New York, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Growth in demand for anemia screening, demand from blood banks for disease screening, competitive prices, along with growing need for disease diagnosis and greater awareness about related disorders will drive the market at a high CAGR during the forecast period.
According to the current analysis of Reports and Data, the Point of Care (POC) Hemoglobin Analyzer market was valued at USD 691.35 million in 2018 and is expected to reach USD 1,674.16 million by year 2026, at a CAGR of 11.7%. Increasing incidences of anemia and other related illnesses across the world, increasing demand for blood glucose level meters, and increased awareness about Point of Care Hemoglobin Analyzers is bolstering industry growth.
Anemia is widely prevalent in the developing world and is a public health challenge in many countries. Hemoglobin (Hb) assessment is a reliable indicator for anemia screening. However, there are multiple techniques with different applications available for Point of Care Hemoglobin Analyzer and through normal techniques. Direct cyanmethemoglobin method has been the most popular method for hemoglobin estimation but other methods like hemoglobin color scale, Sahli technique, Lovibond-Drabkin technique, Tallqvist technique, copper-sulfate method, HemoCue and automated haematology analyzers are also available. Each method has a different working principle and its own advantages and disadvantages. It has been observed that Non-invasive methods of estimation like HemoCue is apt for initial screening of anemia because it is reliable, portable, does not require power supply and easy to use in poor resource settings without requiring extensive training of health workers. Hemoglobin color scale developed by HCS is another potential method that can be used in field situations. New novel product developments like these tailored for the developing world are expected to drive industry growth.
North America and Europe are expected to occupy significant market share during the forecast period Point of Care Hemoglobin Analyzer industry. These regions have well developed economies and significant investments in R&D is made by each country. Hospitals and clinics are well-equipped and Point of Care Hemoglobin Analyzer device usage is very common. Point of Care Hemoglobin Analyzer market growth will also be propelled by the Asia-Pacific region and parts of Africa. In these regions, incidences of anemia are very high and regular blood testing is required to monitor the prognosis of the disease. Point of Care Hemoglobin Analyzer devices like the DiaSpect Tm, manufactured by EKF Diagnostics are popular in these parts as the machine is portable, low-cost and provides a reliable measure of blood Hb levels. More R&D is however required to make similar Point of Care Hemoglobin Analyzer products available in these regions at a lower cost.
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Further key findings from the report suggest
- Point of Care Hemoglobin Analyzer machines operating on Non-Invasive methods are expected to see maximum growth rate during the forecast period. Growth is being augmented by convenience and ease of operation that these machines provide to patients. Point of Care Hemoglobin Analyzer are easier to use that previous bulky versions. Also, results could be read by the patient easily
- North America had the largest share in the Point of Care Hemoglobin Analyzer industry in 2018, chiefly because of a high disposable income, a greater awareness about diseases in the population, high investments in research and development and more companies operating in the marketplace
- Asia Pacific region will witness the highest CAGR during the forecast period on account of greater population and more incidence of diseases. There is also an urgent need to supply Clinics and Diagnostic centers in the region with point-of-care hemoglobin meters which could measure other diseases like diabetes and HIV
- Regions in Africa and Latin America are also expected to see accelerated growth. For example, Brazil is enacting new regulations and setting standards to expedite the process of point-of care device adoption. The Brazilian medical device market regulator ANVISA recently discussed revisions to planned requirements for custom-made devices, which included POC machines. Under the new regulatory system, patient-specific devices will require only registration with ANVISA, after which they could be marketed
- The Point of Care Hemoglobin Analyzer industry is dependent on point of care diagnostic market in general. Point of Care Hemoglobin Analyzer machines, although easily available in most countries, are bound by stringent laws relating to their usage in certain settings. The lack of standardized laws in many developing countries could be a significant market restraint
- By Applications, Anemia diagnosis occupies the largest market share for the Point of Care Hemoglobin Analyzer industry. Due to greater multi-functionality of Point of Care Hemoglobin Analyzer machines, the demand for diabetes, HIV and other types of testing is also increasing
- Hospitals are the largest buyers and users of these Point of Care Hemoglobin Analyzer products. Most hospitals are large institutional buyers and have huge demand for these machines. They have specialized diagnostic divisions which are involved only in testing services. The demand from hospitals will be a major growth driver for the industry
- Personal user sub-segment is also increasingly becoming an important End User, showing lucrative growth during the forecast period. Due to convenience and ease-of-operation, this sub-segment is seeing augmented growth. The easy availability of many of these products on online channels makes it convenient for people to buy them. Most of these Point of Care Hemoglobin Analyzer machines, especially the non-invasive ones, do not require supervision during their operation
- Many companies like HemoCue Diagnostics (A Danaher Company), EKF Diagnostics, Abbott Laboratories, Infopia Co Ltd, Empatica Inc., Roche Holding AG, Ceragem Medisys, Convergent Technologies, Trinity Biotech plc, and I-Sens Inc., amongst others are operating in the burgeoning Point of Care Hemoglobin Analyzer
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/point-of-care-hemoglobin-analyzer-market
Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the industry by Method, by Application, by End Users, and by Region:
Method (Revenue, USD Million; 2016–2026)
- Invasive methods
- Direct cyanmethemoglobin method
- HemoCue method
- Sahli’s method
- Hb color scale method
- Copper sulphate method
- Non- Invasive methods
- Occlusion spectroscopy
- Pulse co-oximetry
- Trancutaneous Reflection Spectroscopy
- Others
Application (Revenue, USD Million; 2016–2026)
- Diabetes diagnosis
- Anemia diagnosis
- Others
End Use (Revenue, USD Million; 2016–2026)
- Hospitals
- Personal Use
- Diagnostic Centers
- Others
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Regional Outlook (Revenue in Million USD; 2016–2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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