February 21, 2024

Global Hemoglobin Analyzer Market to Witness Robust Growth Driven by Rising Disease Prevalence and Healthcare Initiatives 2030

The global hemoglobin analyzers market, which was estimated at USD 1,973.5 million in 2021, is expected to experience significant growth with a projected Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period. The increasing frequency of diseases such as sickle cell disease (SCD) and thalassemia, along with a strong product pipeline for hemoglobinopathies treatment, is anticipated to propel the market’s expansion. Key factors driving this growth include the growing prevalence of chronic diseases, increased funding for innovative medicines, and government initiatives to combat anemia.

Rising Disease Prevalence and Initiatives to Drive Growth

The global prevalence of diseases like thalassemia and sickle cell disease is driving the demand for hemoglobin analyzers. Thalassemia alone affects around 4.4 out of every 10,000 live births, with approximately 40 million thalassemia carriers in India. Moreover, the World Health Organization (WHO) estimates that around 330,000 newborns annually have hemoglobin abnormalities. The increasing occurrence of diabetes and diabetes-related disorders is also contributing to market growth. Geographical and ethnic factors further affect the prevalence of hemoglobin-related disorders.

Impact of COVID-19 and Changing Healthcare Landscape

The COVID-19 pandemic had a notable impact on the hemoglobin analyzer market, with increased attention on blood testing and diagnostics during the pandemic. Monitoring hematological health became crucial, especially for individuals with sickle cell disease who were at a higher risk of complications from COVID-19. The pandemic’s emphasis on diagnostics and testing is expected to have a lasting impact on the demand for hematology products and reagents.

Drivers and Restraints

Key drivers for the hemoglobin analyzer market include government initiatives to combat anemia, rising prevalence of disorders like anemia and diabetes, and the development of innovative treatments for hemoglobinopathies. However, challenges such as high device costs, inaccuracies in testing, and strict regulations are expected to impact market growth.

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Segment Domination and Regional Landscape

The blood glucose monitoring segment is expected to dominate the market due to the increasing prevalence of diabetes and the need for regular testing among diabetes patients. Hospitals are anticipated to be the dominant end-user segment due to the rise in healthcare facilities, especially in developing economies. North America is expected to lead the market share due to healthcare initiatives, awareness campaigns, and a high prevalence of hemoglobin-related disorders. Asia Pacific is projected to experience profitable growth due to a rise in cases of thalassemia and sickle cell disease.

Global Competitive Landscape

Key players in the hemoglobin analyzer market include Erba diagnostics Mannheim, Alere Inc., Roche Holding AG, Trinity Biotech plc, EKF Diagnostics, and more. Companies are focusing on product innovation, partnerships, and expanding their product portfolios to address the rising demand for hematology testing and diagnostics.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/hemoglobin-analyzer-market

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This press release first seen on Brilad