Homocysteine Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Homocysteine Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Homocysteine Testing Market is projected to register a CAGR of 8% during the forecast period (2022-2027).

Amidst the COVID-19, the homocysteine testing market is expected to grow during the growth the market owing to the increase of homocysteine testing to predict the severity of the COVID-19 infections. For instance, in 2021 the article titled 'homocysteine assessment to predict outcomes of hospitalized COVID-19 patients: a multicenter study on 313 COVID-19 patients' mentioned that homocysteine has recently been proposed as a potential predictive biomarker for COVID-19 infection severity. The report also mentioned that the optimal cut-off for homocysteine as predictive of in-hospital mortality was estimated to be 41% and 83 % of sensitivity and specificity, respectively. Such increasing advantages provided by the homocyetine testing during the pandemic period is expected to boost the growth of the market.

The factors such as increasing geriatric population coupled with the increasing alcohol consumption and other life style related disorders are expected to drive the growth of the market. For instance the article titled 'Hospice in the Santa Clara Area : how Folic acid may impact aging and Dimentia' published in 2022 mentioned that nearlt 25% of people over the age of 65 do not get enough vitain B12 which is very important for brain and neurological sytem function. Similarly , the article titled 'Serum Folate deficiency in older people may be associated with heightened dementia and deat risk' published in 2022, published that 1 in 5 older adults estimated to be folate deficient. Furthermore, According to the World Health Organization (WHO) report in 2021 the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion by 2030. As the elderly population is expected to grow in the coming years, the market may also witness growth as the elderly are to be continously monitored. Such increase in the folic acid deficiency in the geriatric population is expected to drive the demand for homoscyteine testing inorder to get effective treatment , thereby contributing to the growth of the market.

Key Market TrendsThe Folic Acid Segment is Expected to Hold a Major Market Share in the Homocysteine Testing Market

Folic acid is expected to hold a dominating share in the studied market during the forecast period. This is mainly due to the increasing folic acid deficiency due to the high levels of homocysteine which increases the risk of heart attack or stroke. For instance, the article titled ' Homocysteine ' published in 2020 mentioned that homocysteine testing to determine if a patient was folate-deficient or vitamin B12- deficient, to help diagnose a rare inherited disorder called homocystinuria. It is also used to determine if the patient is having an increased risk of heart attack or stroke. Similarly, in 2020 medlineplus.gov published a report in which it mentioned that a homocysteine test can be used to find out if the patient s having a deficiency in Vitamin B12, B6 or folic acid.

According to the article titled ' The determinants of maternal homocysteine in pregnancy: finding from Ottowa and Kingston Birth Cohort' published in March 2020 folate intake was associated with lower homocysteine concentration. Thus, the folate and folic acid levels in the human body can be used to test the homocysteine levels. Such increasing benefits offered by the homocysteine testing for folic acid deficiency led to the rise in demand for homocysteine testing, thereby driving the growth of the market during the forecast period.

North America is Expected to Hold a Significant Share in the Market and is expected to do the Same in the Forecast Period.

The United States is likely to command the global market due to the increased alcohol consumption, smoking, and use of Vitamin B supplements. For instance, in August 2021, the article titled ' U.S Alcohol consumption on the low end of recent readings' mentioned that 60% of United States adults drink alcoholic beverages, down from 65% . the report also mentioned that Americans' average weekly number of drinks dips to 3.6 from 4.0. Such alcohol consumption among the United States population is expected to drive the growth of the market owing to the increasing demand for blood testing.

Additionally, this region is expected to show high homocysteine testing market growth because the compliance rate of blood testing in this region is high coupled with a progressive healthcare infrastructure and a large treatment-seeking population in the region. For instance, according to the data published by medlineplus.gov in 2020, most of the United States population requires all infants to get a homocysteine blood test as part of routine newborn screening. Moreover, poor lifestyles, changing demographics, and increasing junk food consumption are some of the key factors driving the growth of the market in this region. Additionally, The presence of major market players in this region is also expected to drive the growth of the market during the forecast period.

Competitive Landscape

The Homocysteine Testing Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Mylan Pharmaceuticals, Bristol-Myers Squibb Company, Novartis International AG, Teligent Inc, Pfizer Inc, Cardinal Health Inc, Mckesson Corporation, Kripps Pharmacy Ltd and other.

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