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Ferritin Testing Market Segmentation by Product Type (Instrument, Reagent, and Kits); by Indication (Anaemia, Hemochromatosis, Pregnancy, and Lead Poisoning); and by End User (Hospitals, Diagnostic Laboratories, and Speciality Clinics) – Global Demand Analysis & Opportunity Outlook 2022-2031

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IN THE NEWS

  • 19 May, 2022 –BioMérieux, a global leader in in-vitro diagnostics, has completed the acquisition of Specific Diagnostics, that has developed a rapid antimicrobial susceptibility test (AST) system that generates phenotypic AST directly from positive blood cultures.

  • 03 March, 2021 - HORIBA expands its laboratory Chemistry products by acquiring MedTest Dx and Pointe Scientific. With the addition of Pointe Scientific's complementary novel technology and MedTest's high-quality Chemistry solutions, HORIBA Medical is expected to fulfil the diverse needs of the In-vitro diagnostics market.

Global Ferritin Testing Market Highlights Over 2022 – 2031

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.

Ferritin Testing Market

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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.

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure per Capita, (USD), 2015-2018

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.

Global Ferritin Testing Market Regional Synopsis

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.

Ferritin Testing Market Share

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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

Market Segmentation

Our in-depth analysis of the global ferritin testing market includes the following segments:

By Product Type

  • Instrument
  • Reagent
  • Kits

By Indication

  • Anemia
  • Hemochromatosis
  • Pregnancy
  • Lead Poisoning

By End-User

  • Hospitals
  • Diagnostic Laboratories
  • Speciality Clinics

Growth Drivers

  • Shortage of Nutritional Diet, and Changing Dietary Preferences
  • Less Awareness of Iron Deficiency Across the Globe
  • Growing Healthcare Infrastructure
  • Significant Investment by Companies in Research and Development of Ferritin Testing

Challenges

  • High cost of ferritin testing
  • Availability of an Alternative Transferrin Saturation Test

Top Featured Companies Dominating the Market

  • Sekisui Diagnostics, LLC. 
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • bioMérieux SA
  • Thermo Fisher Scientific Inc.
  • ORGENTEC Diagnostika GmbH
  • Eurolyser Diagnostica GmbH
  • Cortez Diagnostics Inc.
  • HORIBA Ltd.
  • Monobind Inc.
  • Aviva Systems Biology Corporation
  • Abnova Corporation

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