The global ferritin testing market is estimated to garner significant revenue by growing at a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing burden of illnesses caused by iron deficiency, as well as the increasing prevalence of iron insufficiency in the aging population. Each year, iron deficiency cases are rising in children, women, and the aged population. For instance, according to the World Health Organization (WHO), roughly 42% of children under the age of five and 40% of pregnant women are anaemic worldwide. Anaemia is more common in women due to poor nutritional habits, greater blood loss during menstruation, and increased blood supply need during pregnancy. Moreover, roaring demand for accurate and quick test results, heavy investment in research and development of ferritin testing, and initiatives by the government to control the iron deficiencies are proven to be the growth driving factors for the global ferritin testing market during the forecast period.
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The market is segmented by product type into instrument, reagent, and kits. Out of which, the kits segment is anticipated to hold the largest share in the global ferritin testing market over the forecast period on account of its easy availability, instructional-based approach, and easy & safe to be used by an expert at laboratories as well as for the home test.
Based on indication, the global ferritin testing market is segmented into anaemia, hemochromatosis, pregnancy, and lead poisoning, out of which the anaemia segment is expected to witness growth at the highest CAGR over the forecast period owing to the absence of a balanced diet, changing dietary habits, and a lack of awareness about iron deficiency. Anemia affects 1.62 billion people, or 24.8 percent of the world's population, according to the WHO. Preschool-aged children have the highest prevalence, whereas men have the lowest. Non-pregnant women, on the other hand, are the population category with the biggest number of people impacted, which is 468.4 million.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centres for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global ferritin testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of iron deficiency and anemia, which are more common among the elderly. According to the Population Reference Bureau, approximately 52 million individuals aged 65 and up lived in the United States in 2018. In addition to this, the market in this region is likely to be driven by the growing number of hospitals and their rising infrastructure. In addition to this, as per the National Health Expenditure Accounts (NHEA), in 2020, health-care spending in the United States increased by 9.7% to USD 4.1 trillion, or USD 12,530 per person. Following North America, the Asia Pacific region is expected to provide lucrative growth opportunities to the market over a forecast period on account of the growing female population suffering from folic acid insufficiency.
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The global ferritin testing market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global ferritin testing market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The dearth of nutritional diet, changing dietary preferences, and less awareness of iron deficiency across the globe are the major factors driving the growth of the ferritin testing market.
The market is anticipated to attain a significant CAGR of ~6.5% over the forecast period i.e., 2022 - 2031.
The major players in the market are Sekisui Diagnostics, LLC., BioMérieux, Thermo Fisher Scientific Inc., Eurolyser Diagnostica GmbH, HORIBA Ltd., Monobind, Aviva Systems Biology, and Abnova.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, indication, end-user, and by region.
The anemia segment is anticipated the to hold largest market size in value over the forecast period and display significant growth opportunities.
The high cost of ferritin testing and the availability of an alternative transferrin saturation test are estimated to be the challenging factors for market growth over the forecast period.
North America region will provide more business opportunities for the growth of the ferritin testing market in the future owing to increasing iron deficiency problems, and anemia in the region.
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