Hematocrit Test Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Hematocrit Test Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The hematocrit test devices market is expected to register a CAGR of 6% over the forecast period (2022 - 2027).

The COVID-19 pandemic is expected to have a significant impact on the studied market owing to the factors such as a decline in the footfall in hospitals and clinics for other diseases diagnostics and treatment, the negative impact of COVID-19 on the management of other diseases, and lockdown restrictions. However, it was reported by several research studies that the COVID-19 patient with anemia was at significantly higher risk owing to the life-threatening factor which may have increased the demand for hematocrit testing devices. For instance, according to a research study published in August 2020, titled “Anemia is Associated with Severe Illness in COVID-19: A Retrospective Cohort Study”, anemia appears to increase the likelihood of developing a severe COVID-19 infection, and respiratory disorders paired with anemia are linked to poor outcomes and increased mortality and anemia frequently worsens the severity of respiratory infections. Hence, the use of hematocrit tests may increase due to the link between severe COVID-19 and anemia. Thus, COVID-19 is expected to have a significant impact on the hematocrit test devices market.

The high prevalence of anemia coupled with other blood disorders around the world are expected to be major growth driving factors for the hematocrit test devices market over the forecast period as with the goring burden of these devices, the number of blood tests will also increase and thus boosting the demand of the hematocrit test devices over the forecast period. For instance, according to a research study published in May 2022, titled “Global Prevalence of Anemia in Pregnant Women: A Comprehensive Systematic Review and Meta-Analysis”, the overall prevalence of anemia in pregnant women was 36.8%, with moderate anemia having the highest prevalence of 70.8% and the third trimester having the highest prevalence of 48.8%. also, as per the same source, the highest prevalence of anemia in pregnant women was found in Africa, where it was 41.7%. and due to pregnancy's economic, sociological, and health variables, anemia among pregnant women in developing countries is substantially higher than in developed countries. Hence, due to the high burden of anemia, the demand for hematocrit test devices is expected to increase around the world which is anticipated to fuel growth in the studied market.

Additionally, the higher prevalence of blood disorders in the geriatric population and their increasing population is expected to increase the burden of blood disorders on the world which will further augment the demand for hematocrit test devices and the market is expected to grow. For instance, according to a research study published in May 2021, titled “Implementation of Geriatric Hematology Program for the Treatment of Older People with Hematological Malignancies in Low-Resource Settings”, the number of adults 65 and older who have been diagnosed with a hematological malignancy will rise from roughly 600,000 in 2020 to almost 1 million by 2040, with the fastest growth occurring in areas with less developed economies. Further, according to the October 2021 report of the World Health Organization, the global population of people of age 60 years and more is expected to increase from 1 billion in 2020 to 2.1 billion by 2050. Thus, with the increase in the global geriatric population, the burden of blood disorders is further expected to increase which is anticipated to boost market growth over the forecast period. Therefore, due to the above-mentioned factors, the hematocrit test devices market is expected to grow over the forecast period. However, stringent regulatory regulations regarding test devices and less awareness about the hematocrit test are expected to restrain the growth of the studied market during the forecast period.

Key Market TrendsAnemia is Expected to Hold a Significant Market Share Over the Forecast Period

A person with anemia doesn't have enough healthy red blood cells to adequately oxygenate their body's tissues which affects the body negatively such as fatigue, weakness, and headache, among others. Anemia can have many different forms, each with a unique etiology, it can be mild to severe and can be short-term or long-term. Anemia typically has multiple causes. For instance, according to a report published in May 2022, titled “More Indians are Anemic than Before, 67% Children Under 5 Affected: NFHS-5”, according to the fifth round of the National Family Health Survey (NFHS-5, 2019-21) by Indian Government, at least 67% children (6-59 months) have anemia as compared to 58.6% in the last survey conducted in 2015-16 and among adults, 57% of women and 25% of men (in the 15-49 group) have anemia. Similarly, according to the 2020 World Bank report anemia was highly prevalent in Latin American countries - Venezuela (26.4%), Ecuador (22.3%), Peru (27.1%), Argentina (20.6%), Colombia (21.8%), and Mexico (20.2%). Hence, due to the high prevalence of anemia, the demand for hematocrit test devices for anemia is expected to increase over the forecast period and the market is expected to grow.

North America is Expected to Hold a Significant Share in the Market During the Forecast Period

North America is expected to hold a significant share in the hematocrit test devices market owing to the high burden of blood disorders and the rising geriatric population in the region. For instance, according to the research study published in December 2020, “Women and Bleeding Disorders: Diagnostic Challenges”, in Canada, about 37 ,500 Canadians are affected by heavy menstrual bleeding (HMB) but only 8000 (approximately 20%) are diagnosed. Similarly, according to the research study published in October 2021, titled “Etiology of Anemia in Older Mexican Adults: The Role of Hepcidin, Vitamin A And Vitamin D”, independent of sexual orientation, 35.7% of older persons had anemia, and further as per the same source, as compared to older persons without anemia, those with anemia had greater rates of functional disability, inflammation, frailty, diabetes, arthritis, cancer. Hence, with the region's high burden of different blood disorders, the hematocrit test devices market is expected to grow over the forecast period. In the North American region, the United States is expected to hold a significant share of the region owing to the presence of robust testing infrastructure, the high burden of blood disorders, and the older population. For instance, according to the January 2022 update of the Centers for Disease Control and Prevention (CDC), about 890,000 visits to emergency departments with anemia were recorded in the United States. Also, as per the same source, congenital heart disease (CHD) affects about 1% of total birth in the United States and may be fatal for newborns later, and hence, it becomes necessary to test. Therefore, owing to the factors mentioned above, the North American region is expected to hold a significant share in the studied market.

Competitive Landscape

The hematocrit test devices market is moderately competitive with many players in the market offering their innovative products. Some of the companies which are currently dominating the market are Abbott Laboratories, Boule Diagnostics AB, Danaher Corporation, EKF Diagnostics, F.Hoffmann-La Roche Ltd, HORIBA Ltd, Nova Biomedical, Sysmex Corporation and others.

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