The total iron binding capacity reagents market is expected to register a CAGR of 5% during the forecast period. Total iron-binding capacity is used to check the iron content in the bloodstream. This is a type of blood test performed to check the blood flow and related disorders.
- The increasing prevalence of iron deficiency anemia has been driving the growth of total iron-binding capacity reagents markets, as these tests have been carried out to check the diseases.
- Iron deficiency anemia is common in women population due to menstrual cycle, boosting the TIBC reagents market.
- Moreover, chemotherapy is also one of the factors for iron deficiency anemia due to the reduced iron content and blood loss because of the inflammatory process associated with cancer treatment.
- Chemotherapy and radiotherapy often deplete iron contents, which further boosts the revenue growth of the total iron-binding capacity reagents market.
Key Market Trends
Iron Deficiency Anemia Segment is Expected to Hold a Significant Market Share in the Total Iron Binding Capacity Reagents Market.
The increasing prevalence of iron deficiency anemia has been promoting the growth of the total iron-binding capacity reagents market. As per the World Health Organization (WHO), anemia is a common disease affecting around 24.8% of the total population. This results in the adoption of these tests for diagnosis, thereby, boosting the segment growth of the TIBC reagents market. Moreover, It is very important to maintain iron levels in the body, as the human body needs iron for oxygen transport. These tests have been widely used to diagnose the targeted patient pool, and hence, drive the revenue growth of the total iron binding capacity reagent market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a major market share in the global total iron binding capacity reagents market due to the increasing prevalence of iron deficiency anemia in this region. The need to reduce the burden of iron deficiency anemia had led to an increase in demand for its treatment, thereby, promoting the growth of the total iron-binding capacity reagents market. The prevalence of anemia is a substantial public health indicator and has remained a relevant health concern in the United States. Since 1990, the prevalence rate of iron deficiency anemia in US infants did not drop, making iron deficiency a significant public health problem in the United States. This increasing prevalence rate of iron deficiency anemia may drive the overall market in this region.
Some of the companies that are currently dominating the market Randox Laboratories Ltd, Biosystems SA, McKesson Medical-Surgical Inc., Sekisui Diagnostics LLC, Thermo Fisher Scientific, Henry Schein, and Diagnostic Systems GmbH, among others.
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