Healthcare

Global Hemoglobin Testing Devices Market

April 25, 2022
ID: SR/HC-214
Format:Pdf
Pages:220

Global Hemoglobin Testing Devices Market By Technology (Chromatography, Immunoassay and Others), By End-User (Hospitals, Research Centers, Laboratories and others) and By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2028.

Description

Hemoglobin Testing Devices Market Overview

The global Hemoglobin Testing Devices Market was valued at USD 4065.44 Million in 2021 and is expected to reach USD 6195.63 Million by the end of 2028, growing at a CAGR of 5.92% during the forecast period of 2022-2028. The hemoglobin testing devices market is cast to notice substantial growth because of the rising prevalence of anemia cases. Anemia is a prominent public health issue that influences developed and developing nations. According to statistics, nearly 1.6 billion people are suffering from anemia globally. As a result, several federal bodies across the globe have commenced executing state-wide initiatives to spread attention about the ill consequences of anemia. Such endeavors could hugely help the hemoglobin testing devices market in the future.

What are Hemoglobin Testing Devices?

Hemoglobin is a known iron-based metalloproteinase in the red blood cells of humans. Its key procedure is to transport oxygen from the lungs to the rest of the body. A hemoglobin test estimates the level of hemoglobin or counts the red blood cells (RBC) in blood. These tests are operated extensively by physicians and doctors to diagnose any therapeutic conditions in the patient. If the test results depict a lower hemoglobin concentration in the bloodstream, it implies higher chances of patients being anemic. The growing prevalence of anemia across the globe is a major factor augmenting hemoglobin testing devices industry growth.

Growth Drivers

Increasing Chronic Disease and Diabetic Patients

An increasing majority of chronic diseases such as anemia and diabetes are key elements causing the global hemoglobin testing market. The prevalence of diabetes is presently being catalyzed by increasingly aging people, poor dietary habits, sedentary lifestyles and increasing levels of obesity. Patients with diabetes must undergo tests to regularly calculate blood glucose and HbA1c levels, pushing the demand for such tests. Moreover, elements such as promising repayment of hemoglobin testing under different health insurance policies also catalyze the market’s growth. Similarly, factors such as enhancing health infrastructure, increasing per capita expenditure on health care, increasing awareness for blood-related ailments, aging population, technological improvements, etc., are also estimated to drive the global hemoglobin testing market.

Escalating the market across medical clinics

Increasing the organization of clinics across growing and developed economies could drive the demand for hemoglobin testing devices across clinical establishments. Earlier in 2018, the clinic segment had recorded a high revenue share. Shifting inclination towards diagnostic clinics due to the increasing presence of state-of-the-art facilities could enhance the industry landscape.

Opportunities

Increasing technological improvements in the hemoglobin analyzers to tackle common laboratory challenges

Increasing technological improvements in hemoglobin testing analyzers are another major element boosting industry growth. The traditional hematology analyzers have a few restrictions while differentiating cellular elements due to a single histogram per module. However, modern analyzers are incorporated with novel technology to gauge data from multiple histograms, thereby overcoming the limitations of traditional analyzers. Hence, such technological advancements will improve the test outcome and boost product demand and opportunities across the forecast years.

Restraints

High Maintenance Cost & Sampling Errors

The increase in the classes of costs associated with the medical devices and rise in the problems regarding the increased maintenance costs are anticipated to curb the growth of the hemoglobin testing device market, whereas the lack of detection of other molecular components other than hemoglobin levels with this test can challenge the growth of the hemoglobin testing device market.

Sampling mistakes during the blood testing by the user and a shorter life span may also restrain the hemoglobin testing systems market.

Pre Covid-19 Impact on Global Hemoglobin Testing Devices Market

Before the covid-19 period, the rising number of FDA approvals for novel hemoglobin tests and analyzers will considerably augment market growth. For instance, in February 2019, HemoCue, a subsidiary of Danaher, announced that it received clearance from U.S. FDA for its point of care testing product. Moreover, increasing awareness about the blood testing program and blood donation camps is expected to fuel the growth of the hemoglobin testing device market during the pandemic outbreak.

Covid-19 Impact on Global Hemoglobin Testing Devices Market

During the Covid-19 period, many patients were forced to shift their routine care from in-person visits to online or telehealth consultations. Therefore, HbA1c testing noticed a harsh impact, with point-of-care testing volumes dropping by nearly 80% during the pandemic period. Given this considerable reduction in HbA1c testing volume, the hemoglobin testing device market, in general, may have noticed certain roadblocks during the initial months of the pandemic. However, since regular HbA1c and blood glucose level testing is a critical aspect of care for diabetic patients, steps have been made to enhance hemoglobin testing in recent months. These include developing remote blood sampling programs and allowing patients to collect blood samples at home and send them for laboratory examination. Execution of such programs will not only help improve HbA1c testing during the pandemic.

