Increasing Prevalence of Diabetes, Sedentary Lifestyle, and Obesity will Drive the Global Hemometer Market Growth
The global hemometer market is expected to witness a CAGR of 5.5% to reach $2,094.6 million 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. The market is expected to see steady growth with a CAGR of 5.5% during the forecast period. The market is driven by increasing prevalence of chronic disorders especially anemia and diabetes as most of these tests are extensively being used by physicians as a part of their routine check-ups and is considered as a basic step for diagnosing a serious medical condition in the individual. The prevalence of anemia is high in females when compared to males and it also differs among races across all age groups. For instance, Hispanics with anemia are higher than whites. Other primary factors driving the market include increasing prevalence of diabetes, sedentary lifestyle, and obesity.
Further, the increase in demand for direct-to-consumer testing – home care testing services by various diagnostic centers and laboratories by sending technicians at doorsteps for collecting blood samples is expected to boost the growth of the hemometer market. In addition, the increase in disposable income is expected to boost the market growth. However, the cost and challenges in hemoglobin testing, lack of reimbursement coverage, and limitation in hemoglobin testing are hindering the market. There are several developments in the market, one such is the recent distribution agreement signed between EKF with McKesson to launch McKesson Consult Hb analyzer. Another development HemoCue received FDA clearance of the HemoCue Hb 801 System.
The market is targeted more on the consumables as nearly 75% of the revenue is generated from the consumables. The acceptance of hemoglobin testing in coming years is expected to increase and introduction of multi-purpose hemometer will boost the market 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 potential opportunity for hemometer due to the presence of a large pool of patients and increasing disposable income.
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The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are the leading countries. Europe is the second leading region with leading countries like UK, Germany, France, and Spain sharing maximum revenue in the hemometer market. There are many developments in this region and one of the recent ones is the Sights Diagnostics launched OLO POC system for complete blood count (CBC). APAC is the most focused region as it is creating an opportunity for vendors to invest and establish manufacturing facilities and leverage their business with a robust focus on developing health and service facilities with government support. The increased demand for better services among patients and the increased life expectancy are expected to boost healthcare investments in the region. The urban areas in APAC have witnessed the use of portable technological devices by healthcare providers.
“Hemoglobin testing is widely utilized in every medical setting and the availability of affordable, accurate, specific, and user-friendly POC devices are leveraging the market share when compared to automated hematology analyzers. The increase in demand of direct-to-consumer testing is highly acceptable due to time constraint and comfort” – Mohammed Azhar, Team Lead (Research – Healthcare) at Infoholic Research
Key insights of the report include:
- Hemometer Market Segmentation By Test Types:
- Laboratory Testing
- Hemometer POC
- Hemometer Market Segmentation By Application
- Blood Management
- Key Regions:
- North America
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Kathakali Basu
Infoholic Research LLP