a rising trend of chronic diseases such as diabetes and cardiovascular issues, for which regular blood tests help in managing them. This trend of increased demand for testing creates more need for high-grade blood testing machinery, which then expands the market.
- Expansion of Home Healthcare Services: The paradigm shift toward home healthcare services, especially post pandemic, attracts greater needs for portable blood test equipment. Patients generally prefer convenience and accessibility; this trend pushes up market growth and prompts innovative developments in user-friendly testing devices.
- Wearable Blood Testing Devices: Wearable technology for continuous blood monitoring is increasing in popularity. They will allow for real-time data collection and provide an instant health assessment and personalized care to individuals, thereby revolutionizing the way one and their healthcare providers take blood tests.
- Telehealth Integration: Integration with blood testing equipment for telehealth services will help serve remote consultations and result sharing. The increased trends are improving patient engagement, providing relatively easier access to health care, and promoting demand in compatible blood test devices designed for home use.
- Sustainability in Equipment Design: Increased environmental concerns make manufacturers place much attention on sustainability. More investment is expected to go into eco-friendly materials and energy-efficient processes to show a commitment to sustainability that appeals to the growing number of environmental care consumers and health care providers.
- Tech Startups Collaborations: Co-deployment with innovative tech startups will even accelerate the state-of-the-art development of solutions from blood testing. Thereby, using any form of technology, companies that have already established their means can expand their products in relation to patient outcome and create competitive advantage in the market.
- Developing Healthcare Infrastructure in Emerging Markets: The base for blood-test equipment manufacturers exists in emerging markets as countries try to implement advance diagnostics. Companies would get access to new sources of customers with investment in advanced diagnostics, spurring the growth and penetration of local health care systems.
- Personalized Medicine Growth: As personalized medicine becomes increasingly widespread, tailor-made blood tests adapted to individual genetic profiles will gain increasing significance. This trend affords a special chance for developing specialized testing equipment and enhancing the precision of diagnostics and treatment plans.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Blood Test Equipment Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Blood Test Equipment Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The major factors driving the blood test equipment market are:
1. Technological Innovations.
2. Expansion of Home Healthcare Services.
The blood test equipment market is expected to grow at a CAGR of 7.2%.
North America region accounts for highest revenue share in blood test equipment market.
The final report will duly include market size and projection estimates for all the segments from 2021 to 2031, along with a revenue share and compound annual growth rate (%) for the regional/country-wise market wherein 2021-2022 are the historic years, 2023 is considered to be the base year, and the forecast will be provided till 2031, along with CAGR (%).
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023 - 2031).
Becton Dickinson & Company, Baxter International, and Danaher are the major companies operating in the blood test equipment market.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Blood Test Equipment Market - By Type
1.3.2 Blood Test Equipment Market - By Application
1.3.3 Blood Test Equipment Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BLOOD TEST EQUIPMENT MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. BLOOD TEST EQUIPMENT MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. BLOOD TEST EQUIPMENT MARKET - GLOBAL MARKET ANALYSIS
6.1. BLOOD TEST EQUIPMENT - GLOBAL MARKET OVERVIEW
6.2. BLOOD TEST EQUIPMENT - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. BLOOD TEST EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. HAEMOGLOBIN METER
7.3.1. Overview
7.3.2. Haemoglobin Meter Market Forecast and Analysis
7.4. BLOOD CELL COUNTER
7.4.1. Overview
7.4.2. Blood Cell Counter Market Forecast and Analysis
7.5. ERYTHROCYTE SEDIMENTATION RATE ANALYZER
7.5.1. Overview
7.5.2. Erythrocyte Sedimentation Rate Analyzer Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. BLOOD TEST EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HOSPITAL
8.3.1. Overview
8.3.2. Hospital Market Forecast and Analysis
8.4. CLINIC
8.4.1. Overview
8.4.2. Clinic Market Forecast and Analysis
8.5. BLOOD BANK
8.5.1. Overview
8.5.2. Blood Bank Market Forecast and Analysis
8.6. AMBULATORY SURGICAL CENTER
8.6.1. Overview
8.6.2. Ambulatory Surgical Center Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. BLOOD TEST EQUIPMENT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Blood Test Equipment Market Overview
9.1.2 North America Blood Test Equipment Market Forecasts and Analysis
9.1.3 North America Blood Test Equipment Market Forecasts and Analysis - By Type
9.1.4 North America Blood Test Equipment Market Forecasts and Analysis - By Application
9.1.5 North America Blood Test Equipment Market Forecasts and Analysis - By Countries
9.1.5.1 Canada Blood Test Equipment Market
9.1.5.1.1 Canada Blood Test Equipment Market by Type
9.1.5.1.2 Canada Blood Test Equipment Market by Application
9.1.5.2 Mexico Blood Test Equipment Market
9.1.5.2.1 Mexico Blood Test Equipment Market by Type
9.1.5.2.2 Mexico Blood Test Equipment Market by Application
9.1.5.3 US Blood Test Equipment Market
9.1.5.3.1 US Blood Test Equipment Market by Type
