The ferritin testing market is likely to attain a CAGR of 5.1% during the forecast period, up from US$ 372 Million in 2019 to reach a valuation of US$ 556 Million by 2027.
| Attributes | Details |
|---|---|
| Ferritin Testing Market CAGR | 5.1% |
| Ferritin Testing Market (2027) | US$ 552 Million |
The demand for ferritin testing services can be majorly attributed to the importance it carries in regard to the measurement of the amount of ferritin in the bloodstream.
Ferritin is the major iron storage protein in RBCs in the body, so ferritin testing plays a pivotal role in measuring the iron content in the blood, thereby scaling up the sales of ferritin testing services.
The growing sales of ferritin testing services are owed to the help it renders in determining the iron deficiency-related problems and storage-related abnormalities in the body.
Ferritin Testing also greatly aids in identifying the iron level and total iron-binding capacity test, or blood cell counts, thereby resulting in demand for ferritin testing services across the globe.
Sales of ferritin testing services are expected to rise as it has garnered a great deal of importance in anemia testing and iron-related deficiency in the body.
Iron is essential for hemoglobin maintenance as it aids in the transport of oxygen throughout the blood. Hence, a spike in sales of ferritin testing services can be witnessed in recent years.
Furthermore, emerging developments in various products are anticipated to drive up the ferritin testing market share worldwide.
Due to government initiatives to reduce anemia worldwide, the demand for ferritin testing services has witnessed a surge at an unprecedented rate in recent years, thereby augmenting the sales of ferritin testing services.
In addition, the sales of ferritin testing services can also be credited to the hospitals segment as it is expected to be driven by the growing number of hospitals and their developing infrastructure.
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The rising patient pool suffering from acute and iron deficiency and sickle cell anemia may drive the demand for ferritin testing services.
People suffering from disorders like hemochromatosis, lead poisoning, and pale skin may fuel the sales of ferritin testing services
Additionally, the demand for ferritin testing services is also likely to be boosted as a result of the increasing demand for rheumatoid arthritis.
Complete blood count tests may also propel the demand for ferritin testing services in the coming years.
The rising patient pool for the blood cancer and hepatitis may show lucrative opportunities for market players to enlarge their ferritin testing market share as well as facilitate higher sales of ferritin testing services.
Also, rising incidences of anemia, especially among youngsters, are forecasted to surge the overall demand for ferritin testing services, thereby spiking the sales of ferritin testing services during the forecast period.
The unprecedented global crisis triggered by the COVID-19 pandemic puts the nutritional status and survival of young children in South American countries in jeopardy.
The sales of ferritin testing services are on the rise due to steep drops in household incomes and disruptions in health, nutrition, and social protection services; child malnutrition is expected to rise.
As a result of the pandemic, the demand for ferritin testing services is taking a dip as the market in South and Central America has suffered to an adverse extent.
Principal Consultant
North America is the dominant region, and the demand for ferritin testing services is on the surge owing to a greater number of people suffering from hemoglobin deficiency-related complications.
Followed by North America, the Europe region will exhibit a fast-growing sales of ferritin testing services during the forecast period, owing to the rise in the female population suffering from the iron deficiency is more in Europe countries.
Latin America will show less demand for ferritin testing services due to the less awareness among people about blood-related disorders and anemia.
The Asia Pacific will show a good opportunity for market players to augment their ferritin testing market share on account of the rising female population suffering from a folic acid deficiency.
Countries in the APAC region like India and China are anticipated to show robust growth in the ferritin testing market.
The Middle East and Africa ferritin testing market are expected to hold a lesser ferritin testing market share due to the low adoption rate of ferritin testing kits in this region.
Some of the market participants in ferritin testing market identified across the value chain include Eurolyser Diagnostica GmbH., Cortez Diagnostics Inc., Pointe Scientific, Inc., bioMérieux SA, Humankind Ventures Ltd., Doctorcall, Aviva Systems Biology Corporation, Abnova Corporation, Biopanda Reagents Ltd, Biocompare. Monobind Inc. and others.
Mergers and acquisitions, product launches, expansions, and collaborations are all common strategies used by companies to expand their ferritin testing market share and meet rising demand by diversifying their product portfolios.
Furthermore, technological advancements are expected to drive up the ferritin testing market share.
It makes it simple to calibrate and measure the amount of iron in a patient's blood.
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| Report Attribute | Details |
|---|---|
| Growth rate | CAGR of 5.1% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2014 to 2020 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments covered | Indication, End Use, region |
| Regional scope | North America; Western Europe; Eastern Europe; Middle East; Africa; ASEAN; South Asia; Rest of Asia; Australia and New Zealand |
| Country scope | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, Iran, South Africa |
| Key companies profiled | Eurolyser Diagnostica GmbH.; Cortez Diagnostics Inc.; Pointe Scientific; Inc.; bioMérieux SA; Humankind Ventures Ltd.; Doctorcall; Aviva Systems Biology Corporation; Abnova Corporation; Biopanda Reagents Ltd; Biocompare. Monobind Inc. and others. |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The ferritin testing market is anticipated to register a CAGR of 5.1% during the forecast period 2022-2032.
The ferritin testing market likely holds a revenue share of US$ 556 Mn by 2027.
Eurolyser Diagnostica GmbH., Cortez Diagnostics Inc., Pointe Scientific, Inc., bioMérieux SA, Humankind Ventures Ltd., Doctorcall, Aviva Systems Biology Corporation, Abnova Corporation, Biopanda Reagents Ltd. are a few key players in the market.
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Ferritin Testing Market
