Ferritin Testing Market Trends
Growth Drivers
- Less Awareness of Iron Deficiency Across the Globe - Iron deficiency is one of the most common nutrient deficiencies worldwide, affecting an estimated 1.6 billion people. However, there is still a lack of awareness about the consequences of iron deficiency and the importance of early diagnosis and treatment. Iron deficiency anemia is the most serious form of iron deficiency and can have serious health consequences. As of the report, iron deficiency anemia affects an estimated 1.2 billion people worldwide, with the greatest burden in low- and middle-income countries.
- Significant Increase in Rheumatoid Arthritis (RA) Cases – Global Rheumatoid Arthritis (RA) prevalence was 460 per 100,000 population in 2019 and these cases are estimated to continue to increase. Hence, there is an increasing demand for ferritin testing services in the upcoming years for providing rheumatoid arthritis treatment at the right time.
- Increasing Blood Cancer, and Non-Cancerous Blood Disease Cases- The serum ferritin level is usually high in patients dealing with pancreatic cancer, lung cancer, leukemia, non-cancerous blood disease, and others. These levels of ferritin are checked regularly, to determine the level of iron in the body. Generally, the normal range is between 11 to 200 ng/ml, and the person with cancer has a ferritin level of around 126 ng/ml.
- Growing Older Population – In 2019, the number of people aged 65 and over worldwide was 703 million, according to a United Nations report. It is estimated that by 2050, 1.5 billion older people worldwide will be affected. Globally, the proportion of people over the age of 65 increased from 6% in 1990 to 9% in 2019. It is expected to increase to 16% by 2050. There is a high chance, that ferritin levels can rise with the age owing to their lower diet, and advanced age.
Challenges
- Availability of Alternative Methods - The expansion of the ferritin test market is expected to be hampered by the high cost of ferritin tests and the availability of alternative transferrin saturation tests. Furthermore, transferrin saturation tests are more common than ferritin tests in humans. Therefore, it is considered to be a hindrance to market growth.
- Lack of Awareness Regarding Tests Takes Place in Low and Middle-Income Countries.
- Less Awareness About the Test
Ferritin Testing Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centres for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
9.5% |
|
Base Year Market Size (2024) |
USD 658.86 million |
|
Forecast Year Market Size (2037) |
USD 2.14 billion |
|
Regional Scope |
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