Post Covid-19 Impact on Global Hemoglobin Testing Devices Market

After the covid-19 period, due to fear of infection, now most patients choose home care testing over laboratories; there is growth in the market for direct-to-consumer testing devices, which is a major factor driving the market growth. Moreover, the emergence of progressive techniques has enhanced the ease of testing devices and provides quick test results. Hence, the development of advanced hemoglobin testing devices is further expected to boost the market growth after the covid-19 period.

By Technology Segmental Analysis

Based on technology, the global hemoglobin testing devices market is segmented into Chromatography, Immunoassay and Others. Chromatography is estimated to increase at the highest CAGR during the forecast period. Chromatography-based tests are free from complexities such as common interferences of non-glycation transformations, hemoglobin variants and storage-related Hemi chromes. Other advantages of the chromatography technique include high specificity, accuracy, simplicity and cost-effectiveness, thus driving segmental growth.

By End-User Segmental Analysis

Based on End-user, the global hemoglobin testing devices market is segmented into Hospitals, Research Centers, Laboratories and others. Hospitals may share the promising growth over the forecast period, as the number of people seeing the hospital to diagnose different types of disease, so for accurate disease diagnosis, doctors mainly refer to the hemoglobin count before treatment starts. Diagnostic laboratories show the second prevailing market for hemoglobin test systems since diagnostic laboratories are anticipated to enhance the demand for hemoglobin test systems in the coming years due to new diagnostic technologies and significant development in the market for hemoglobin test systems.

By Regional Segmental Analysis

Based on region, the global hemoglobin testing devices market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. North America holds the highest share in the global hemoglobin testing devices market Due to the increased number of blood bank faculties and diagnostic centers with a good set-up. Due to the growing awareness of blood-related problems and the growing market for novel diagnostic devices in hospitals and laboratories, Europe’s area is anticipated to show expanded demand for hemoglobin testing devices. Asia-Pacific is the fastest-growing market for hemoglobin testing devices due to rising investment in research and growth in counties such as India, China, and Japan by local medical device corporations. Countries like South America and Middle East Africa are the least opportunities market for hemoglobin testing devices due to a lack of awareness and inadequacy of serious blood-related difficulties among the population.

Competitors Analysis

The companies include Abbott Laboratories, ACON Laboratories, Alere, Bayer Medical Care, Bio-Rad Laboratories, Danaher, EKF Diagnostics Holdings, F. Hoffmann-La Roche, Siemens Healthcare, Thermo Fisher Scientific and other prominent players in the global hemoglobin testing devices market.

Key Stakeholders

Market research and consulting firms
Industry associations
Global Hemoglobin Testing Devices Manufacturing Firms
Local Governments
Regulatory bodies
Suppliers
Retailers

Recent Developments

In May 2018, Abbott declared the launch of the Afinion 2 analyzer in the U.S. The Afinion 2 analyzer is a compact, multi-assay, rapid medium that streamlines and simplifies the readings of hemoglobin A1C in the human blood, thus delivering exact results at the point of care. These strategic endeavors assisted the company in developing its hemoglobin testing device’s portfolio.
In February 2016, Abbott finished its investment in Alere Inc., a leading company manufacturing point of care diagnostics. This strategic initiative helped the company strengthen its market existence in the point of care testing business.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD 4065.44 Million
The revenue forecast in 2028	USD 6195.63 Million
Growth Rate	CAGR of 5.92 % from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Abbott Laboratories, ACON Laboratories, Alere, Bayer Medical Care, Bio-Rad Laboratories, Danaher, EKF Diagnostics Holdings, F. Hoffmann-La Roche, Siemens Healthcare and Thermo Fisher Scientific are the key players.

Market Modelling

By Technology

Chromatography
Immunoassay
Other

By End-User

Hospitals
Research Centers
Laboratories
Others

By Region

North America
Europe
Asia Pacific
South America
The Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is the hemoglobin testing devices market?

What are the growth drivers in the global hemoglobin testing devices market?

What is the covid-19 impact on the global hemoglobin testing devices market?

Who are the key players in the global hemoglobin testing devices market?

Abbott Laboratories, ACON Laboratories, Alere, Bayer Medical Care, Bio-Rad Laboratories, Danaher, EKF Diagnostics Holdings, F. Hoffmann-La Roche, Siemens Healthcare and Thermo Fisher Scientific are the key players in the global hemoglobin testing device market.

Which region is expected to have the largest share in the global hemoglobin testing devices market?

North America holds the highest share in the global hemoglobin testing devices market, Due to the growing awareness of blood-related problems and the growing market for novel diagnostic devices in hospitals and laboratories.

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Global Hemoglobin Testing Devices Market