by The global Hemoglobin Analyzer market is experiencing significant growth, with a market size estimated at USD 1,973.5 million in 2021 and a projected Compound Annual Growth Rate (CAGR) of 7.1%. The markets expansion is primarily driven by the rising prevalence of hemoglobin-related disorders such as sickle cell disease (SCD) and thalassemia, coupled with a strong product pipeline for the treatment of hemoglobinopathies.
Rising Disease Prevalence Driving Market Growth
The increased occurrence of diseases like SCD and thalassemia is a major contributor to the growing demand for hemoglobin analyzers. It is estimated that 4.4 out of every 10,000 live births are affected by thalassemia, with around 40 million thalassemia carriers in India alone. The World Health Organization (WHO) reports approximately 330,000 newborns worldwide annually with hemoglobin abnormalities. Furthermore, the rise in diabetes cases and related disorders is another significant driver fueling market expansion.
Geographical Variation in Disease Prevalence
The prevalence of hemoglobinopathies varies by geographical location, race, ethnicity, and migration patterns. Sub-Saharan Africa, Asia, and the Mediterranean region have higher rates of hemoglobin-related disorders compared to other regions. Migration from high-incidence areas has significantly increased the number of cases in North America and Europe. For instance, the CDC estimates that approximately 100,000 Americans have sickle cell disease, with a higher incidence among African-Americans.
Government Initiatives and Innovative Therapies
Increased funding for innovative medicines and collaborative efforts by major biopharmaceutical players to develop therapies for hemoglobinopathies are expected to drive market expansion. The FDA authorization of treatments like Reblozyl, Adakveo, Zynteglo, and Oxbryta in 2019 has further contributed to market growth. Additionally, government initiatives, including thalassemia screening for newborns and drug distribution programs, are likely to positively impact market expansion as they raise public awareness of these conditions.
COVID-19 Impact on the Market
The COVID-19 pandemic had a significant impact on the hemoglobin analyzer market as diagnostics played a crucial role in managing the viruss spread. The need for hematological testing in COVID-19-infected patients drove up demand for hematology products and reagents. Patients with SCD and COVID-19 faced a higher risk of hospitalization and complications, emphasizing the importance of monitoring their health during the pandemic.
Market Drivers and Restraints
Key drivers for market growth include government programs combatting anemia, increasing disease prevalence, and the need for regular testing in chronic diseases like diabetes. However, high prices, testing inaccuracies, and stringent regulations present challenges to market expansion.
Segment Overview
The Blood Glucose Monitoring segment is expected to dominate the market due to the rising prevalence of diabetes globally. Hospitals are expected to be the primary end-users of hemoglobin analyzers, driven by modern facilities and automation of diagnostic tools.
Regional Landscape
North America is projected to lead the market share due to increased awareness and government initiatives. The prevalence of anemia in the United States and various awareness-raising initiatives contribute to market growth. Asia Pacific is also expected to grow significantly, driven by rising cases of hemoglobinopathies and government programs.
Key Players
Prominent players in the Hemoglobin Analyzer Market include Erba Diagnostics Mannheim, Alere Inc., I Sens Inc., Infopia Co Ltd, Roche Holding AG, Trinity Biotech plc, Ceragem Medisys, Convergent Technologies, Drew Scientific, and EKF Diagnostics.
The global Hemoglobin Analyzer market is poised for robust growth, driven by a combination of increasing disease prevalence, government initiatives, and technological advancements in diagnostic tools. As awareness of hemoglobin-related disorders continues to grow, the demand for preventive, diagnostic, and treatment strategies is expected to rise, further propelling market expansion.
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
COMTEX_442704404/2840/2023-10-31T00:39:04
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.