9.1.5.3.2 US Blood Test Equipment Market by Application
9.2. EUROPE
9.2.1 Europe Blood Test Equipment Market Overview
9.2.2 Europe Blood Test Equipment Market Forecasts and Analysis
9.2.3 Europe Blood Test Equipment Market Forecasts and Analysis - By Type
9.2.4 Europe Blood Test Equipment Market Forecasts and Analysis - By Application
9.2.5 Europe Blood Test Equipment Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Blood Test Equipment Market
9.2.5.1.1 Germany Blood Test Equipment Market by Type
9.2.5.1.2 Germany Blood Test Equipment Market by Application
9.2.5.2 France Blood Test Equipment Market
9.2.5.2.1 France Blood Test Equipment Market by Type
9.2.5.2.2 France Blood Test Equipment Market by Application
9.2.5.3 Italy Blood Test Equipment Market
9.2.5.3.1 Italy Blood Test Equipment Market by Type
9.2.5.3.2 Italy Blood Test Equipment Market by Application
9.2.5.4 Spain Blood Test Equipment Market
9.2.5.4.1 Spain Blood Test Equipment Market by Type
9.2.5.4.2 Spain Blood Test Equipment Market by Application
9.2.5.5 United Kingdom Blood Test Equipment Market
9.2.5.5.1 United Kingdom Blood Test Equipment Market by Type
9.2.5.5.2 United Kingdom Blood Test Equipment Market by Application
9.2.5.6 Rest of Europe Blood Test Equipment Market
9.2.5.6.1 Rest of Europe Blood Test Equipment Market by Type
9.2.5.6.2 Rest of Europe Blood Test Equipment Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Blood Test Equipment Market Overview
9.3.2 Asia-Pacific Blood Test Equipment Market Forecasts and Analysis
9.3.3 Asia-Pacific Blood Test Equipment Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Blood Test Equipment Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Blood Test Equipment Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Blood Test Equipment Market
9.3.5.1.1 Australia Blood Test Equipment Market by Type
9.3.5.1.2 Australia Blood Test Equipment Market by Application
9.3.5.2 China Blood Test Equipment Market
9.3.5.2.1 China Blood Test Equipment Market by Type
9.3.5.2.2 China Blood Test Equipment Market by Application
9.3.5.3 India Blood Test Equipment Market
9.3.5.3.1 India Blood Test Equipment Market by Type
9.3.5.3.2 India Blood Test Equipment Market by Application
9.3.5.4 Japan Blood Test Equipment Market
9.3.5.4.1 Japan Blood Test Equipment Market by Type
9.3.5.4.2 Japan Blood Test Equipment Market by Application
9.3.5.5 South Korea Blood Test Equipment Market
9.3.5.5.1 South Korea Blood Test Equipment Market by Type
9.3.5.5.2 South Korea Blood Test Equipment Market by Application
9.3.5.6 Rest of Asia-Pacific Blood Test Equipment Market
9.3.5.6.1 Rest of Asia-Pacific Blood Test Equipment Market by Type
9.3.5.6.2 Rest of Asia-Pacific Blood Test Equipment Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Blood Test Equipment Market Overview
9.4.2 Middle East and Africa Blood Test Equipment Market Forecasts and Analysis
9.4.3 Middle East and Africa Blood Test Equipment Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Blood Test Equipment Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Blood Test Equipment Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Blood Test Equipment Market
9.4.5.1.1 South Africa Blood Test Equipment Market by Type
9.4.5.1.2 South Africa Blood Test Equipment Market by Application
9.4.5.2 Saudi Arabia Blood Test Equipment Market
9.4.5.2.1 Saudi Arabia Blood Test Equipment Market by Type
9.4.5.2.2 Saudi Arabia Blood Test Equipment Market by Application
9.4.5.3 U.A.E Blood Test Equipment Market
9.4.5.3.1 U.A.E Blood Test Equipment Market by Type
9.4.5.3.2 U.A.E Blood Test Equipment Market by Application
9.4.5.4 Rest of Middle East and Africa Blood Test Equipment Market
9.4.5.4.1 Rest of Middle East and Africa Blood Test Equipment Market by Type
9.4.5.4.2 Rest of Middle East and Africa Blood Test Equipment Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Blood Test Equipment Market Overview
9.5.2 South and Central America Blood Test Equipment Market Forecasts and Analysis
9.5.3 South and Central America Blood Test Equipment Market Forecasts and Analysis - By Type
9.5.4 South and Central America Blood Test Equipment Market Forecasts and Analysis - By Application
9.5.5 South and Central America Blood Test Equipment Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Blood Test Equipment Market
9.5.5.1.1 Brazil Blood Test Equipment Market by Type
9.5.5.1.2 Brazil Blood Test Equipment Market by Application
9.5.5.2 Argentina Blood Test Equipment Market
9.5.5.2.1 Argentina Blood Test Equipment Market by Type
9.5.5.2.2 Argentina Blood Test Equipment Market by Application
9.5.5.3 Rest of South and Central America Blood Test Equipment Market
9.5.5.3.1 Rest of South and Central America Blood Test Equipment Market by Type
9.5.5.3.2 Rest of South and Central America Blood Test Equipment Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. BLOOD TEST EQUIPMENT MARKET, KEY COMPANY PROFILES
11.1. BECTON DICKINSON AND COMPANY
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. GENTEEL
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. BAXTER INTERNATIONAL
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. DANAHER
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. BIOMERICA, INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. MERIDIAN BIOSCIENCE, INC.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. ABBOTT
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. TRINITY BIOTECH
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. TAIDOC TECHNOLOGY
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. ALIFAX
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Becton Dickinson & Company
2. Genteel
3. Baxter International
4. Danaher
5. Biomerica, Inc.
6. Meridian Bioscience, Inc.
7. Abbott
8. Trinity Biotech
9. TaiDoc Technology
10. Alifax
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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