Selbyville, Delaware, Nov. 04, 2019 (GLOBE NEWSWIRE) --

Global Hemoglobin Testing Devices Market projected to cross is set to exceed USD 5 billion by 2025; according to a new research report by Global Market Insights, Inc. Growing demand for rapid and point of care tests for hemoglobin to diagnose various disorders such as anemia and diabetes will drive business growth. Moreover, rising number of R&D activities to develop novel product will foster the market growth during the projection period.

Anemia is a condition that occurs due to reduction in number of red blood cells that are responsible for carrying oxygenated blood. As per statistics, about 1.6 billion people across the globe are affected by anemia. Major factors that are responsible for anemic conditions include nutritional deficiencies. The disease requires diagnosis at early stages for efficient management and improving the treatment outcome. As anemia is directly corelated to the level of hemoglobin in the blood, it is the gold-standard for diagnosis of anemia. Thus, the need for quick, reliable and accurate diagnosis of anemia will propel the demand for hemoglobin testing and positively drive the industry growth.

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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. Also, the same product was launched in number of international markets of Europe, South Africa, Latin America and the Asia Pacific region. Hence, rising number of FDA approvals for novel products will provide lucrative growth opportunities in the future.

Product segment for hemoglobin testing devices includes equipment and consumables. Equipment is further bifurcated into point of care and laboratory analyzers. Laboratory analyzers accounted for market share of 18.8% in 2018. Various technological advancements such as automation and compactness will be the major factors driving business growth. Various companies are offering range of products that offer greater efficiency and productivity along with simple touch screen and easy-to-use functionality. Aforementioned advantages of laboratory analyzers will stimulate market growth in the future.

Hemoglobin Testing Devices Market Statistics, By Product

1.1. Key segment trends

1.2. Equipment
1.2.1. Market size, by region, 2014 – 2025 (USD Million)
1.2.2. Point of care Market size, by region, 2014 – 2025 (USD Million) Portable Market size, by region, 2014 – 2025 (USD Million) Handheld Market size, by region, 2014 – 2025 (USD Million) Benchtop Market size, by region, 2014 – 2025 (USD Million)
1.2.3. Laboratory analyzers Market size, by region, 2014 – 2025 (USD Million)

1.3. Consumables
1.3.1. Market size, by region, 2014 – 2025 (USD Million)

Browse key industry insights spread across 160 pages with 286 market data tables & 8 figures & charts from the report, “Hemoglobin Testing Devices Market Size By Product (Equipment {Point of Care [Portable, Handheld, Bench-top], Laboratory Analyzers} Consumables), By Technology (Chromatography, Immunoassay, Spectrophotometry), By End-use (Hospitals, Clinics, Laboratories, Home Care Settings, Blood Banks), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:

Based on technology, the hemoglobin testing devices market is segmented into chromatography, immunoassay, spectroscopy and other technologies. Chromatography is estimated to grow at 5.3% during the forecast timeframe. Chromatography-based tests are free from complexities such as common interferences of non-glycation modifications, hemoglobin variants and storage-related hemichromes. Other advantages associated with chromatography technique includes high specificity, accuracy, simplicity and cost effectiveness, thus propelling segmental growth.

Japan hemoglobin testing devices market held revenue of USD 114.79 million in 2018 and will witness steady growth in the future. High growth rate is attributable to increasing number of women being diagnosed with anemia. For instance, as per the World Bank report, the prevalence of anemia among Japanese women increased from 19.3% in 2011 to 21.5% in 2016. The rising prevalence trend will be the major factor for market growth. Moreover, several initiatives undertaken by local authorities to distribute free testing kits for HbA1c testing will spur market growth in the future.

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Point of Care Testing Market Growth 2025: Glucose monitoring devices segment will grow at 6.8% in the foreseeable future due to high prevalence of diabetes in developed as well as developing countries. High growth is attributed to increasing change in lifestyle and dietary habits that are likely to upsurge the prevalence of diabetes. Some of the major market players involved in the global market are Abaxis, Inc., Abbott Laboratories, Johnson & Johnson, Medtronic among others.

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