Market Trends of Total Iron Binding Capacity Reagents Industry
The Iron Deficiency Anemia Segment is Expected to Hold a Significant Market Share in the Total Iron Binding Capacity Reagents Market.
Iron deficiency anemia is when the amount of healthy red blood cells is less than the adequate level in the blood. A total iron-binding capacity (TIBC) is a crucial laboratory test for diagnosing iron metabolism disorders and inflammatory diseases. It measures the blood's ability to attach itself to iron and transport it around the body.
The segment is expected to hold a significant market share during the forecast period owing to factors such as an increase in the prevalence of iron deficiency anemia and a rise in research and development.
The burden of iron deficiency is increasing among the population owing to sedentary lifestyles, pregnancy, and menstrual cycle among women. For instance, according to an article published in the International Journal of Pediatrics in March 2024, the overall prevalence of iron deficiency anemia in Southwestern Uganda was 41.5%, and the factors associated with iron deficiency anemia included male sex, current episodes of diarrhea, and poor meal frequency.
Additionally, as per the December 2022 data from Walter and Eliza Hall Institute of Medical Research, the prevalence of iron deficiency was high among the women population in Australia, followed by people over 85 years and pre-school-aged children. Thus, the high population suffering from anemia raises the demand for effective diagnosis of the condition, propelling the demand for diagnostic tests. This, in turn, is anticipated to fuel the growth of the TIBC reagents market during the forecast period.
In a study published in the Advanced Journal of Dentistry Research in March 2022, researchers compared salivary iron and total iron binding capacity (TIBC) levels in individuals with iron deficiency anemia and those who were healthy. The study's findings revealed significant variations in salivary iron and TIBC levels in patients with iron deficiency anemia, mirroring their serum counterparts. This suggests that saliva could serve as a diagnostic tool for detecting iron deficiency anemia, further propelling the demand for TIBC reagents for conducting tests, hence anticipated to drive the segment growth.
Moreover, strategic activities such as product launches, collaborations, partnerships, funding, acquisitions, and mergers by the key market players are expected to accelerate the development of reagents for TIBC in the market, boosting segment growth. For instance, in May 2022, Randox delivered a EUR 10 million (USD 10.6 million) investment in the program, which discovers and develops new methods of prevention, early detection, and treatment of diseases and health conditions.
Therefore, due to the high prevalence of iron deficiency anemia and the rise in research and development utilizing the total iron binding capacity reagents, the segment is expected to witness significant market growth during the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same During the Forecast Period
North America is expected to register a significant market share in the total iron binding capacity reagents market due to the increasing prevalence of iron deficiency anemia, the increase in healthcare expenditures, and the rise in research and development across the region.
The need to reduce the burden of iron deficiency anemia led to an increase in demand for its diagnosis and treatment, thereby promoting the growth of the total iron binding capacity reagents market. For instance, a November 2022 study by the University of British Columbia investigated the prevalence of iron deficiency among 60 pregnant women in Metro Vancouver in 2022.
In addition to the above context, the research revealed that even though these women were consuming daily prenatal supplements meeting 100% of the recommended iron intake, over 80% were still likely iron-deficient in the later stages of pregnancy. Thus, such iron deficiencies in women are expected to drive the market for TIBC reagents since the assays of total iron binding capacity require more reagents, fueling the market growth during the forecast period.
Thus, North America is expected to witness significant market growth during the forecast period due to the high prevalence of iron deficiency anemia and the rise in research and development utilizing total iron binding capacity reagents.
