Newark, March 01, 2023 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the hemoglobin testing market will grow to USD 2.53 billion in 2022 and reach USD 4.92 billion by 2032. In just eight years, the increasing number of blood donations globally, along with the increase in per capita healthcare spending, is expected to stimulate market growth.. Further, the quick expansion in the percentage of diabetics worldwide and the surge in the popularity of home diagnostic tests are also anticipated to drive market growth during the forecast period.
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Key Insight of the Hemoglobin Testing Market
North America is anticipated to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the hemoglobin testing market. Key factors favoring the growth of the hemoglobin testing market in North America include the rapid rise in the prevalence of diabetic population across the globe and the increase in the incidence of home-based diagnostic tests which are helping to stimulate market growth. Further, the increasing awareness about advanced hematology diagnostics & the improved health infrastructure is expected to drive market growth in this region.
The spectrophotometry segment is expected to augment the hemoglobin testing market during the forecast period.
The spectrophotometry segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing number of companies adopting spectrophotometry as the chief technique for hematology testing. Additionally, technological advancements in the spectrometry system and rising R&D spending by the pharmaceutical industry & government research organizations are also helping to boost the segment's market growth. Further, by 2032, the chromatography segment will likely dominate the market due to the increased funding for chromatography technologies by regional governments and various technological advancements. The benefits of chromatography in new drug development and clinical research are also helping boost the segment's market growth.
The point-of-care segment market size was 0.78 billion in 2022
The point-of-care segment is anticipated to dominate the market over the forecast period owing to the increased technology and developed techniques in point-of-care testing. Further, by 2032, the automated hematology analyzers segment will likely dominate the market due to the increase in demand for automated hematology analyzers.
The hospital segment is anticipated to dominate the market by 30.11% in 2032.
The hospital segment is anticipated to dominate the market in the forthcoming years, owing to the increasing government investments in renovating hospitals. Additionally, the growing number of hospitals implementing hematology testing globally is also helping boost the segment's market growth. Further, by 2032, the home care settings segment will likely dominate the market due to the favorable government policies for the support of diabetes testing & management.
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Advancement in market
For example, in February 2016, Abbott Company completed its acquisition of Alere Company, a foremost firm involved in manufacturing point-of-care diagnostics. This strategic initiative strengthened the firm's industry presence in the point-of-care testing business.
Market Dynamics
Driver: The increasing prevalence of blood disorders, including cancer:
The increasing prevalence and surging incidence rates of various chronic disorders, especially diabetes, in both developing and developed economies are one of the driving factors of market growth. Blood cancer is a form of hematological cancer triggered by specific genetic defects. Further, the steady expansion of geriatric populations globally coupled with the growing demand for rapid POCT and diagnostic methods to detect diabetes are propelling factors of the market growth. Apart from this, the rising geriatric population and an increasing number of obese people are expected to push market growth over the forecast period. Further, the rise in blood glucose diseases, such as hypoglycemia, hypotension, and diabetes, can be accurately diagnosed utilizing hematologic tests, which is increasing its adoption in countries with large diabetic populations. This factor is also expected to propel the market growth over the forecast period.
Restraint: The high cost and maintenance of hemoglobin testing:
The rising costs of medical devices and the problems associated with higher maintenance costs are restraining factors of market growth. Further, the high costs associated with hemoglobin testing equipment, along with a lack of operational efficiency & trained professionals to operate high-end devices and software installed in flow cytometers and analyzers, hamper the market growth during the projection period. Besides, a decline in clinical visits due to the COVID-19 outbreak, coupled with a lack of awareness among people, is expected to hinder the market's growth.
Opportunity: The increasing research and development activities:
The rising awareness for blood-related ailments, along with the rising investment in the development of advanced technologies and the increase in the number of emerging markets, are propelling the market growth. Further, the improved number of health facilities in the hospital with newly developed technologies and enhanced research and technology with new launches by the key market participants are also driving market growth factors over the forecast period. Moreover, the increasing technological improvements in hemoglobin testing analyzers and the rising organization of clinics across growing and developed economies are also helping to stimulate market growth over the forecast period.
Some of the major players operating in the hemoglobin testing market are:
• Masimo
• DiaSys Diagnostic Systems
• Bayer Medical Care
• ARKRAY
• Beckman Coulter Diagnostics
• Fisher Scientific
• Diazyme Laboratories
• Abbott Laboratories
• EKF Diagnostics Holdings
• Danaher
• ACON Laboratories
• Daiichi Biotech
• F. Hoffmann-La Roche
• Epinex Diagnostics
• Erba Diagnostics
• Radiometer
• Sysmex Corporation
• Alere
• Bio-Rad Laboratories
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Key Segments cover in the market:
By Technology:
• Immunoassay
• Spectrophotometry
• Chromatography
• Others
By Product Type:
• Point-of-Care
• Automated Hematology Analyzers
• Consumables
• Reagents
By End-User:
• Clinics
• Hospitals
• Home Care Settings
• Laboratories
• Blood Banks
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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