New York, Nov. 06, 2019 (GLOBE NEWSWIRE) — Growth in demand for anemia screening, demand from blood banks for disease screening, competitive prices, along with growing need for disease diagnosis and greater awareness about related disorders will drive the market at a high CAGR during the forecast period.
According to the current analysis of Reports and Data, the Point of Care (POC) Hemoglobin Analyzer market was valued at USD 691.35 million in 2018 and is expected to reach USD 1,674.16 million by year 2026, at a CAGR of 11.7%. Increasing incidences of anemia and other related illnesses across the world, increasing demand for blood glucose level meters, and increased awareness about Point of Care Hemoglobin Analyzers is bolstering industry growth.
Anemia is widely prevalent in the developing world and is a public health challenge in many countries. Hemoglobin (Hb) assessment is a reliable indicator for anemia screening. However, there are multiple techniques with different applications available for and through normal techniques. Direct cyanmethemoglobin method has been the most popular method for hemoglobin estimation but other methods like hemoglobin color scale, Sahli technique, Lovibond-Drabkin technique, Tallqvist technique, copper-sulfate method, HemoCue and automated haematology analyzers are also available. Each method has a different working principle and its own advantages and disadvantages. It has been observed that Non-invasive methods of estimation like HemoCue is apt for initial screening of anemia because it is reliable, portable, does not require power supply and easy to use in poor resource settings without requiring extensive training of health workers. Hemoglobin color scale developed by HCS is another potential method that can be used in field situations. New novel product developments like these tailored for the developing world are expected to drive industry growth.
North America and Europe are expected to occupy significant market share during the forecast period Point of Care Hemoglobin Analyzer industry. These regions have well developed economies and significant investments in R&D is made by each country. Hospitals and clinics are well-equipped and Point of Care Hemoglobin Analyzer device usage is very common. Point of Care Hemoglobin Analyzer market growth will also be propelled by the Asia-Pacific region and parts of Africa. In these regions, incidences of anemia are very high and regular blood testing is required to monitor the prognosis of the disease. Point of Care Hemoglobin Analyzer devices like the DiaSpect Tm, manufactured by EKF Diagnostics are popular in these parts as the machine is portable, low-cost and provides a reliable measure of blood Hb levels. More R&D is however required to make similar Point of Care Hemoglobin Analyzer products available in these regions at a lower cost.
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