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

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

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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

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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.

Strategic Insights

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