The global hemoglobin testing market size is poised to grow by USD 612.82 million during 2020-2024, progressing at a CAGR of almost 8% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Hemoglobin Testing Market 2020-2024 (Graphic: Business Wire)
Globally, the prevalence of diabetes has significantly increased over the decades. This can be attributed to sedentary lifestyles, obesity, and lack of physical activity. The prevalence of diabetes is growing significantly in countries across the Middle East such as Iran, where around 24% of the people aged over 40 have diabetes. In the UAE, more than 16% of the total population aged 20-79 years had diabetes in 2019. The rising prevalence of diabetes has increased the demand for effective and advanced hemoglobin testing devices to monitor glucose levels, thereby driving the growth of the market.
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The major hemoglobin testing market growth came from the healthcare centers segment in 2019. This is due to the increasing number of hospitals in developing countries and the growing trend of medical tourism.
North America was the largest market for hemoglobin testing in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the increasing prevalence of obesity and diabetes in the region.
The global hemoglobin testing market is fragmented. 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. are some of the major market participants. To help clients improve their market position, this hemoglobin testing market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global hemoglobin testing market 2020-2024 is expected to have neutral growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/hemoglobin-testing-market-industry-analysis
Growing preference for home care settings will be a Key Market Trend
Over the years, the demand for homecare blood testing devices has increased across the globe. This is because home care testing devices provide faster results and help patients better manage their disease. They also reduce the overall investigation time and the number of visits to hospitals outpatient department and diagnostic laboratories. This has encouraged vendors in the market to offer a wide range of diagnostics devices that are ideal for home use. For instance, PTS