The Insight Partners Latest Research on “Ferritin Testing Market Forecast to 2027″ Includes COVID-19 Impact and Global Analysis By Indication (Anemia, Hemochromatosis, Pregnancy, and Lead Poisoning) and End User (Hospitals, Diagnostic Laboratories, and Specialty Clinics) and Geography
“Ferritin Testing Market was valued at US$ 372.05 million in 2019 and is projected to reach US$ 556.19 million by 2027; it is expected to grow at a CAGR of 5.3% from 2020 to 2027. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
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Ferritin test measure the level of iron in the blood, and used in the diagnosis of iron deficiency. The increasing prevalence of anemia, aging population, and malnutrition is driving the demand of ferritin testing globally. In anemia patient lacks the sufficient amount of red blood cells, to carry adequate oxygen to the body’s tissue. The ferritin testing help to identify the iron level and total iron-binding capacity test, or blood cell counts. The ferritin testing has the importance in an anemia testing and iron related the deficiency in the body.
Top Players Analysis:
Market leaders operating in the market have undertaken various organic growth strategies in the ferritin testing market. The ferritin testing market majorly consists of the players Eurolyser Diagnostica GmbH, Cortez Diagnostics Inc., bioMérieux SA, Doctorcall, Aviva Systems Biology Corporation, Biopanda Reagents Ltd, Monobind Inc., Orgentec Diagnostika, Thermo Fisher Scientific, and Sekisui Diagnostic. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the companies have utilized inorganic strategies including mergers & acquisitions, partnership, and collaborations.
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Below is the list of the growth strategies done by the players operating in the ferritin testing market:
Dec-2019: Eurolyser Diagnostica added a new feature of bidirectional connectivity to its existing product called Cube, used for the testing of iron deficiency. It will allow easy calibration and measurement of iron in the patients’ blood
Industry Segments:
Based on end user, the ferritin testing market is segmented into hospitals, diagnostic laboratories, and specialty clinics. The hospitals segment held the largest share of the market in 2019; whereas, the diagnostic laboratories segment is anticipated to register the highest CAGR during the forecast period. Increasing number of hospital admissions coupled with increasing prevalence of iron deficiency are projected to drive the growth of the hospital segment in the global ferritin testing market during the forecast period.
Based on indication, the ferritin testing market is segmented into anemia, hemochromatosis, pregnancy, and lead poisoning. The anemia segment held the largest share of the market in 2019. The growth is ascribed to the rising malnutrition in developing countries, aging population, changing dietary habits, and lack of awareness regarding iron deficiency.
In North America, the US is profoundly affected by the outbreak of COVID-19. The country has marked the highest number of positive cases. Across the nation, various healthcare research centers are working on COVID-19 therapeutics. Additionally, during the initial phase of COVID-19 crisis, lockdowns and supply chain disruptions negatively impacted the demand for ferritin testing.
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