The ferritin testing market is expected to exhibit a higher CAGR during the forecast period, owing to the increasing prevalence of blood-related disorders, such as anemia. Anemia is a condition in which a patient lacks the right amount of healthy red blood cells, to carry adequate oxygen to the body's tissue. Iron plays an important role in maintaining the hemoglobin level, since it helps in carrying oxygen throughout the blood. According to the World Health Organization, in 2016, around 42.6% of the children under the age of five years suffered from anemia, worldwide. Furthermore, emerging developments in various products are expected to propel the growth of the market. For instance, in 2019, Eurolyser Diagnostica GmbH launched a new feature of bidirectional connectivity to its existing product called Cube, used for the testing of iron deficiency. It allows for easy calibration and measurement of iron in the patients' blood. Hence, such factors are expected to fuel the growth of the ferritin testing market.
Key Market Trends
The Hospitals Segment is Expected to Hold a Significant Share in the Ferritin Testing Market
- The number of increasing hospitals and its developing infrastructure is expected to drive the market in this segment. According to the American Hospital Association, currently, there are around 6,146 hospitals present in the United States. According to the Centres for Medicare and Medicaid Services, in 2018 around 3.6 trillion USD was spent by the United States in health-care management.
- Furthermore, according to the American Journal of Perinatology study published in 2019, patients with iron deficiency anemia have been found to have longer hospital stays. Also, the ferritin testing has been observed to be efficient in detection in iron deficiency according to the study published in 2019, by the Public Library of Science. Hence, the aforementioned factors are expected to impact positively on the ferritin testing market growth in this segment.
North America is Expected to Hold a Significant Share in the Market and the Trend is Expected to Remain the Same during the Forecast Period
North America expected to hold a major market share in the global ferritin testing market due to the increasing aging population and its associated iron deficiency disorders. The older population is likely to suffer from iron deficiency disorders such as anemia. According to the Population Reference Bureau, in 2018, approximately 52 million people were recorded to be with the age 65 years and above. According to the study Mechanisms of Aging Development, in 2018, around 10% of pregnant women were diagnosed with iron deficiency and around 1% of men had low levels of iron in the United States. Thus, increasing prevalence is expected to boost the demand for ferritin testing.
Some of the companies that are currently dominating the ferritin testing market are bioMérieux SA, Seksui Diagnostic, Orgentec Diagnostika, Thermofisher Scientific, Cortez Diagnostica Inc., Eurolyser Diagnostica GmbH, Pointe Scientific Inc., Aviva System Biology Corporation, Abnova Corporation, and Monobind Inc.
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