Market Trends of Ferritin Testing Industry
This section covers the major market trends shaping the Ferritin Testing Market according to our research experts:
Anemia Segment is Expected to Hold a Significant Share in the Ferritin Testing Market
A person with anemia doesn't have enough healthy red blood cells to adequately oxygenate their body's tissues which affect 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, according to the fifth round of the National Family Health Survey (NFHS-5, 2019-21) by the Indian Government, at least 67% of 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%). Furthermore, according to the Global Nutrition Report, in May 2021, anemia affected 613.2 million (32.8% prevalence) adolescent girls and women aged 15 to 49 years, being its prevalence markedly higher in pregnant (35.3 million, 40.1%) than non-pregnant (577.9 million, 32.5%) adolescent girls and women. Hence, due to the high prevalence of anemia, the demand for ferritin tests 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 and the Trend is Expected to Remain the Same during the Forecast Period
North America is expected to hold a significant share of the ferritin test 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 by the National Library of Medicine in October 2021, 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 ferritin test 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, according to the same source, congenital heart disease (CHD) affects about 1% of total birth in the United States and may be fatal for newborns later; hence, it becomes necessary to test.
Therefore, owing to the factors mentioned above, the North American region is expected to hold a significant share of the studied market.
