Selbyville, Delaware The Hemoglobin Testing Devices Market study recently added by Market Study Report, LLC, offers an in-depth analysis of the current market trends influencing this business vertical. The study also includes market valuation, market size, revenue forecasts, geographical spectrum and SWOT Analysis of the industry. In addition, the report depicts key challenges and growth opportunities faced by the industry bigwigs, in consort with their product offerings and business strategies.
Hemoglobin Testing Devices Market size is expected to exceed USD 5.3 billion by 2025. Increasing incidence of anemia and rising technological advancements will propel the hemoglobin testing devices market growth in the coming years.
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Some major findings of the hemoglobin testing devices market report include:
– Increasing prevalence of anemia and other blood related disorders across the globe will serve as a high impact rendering factor for hemoglobin testing devices market growth
– Technological advancement in hemoglobin analyzers along with growing inclination towards point of care testing will ensure better healthcare outcomes
– Major players operating in the hemoglobin testing devices market include Abbott, B. B. Bayer medical care, Biorad, Danaher, EKF Diagnostics and Roche
– Competitors focus on research and development activities to modify and innovate hemoglobin testing devices, will significantly drive revenue growth
Anemia is a major public health problem affecting both the developing as well as the developed countries. Increasing prevalence of anemia across the globe is one of the major factors augmenting hemoglobin testing devices market growth. As per statistics, about 1.6 billion people across the globe are affected by anemia. Moreover, increasing government initiatives with the aim to create awareness regarding the ill effects of anemia will further boost demand for hemoglobin testing devices, thus augmenting industry growth.
Spectrophotometry segment accounted for USD 1.9 billion in 2018 and will witness significant growth during the analysis timeframe. Technology segment includes chromatography, spectrophotometry and immunoassay. Spectrophotometry is the recent technique implemented in the hemoglobin analyzers that evaluate results based on the capacity of compound to absorb light over a certain range of wavelength. As per, International Committee for Standardization in Hematology (ICSH), this technique has been considered as the most appropriate way of diagnosing blood related disorders. Hence, the aforementioned factors will significantly propel business growth across the forecast timeframe.
The demand for point of care testing is continuously rising, as more test are developed, and several clinicians are adopting them for regular diagnostics. In various situations, point of care hemoglobin testing devices might suitably replace traditional laboratory testing, including several areas of health care where a very rapid hemoglobin measurement might be required to make an immediate therapeutic decision.
Moreover, leading players such as Abbott, EKF Diagnostics and Danaher are commercializing point of care hemoglobinometers in the industry for efficient results. Hence, increasing demand coupled with growing commercialization of such devices will depict significant growth of the industry across the projected years. However, product recalls due to inaccuracy in test results might impede business growth up to a certain extent.
Product segment is bifurcated into equipment and consumables. The equipment segment is further categorized into point of care and laboratory analyzers. Laboratory analyzers are expected to witness steady growth of 4.7% during the analysis period. Laboratory-based analyzers for hemoglobin testing are usually used in research institutes and few hospitals for anemia and glucose testing. Increasing R&D activities to enhance treatment solutions for anemia and other blood related disorders is one of the chief factors propelling laboratory analyzers business growth.
End-use segment is classified into hospitals, clinics, laboratories, home care settings and blood banks. Clinics segment held around 22.7% revenue share in 2018 and is poised to show tremendous growth during the forthcoming years. Increasing establishment of clinics in developed as well as developing economies will boost segmental growth. Moreover, growing preference among the population for diagnostic clinics owing to presence of state-of-the-art facilities will further propel business growth.
UK hemoglobin testing devices market is estimated to witness lucrative growth of 7.5% across the analysis period. High growth is attributable to increasing prevalence of blood related disorders. Moreover, increasing adoption of point of care hemoglobin testing devices will further augment regional growth. Additionally, increasing R&D activities associated with hemoglobin testing solutions will further boost product demand. Also, rising government initiatives to raise awareness among the population about various hemoglobin tests is another major factors boosting market growth.
Few notable companies operating in hemoglobin testing devices market include Abbott, B. Bayer medical care, Biorad, Danaher, EKF Diagnostics and Roche. Industry players are implementing numerous strategies to expand the geographic presence and strengthen market position.
For instance, in May 2018, Abbott announced the launch of Afinion 2 analyzer in the U.S. The Afinion 2 analyzer is a compact multi-assay, rapid platform that simplifies and streamlines the readings of hemoglobin A1c in the human blood, thus delivering accurate results at the point of care. These strategic initiatives assisted the company to expand its hemoglobin testing deviceâ€™s portfolio.
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