Ferritin Testing Market to Grow at a CAGR of 5.3% to reach US$ 556.19 Million from 2020 to 2027

Ferritin Testing Market Forecast to 2027 - 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

Publication Month : Dec 2020

  • Report Code : TIPRE00008620
  • Category : Pharmaceuticals
  • Status : Published
  • No. of Pages : 142
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The 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 increasing prevalence of anemia, aging population, and malnutrition is driving the demand for ferritin testing globally to measure the level of iron in blood. The adoption of ferritin testing services has grown at an unprecedented rate in last few years owing to growing incidences of iron deficiency disorders and increasing prevalence of iron deficiency in aging population. Moreover, government initiatives to reduce anemia worldwide is expected to foster the market growth during the forecast period. However, the availability of advanced technologies is restricting the market growth.

The unparalleled global crisis triggered by the COVID-19 pandemic poses serious risks to the nutritional status and survival of young children in the South American countries. There is an expected increase in child malnutrition due to steep declines in household incomes, interruptions to health, nutrition, and social protection services. Therefore, the pandemic situation has negatively impacted the ferritin testing market in South and Central America.

Lucrative Regions for Ferritin Testing Market

Lucrative Regions for Ferritin Testing Market
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Market Insights

Growing Burden of Iron Deficiency Disorders Drives Ferritin Testing Market Growth

Iron is an essential dietary mineral required for various functions, including the transport of oxygen in the blood. Iron is also vital for brain development. Infants, children, and teenagers undergo rapid growth changes, which increase their need for iron. Iron is the most common nutritional deficiency among infants, children, and pregnant women and is associated with long-term detrimental effects on neurodevelopment. As per the World Health Organization (WHO), nearly 42% of children less than five years of age and 40% of pregnant women worldwide are anemic. Poor nutritional habits, increased blood loss during menstruation, and increased blood-supply demands during pregnancy contribute to the increased prevalence of anemia in women. Apart from this, hemoglobinopathies and infectious diseases such as malaria, tuberculosis, and parasitic infections cause anemia. To reduce the burden of anemia in infants, many government organizations have recommended screening for iron deficiency, which is driving the ferritin market.
For instance, the American Academy of Pediatrics has recommended universal screening for iron deficiency at 12 months. The WHO also suggests an assessment of ferritin and soluble transferrin receptor levels during pregnancy and early childhood. Measurement of ferritin aids in the diagnosis of iron metabolism. Furthermore, technological developments are expected to propel the growth of the market. For instance, in 2019, Eurolyser Diagnostica GmbH added a new feature to its product Cube, which is used for testing iron deficiency. Therefore, increasing prevalence of iron deficiency and government regulations to reduce anemia are expected to fuel the growth of the ferritin testing market.

Indication-Based Insights

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 and is also anticipated to register the highest CAGR during the forecast period. The growth of the anemia segment is attributed to the lack of nutritional diet, changing dietary habits, and lack of awareness regarding iron deficiency worldwide.

Ferritin Testing Market, by Indication – 2019 and 2027

Ferritin Testing Market, by Indication – 2019 and 2027
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End User-Based Insights

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; however, the diagnostic laboratories segment is estimated to register the highest CAGR during the forecast period. Increasing number of hospital admissions coupled with rising prevalence of iron deficiency are projected to drive the growth of the hospital segment in the ferritin testing market during the forecast period.

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Ferritin Testing Market: Strategic Insights

Market Size Value inUS$ 372.05 Million in 2019
Market Size Value byUS$ 556.19 Million by 2027
Growth rateCAGR of 5.3% from 2020-2027
Forecast Period2020-2027
Base Year2020
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Product launches, mergers and acquisitions, collaborations, and expansions are the commonly adopted strategies by various companies to expand their footprint worldwide and meet the growing demand by expanding their respective product portfolios. The players operating in the ferritin testing market adopted the product innovations strategy to cater to the changing customer demands across the world, which also permits them to maintain their brand name in the global market.

Ferritin Testing Market – by Indication

  • Anemia
  • Hemochromatosis
  • Pregnancy
  • Lead Poisoning

Ferritin Testing Market – by End User

  • Hospitals
  • Diagnostic Laboratories
  • Specialty Clinics

Ferritin Testing Market– by Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East and Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South and Central America (SCAM)
    • Brazil
    • Argentina
    • Rest of SCAM

Company Profiles

  • Eurolyser Diagnostica GmbH
  •  Cortez Diagnostics Inc.
  • bioMérieux SA, Doctorcall
  • Aviva Systems Biology Corporation
  • Biopanda Reagents Ltd
  • Monobind Inc.
  • Orgentec Diagnostika
  • Thermo Fisher Scientific Inc.
  • Sekisui Diagnostic
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Indication and End User and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What is ferritin testing?

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.

What are the driving factors for the ferritin testing market across the globe?

The factors that are driving growth of the market are growing burden of iron deficiency disorders, and increasing prevalence of iron deficiency in aging population. Moreover, government initiatives to reduce anemia burden worldwide are offering lucrative opportunities for the growth of the market.

Who are the major players in the ferritin testing market?

The ferritin testing market majorly consists of the players such as 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 amongst others.

The List of Companies - Ferritin Testing Market

  1. Eurolyser Diagnostica GmbH
  2. Cortez Diagnostics Inc.
  3. bioMérieux SA, Doctorcall
  4. Aviva Systems Biology Corporation
  5. Biopanda Reagents Ltd
  6. Monobind Inc.
  7. Orgentec Diagnostika
  8. Thermo Fisher Scientific Inc.
  9. Sekisui Diagnostic
  10. Doctorcall

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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