Strengthening hemoglobin testing devices market outlook by 2025
Growing prevalence of anemia is estimated to drive the demand for hemoglobin testing kits over the forthcoming years. Anemia is regarded as a major public health issue that is impacting people across both developed as well as developing nations. According to reports, nearly 1.6 billion people suffer from anemia globally.
As a result, several federal bodies have started to implement state-wide initiatives to spread awareness about anemia. Such initiatives would boost the need for blood testing, hugely benefitting hemoglobin testing device market size.
Increasing technological innovations have also given rise to advanced testing kits that are able to offer precise results within a short span of time. Considering these aspects, Global Market Insights forecasts that the hemoglobin testing devices market might surpass $5.3bn by the year 2025.
Based on technology, industry is mainly bifurcated into immunoassay, spectrophotometry, and chromatography. Out of these, the spectrophotometry segment is projected to witness remarkable gains during the predicted timeframe. Earlier in 2018, the segment had accounted for almost $1.9bn.
These technologies usually evaluate results by analysing the capacity of a compound to absorb light over a particular extent of wavelength. According to the International Committee for Standardization in Hematology (ICSH), spectrophotometry was considered as an ideal procedure for diagnosing blood-related disorders. Clinical diagnostic companies are actively focusing on developing devices that offer fast track blood results. In 2020, UK-based EKF Diagnostics received FDA clearance for its semi-automated spectrophotometric instrument, Hemo Control analyser that offers instant total hemoglobin results.
In terms of end-use, the hemoglobin testing kit market is categorised into clinics, hospitals, home care settings, blood banks, and laboratories. In 2018, the clinic segment had recorded nearly 22.7% of the overall market revenue share and is anticipated to register considerable growth over the forecast timeframe. This growth can be attributed to escalating establishment of clinics across developing as well as developed economies. Additionally, shifting inclination towards diagnostic clinics due to increasing presence of facilities may enhance segment growth by 2025.
Prominent players like Bayer, Abbott, Danaher, Biorad, Roche, and EKF Diagnostics are continuously adopting multiple business strategies to expand their consumer base as well as geographic presence. Taking February 2020 for instance, EKF Diagnostics, revealed that it has launched a program to support the reduction of anemia across emerging regions of South America.
Under this initiative, the company would offer its innovative Point-Of-Care (POC) hemoglobin analysers to fight chronic child malnutrition by conducting reliable monitoring and screening of anemia across South America. Initiatives like these would help companies to enhance their brand value and give them a chance to tap into untapped markets.
You can view the report here.