What Has Driven the Growth of the Hemoglobin Testing Market in Recent Years?
The hemoglobin testing market has seen considerable growth due to a variety of factors.
•In recent times, the market size for hemoglobin testing has seen significant expansion. The forecast predicts an increase from $2.64 billion in 2024 to $2.81 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 6.5%.
The historic growth can be credited to factors such as increasing incidences of anemia, initiatives focused on maternal health, blood donation drives, management of chronic diseases, and the impact of global health awareness campaigns.
What is the Market Size Forecast for the Hemoglobin Testing Market?
The hemoglobin testing market is expected to maintain its strong growth trajectory in upcoming years.
• The market for hemoglobin testing is anticipated to witness considerable growth in the upcoming years, with an expected value of "$3.96 billion by 2029, representing a compound annual growth rate (CAGR) of 8.9%.
This growth during the projection period is being fueled by factors such as an increase in healthcare investment, inclusion in management of chronic diseases, development of point-of-care testing, heightened emphasis on preventive healthcare, and readiness for global health epidemics. Other emerging trends in this period include remote patient monitoring and telemedicine, technological progression, at-home testing kits, synchronization with electronic health records (EHR), along with an emphasis on non-invasive techniques.
What Factors Are Driving Growth In The Hemoglobin Testing Market?
The surge in chronic diseases such as diabetes is anticipated to spur the expansion of the hemoglobin testing market. Diabetes is a long-term condition that occurs when the pancreas can't produce adequate insulin, or when the body fails to properly use the insulin it makes. The American Diabetes Association recommends Hemoglobin A1c tests (HbA1c), which are utilized to check sugar levels in diabetic patients, as a practical alternative for fasting blood sugar for diagnosing diabetes. For instance, in November 2022, the US Census Bureau, a department of the Federal Statistical System based in the U.S., reported that over 34 million Americans are diabetics, with an extra 88 million at risk. Further, in December 2021, the IDF Diabetes Atlas 10th edition provided by the International Diabetes Federation, a Belgium-based worldwide diabetes community, showed that 536,000 people suffered from diabetes in 2021, with forecasts suggesting an increase to 642,800 by 2030. By 2045, this number is expected to spike to 783,700 globally. Hence, the escalating frequency of chronic illnesses such as anemia and diabetes is set to propel the market for hemoglobin testing devices.
What Are The Main Segments Of The Global Hemoglobin Testing Market?
The hemoglobin testing market covered in this report is segmented –
1) By Product: Reagents And Consumables, Equipment
2) By Technology: Chromatography, Immunoassay, Spectrophotometry, Other Technologies
3) By End User: Hospitals, Clinics, Laboratories, Home Care Settings, Blood Banks, Other End Users
Subsegments:
1) By Reagents And Consumables: Hemoglobin Testing Kits, Control Solutions, Test Strips, Quality Control Products
2) By Equipment: Hemoglobin Meters, Analyzers, Point-Of-Care Devices, Laboratory Equipment
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What Emerging Trends Are Influencing The Growth Of The Hemoglobin Testing Market?
Leading businesses engaged in the hemoglobin testing market are producing revolutionary fingerstick blood tests, which provide individuals with the convenience of easily tracking their hemoglobin counts from the comfort of their homes. This not only promotes early diagnosis of conditions such as anemia, but also enhances individuals' capacity to manage their health effectively. These groundbreaking fingerstick blood test solutions signpost state-of-the-art techniques that permit quick and effortless collection of blood samples via a straightforward finger prick, paving the way for proficient and less intrusive diagnostic inspections. As an illustration, Sanguina Inc., a health technology corporation situated in the US, unveiled AnemoCheck Home, the premier FDA-sanctioned home hemoglobin testing kit, in February 2024. By employing a basic finger prick, AnemoCheck Home, an avant-garde testing solution, provides clients with precise hemoglobin measurements. This accessible kit comes with every element required, including a testing apparatus and directions, facilitating individuals in carrying out the test independently, bypassing the need to visit a lab. More than simply allowing patients to constantly check their hemoglobin counts, AnemoCheck Home also assists in the earlier detection of potential health difficulties, such as anemia.
Who Are the Key Players in the Hemoglobin Testing Market?
Major companies operating in the hemoglobin testing market include:
• Abbott Laboratories Inc.
• Bayer Medical Care Inc.
• Danaher Corporation
• Thermo Fisher Scientific Inc.
• F. Hoffmann-La Roche AG
• Bio-Rad Laboratories Inc.
• Daiichi Sankyo Inc.
• ACON Laboratories Inc.
• DiaSys Diagnostic Systems GmbH
• EKF Diagnostics Holdings PLC
• Epinex Diagnostics Inc.
• Erba Diagnostics Inc.
• ARKRAY Inc.
• Beckman Coulter Diagnostics Ltd.
• Diazyme Laboratories Inc.
• Radiometer A/S
• Sysmex Corporation
• BioMedomics Inc.
• Hemosure Inc.
• Humasis Co. Ltd.
• Immunostics Inc.
• LifeSign LLC
• Medix Biochemica Oy AB
• NanoenTek Inc.
• Nova Biomedical Corp.
• Siemens Healthcare GmbH
• Mindray Medical International Limited
• Nihon Kohden Corporation
• Tosoh Corporation
What Is The Most Dominant Region In The Hemoglobin Testing Market?
Asia-Pacific was the largest regions in the hemoglobin testing market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global hemoglobin testing market report during the forecast period. The regions covered in the hemoglobin testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
