The global hemometer market is expected to witness a CAGR of 5.5% to reach $2.09 billion by 2025
Bangalore, India, July 19, 2019: With its recently published study “Global Hemometer Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global hemometer market is expected to grow at a steady rate during the forecast period, registering a CAGR of 5.5%. The market is driven by increasing prevalence of chronic disorders, especially anemia and diabetes as most of these tests are extensively used by physicians as a part of their routine check-ups. They are also the basic step to diagnose a serious medical condition in an individual. Other factors that are driving the growth of this market include increased prevalence of diabetes, sedentary lifestyle, and obesity.
Further, increase in demand of direct-to-consumer testing (home care testing services) by various diagnostic centers and laboratories (sending technicians at doorsteps to collect blood samples) along with higher disposable income is expected to boost the growth of hemometer market. Whereas, the high cost incurred for hemoglobin testing and lack of reimbursement coverage are hindering the market growth. The potential of this market is huge, indicated by the increasing adoption of point of care testing solutions embedded with new technologies.
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The market is mostly dominated by high volume sales of consumables as nearly 75% of the revenue is generated from it. With the introduction of multi-purpose hemometer, hemoglobin testing is expected to see three-fold growth during the forecast period. Majority of the vendors have established their R&D and manufacturing facilities in developing countries to target the upcoming market growth. Emerging countries such as India and China have huge opportunity for hemometer manufacturers due to the presence of a large pool of patients and increasing disposable income.
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TThe regions covered in this report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are the leading countries that contribute majorly towards the revenue. Europe is the second leading region with countries such as the UK, Germany, France, and Spain offering massive revenue scope. Newer developments in this region that indicate continued growth include the recent launch of OLO POC system for complete blood count (CBC) by Sights Diagnostics. In a separate instance, a distribution agreement has been signed between EKF and McKesson to launch McKesson Consult Hb analyzer, enabling hemoglobin analysis only within two seconds. However, APAC is the most focused region as it is creating an opportunity for vendors to invest and establish manufacturing facilities, leading to business expansion.
Patients are gradually demanding better health services, and on top of that, the increased life expectancy is expected to boost healthcare investments in the region. The urban areas in APAC have already witnessed the use of portable technological devices by healthcare providers, highlighting the rise in standards of health services..
“Hemoglobin testing is widely utilized in every medical setting and the availability of affordable, accurate, specific, and user-friendly POC devices are assisting to increase the market share when compared with automated hematology analyzers. Furthermore, patients are widely adopting ‘direct-to-consumer’ testing services owing to the constraint with respect to time and have a seamless experience.” analyzed Mohammed Azhar, Team Lead (Research – Healthcare) at Infoholic Research
Key insights of the report include:
- By Test Types:
- Laboratory Testing
- Hemometer POC
- By Applications
- Blood Management
- Key Regions:
- North America
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP