Ferritin Testing Market size is expected to cross USD 2 Billion by the end of 2035, witnessing around 9% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of ferritin testing was around USD 550 Million. The growth of the market is driven by the increasing burden of illness caused by iron deficiency among children, women. Around 42% of children under the age of five and 40% of pregnant women are anemic all across the globe, recorded as per a report by World Health Organization.
Furthermore, Anemia is also caused by hemoglobinopathies and viral disorders including malaria, TB, and parasitic infections. For instance, approximately 3.5 billion individuals globally are infected by intestinal parasite diseases, and more than 200,000 fatalities are recorded every year on the base of parasitic infections.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~9% |
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Base Year Market Size (2022) |
~USD 550 million |
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Forecast Year Market Size (2035) |
~USD 2 billion |
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Regional Synopsis |
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Growth Drivers
Challenges
Indication (Anemia, Hemochromatosis, Pregnancy, Lead Poisoning)
The anemia segment in the ferritin testing market is anticipated to hold the largest share of 35% by the end of 2035. A person with anemia does not have enough healthy red blood cells to properly oxygenate the body's tissues, which can lead to adverse effects on the body, such as fatigue, weakness, and headaches. Anemia can take many forms and each has its etiology. It can range from moderate to severe, and it can be temporary or permanent. According to the Global Nutrition Report, as of May 2021, 613.2 million adolescent girls and women aged 15 to 49 (32.8% prevalence) are affected by anemia, Prevalence in pregnant women (35.3 million, 40.1%) and non-pregnant women (577.9% prevalence). 1 million, 32.5%) adolescent girls and women.
End Users (Hospitals, Diagnostic Laboratories, Specialty Clinics)
The hospital's segment is anticipated to account for the largest share of 45% by the end of 2035. The growing number of hospitals and their infrastructure development is expected to drive segment growth. According to the American Hospital Association survey, there are currently approximately 6,146 hospitals in the United States. The US spent about $3.6 trillion on health care in 2018, according to the Centers for Medicare and Medicaid Services. During the projected time frame, rising hospital admission rates and the prevalence of iron deficiency are anticipated to fuel the expansion of the hospital sector in the worldwide ferritin testing market.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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Indication |
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End User |
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North American Market Forecast
The Ferritin Testing Market in the North America region is estimated to witness noteworthy growth of 35% over the forecast time period. The rising healthcare expenditure in the region is the major factor that is contributing to the advanced level of testing. The healthcare expenditure is predicted to climb to USD 4.1 trillion in 2020, accounting for 9.7 % up from the previous year. Furthermore, there has been a high prevalence of blood disorders among the population in the North American region which will further boost the requirement for ferritin test devices. In addition, the heavy investment in research and development of ferritin testing, and initiatives by the government to control iron deficiencies are predicted to fuel the growth of the market in the region.
APAC Market Statistics
Following North America, the Asia Pacific region is expected to provide lucrative growth opportunities to the market over a projection period. The number of clinics and diagnostic labs is also growing rapidly, especially in emerging markets. Some of the key countries in the APAC region that are driving the growth of the ferritin test market are China, India, Japan, South Korea, and Australia. These countries have well-established healthcare systems, increasing the demand for ferritin testing. In addition, the increasing availability of advanced diagnostic technologies such as point-of-care genetic testing and automated immunoassay platforms also contributes to the market growth in the region.
Author Credits: Radhika Gupta, Shivam Bhutani
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