Hemoglobin Testing Market by Technology, Product, End-user, and Geography - Forecast and Analysis 2020-2024

  • Published: Sep 2020
  • Pages: 120
  • SKU: IRTNTR45223

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The hemoglobin testing market size has the potential to grow by USD 612.82 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by technology (chromatography, immunoassay, and others), product (equipment and reagent and consumables), end-user (healthcare centers, diagnostic laboratories, and others), and geography (North America, Europe, Asia, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Abbott Laboratories, ACON Laboratories Inc., Bayer AG, Bio-Rad Laboratories Inc., Danaher Corp., Diazyme Laboratories Inc., EKF Diagnostics Holdings Plc, F. Hoffmann-La Roche Ltd., Siemens AG, and Thermo Fisher Scientific Inc.

Market Overview

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Market Competitive Analysis

The market is fragmented with companies focusing on offering innovative solutions to cater to the rising demand from end-users including healthcare centers, diagnostic laboratories, and others. Abbott Laboratories, ACON Laboratories Inc., and Bayer AG are some of the major market participants. Although the growing incidence of diabetes worldwide will offer immense growth opportunities, the limitations of hemoglobin testing will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this hemoglobin testing market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this hemoglobin testing market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Abbott Laboratories
  • ACON Laboratories Inc.
  • Bayer AG
  • Bio-Rad Laboratories Inc.
  • Danaher Corp.
  • Diazyme Laboratories Inc.
  • EKF Diagnostics Holdings Plc
  • F. Hoffmann-La Roche Ltd.
  • Siemens AG
  • Thermo Fisher Scientific Inc.

Hemoglobin Testing Market: Segmentation by End-user

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The healthcare centers comprise hospitals, clinics, and ambulatory surgery centers (ASCs). Hospitals and clinics are some of the most common types of healthcare facilities, where large numbers of patients seek treatment daily; therefore, they are better equipped in terms of advanced facilities and integrated operating rooms to cater to the growing needs of both physicians and patients. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the hemoglobin testing market size.

Hemoglobin Testing Market: Segmentation by Geography

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North America was the largest hemoglobin testing market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the technologically advanced healthcare and the high incidence of Type 1 and Type 2 diabetes will significantly drive hemoglobin testing market growth in this region over the forecast period.

32% of the market’s growth will originate from North America during the forecast period. The US is one of the key markets for hemoglobin testing in North America. Market growth in this region will be slower than the growth of the market in Asia.

Hemoglobin Testing Market: Key Drivers and Trends

There is a growing prevalence of diabetes across the globe. The number of diabetic people across the world is expected to reach almost 150 million by 2025 because of the sedentary lifestyles, obesity, and lack of exercise. This will, in turn, create the demand for HCT blood tests and hemoglobin testing services across the globe since hemoglobin testing is an effective way of detecting blood glucose levels. With the increasing number of diabetic patients, the hemoglobin testing market will witness considerable growth.

Moreover, there is also a growing preference for home care testing, because of the advantages including faster results, no waiting period between sample collection and analysis, and accurate results. The rising demand for home care testing will be one of the key trends gaining traction in the hemoglobin testing market size.

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Hemoglobin Testing Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive hemoglobin testing market growth during the next five years
  • Precise estimation of the hemoglobin testing market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the hemoglobin testing market industry across North America, Europe, Asia, and ROW
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of hemoglobin testing market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The hemoglobin testing market growth will increase by $612.82 million during 2019-2024.
The hemoglobin testing market is expected to grow at a CAGR of 7.81% during 2019-2024.
Technavio has segmented the hemoglobin testing market by technology (Chromatography, Immunoassay, and Others) ,product (Equipment and Reagent and consumables) , and end user (Healthcare centers, Diagnostic laboratories, and Others).
Abbott Laboratories, ACON Laboratories Inc., Bayer AG, Bio-Rad Laboratories Inc., Danaher Corp., Diazyme Laboratories Inc., EKF Diagnostics Holdings Plc, F. Hoffmann-La Roche Ltd., Siemens AG, Thermo Fisher Scientific Inc. are a few of the key vendors in the hemoglobin testing market.
North America will register the highest growth rate of 32.34% among the other regions. Therefore, the hemoglobin testing market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the hemoglobin testing market growth are:
  • Growing incidence of diabetes worldwide
  • Growing preference for home care settings
The hemoglobin testing market vendors should focus on grabbing business opportunities from the chromatography segment as it accounted for the largest market share in the base year.

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