Portable Hemoglobin Meter Market Report Overview
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The global portable hemoglobin meter market size was USD 303.98 million in 2022, as per our research, the market is expected to reach USD 476.84 million in 2031, exhibiting a CAGR of 5.13% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the portable hemoglobin meter market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
A portable hemoglobin meter is a handheld medical device used to measure the concentration of hemoglobin in the blood. Hemoglobin is an important protein found in red blood cells that carries oxygen from the lungs to the body's tissues.
Portable hemoglobin meters work by utilizing different technologies such as spectrophotometry or photometry. These devices typically require a small blood sample, usually obtained through a finger prick or from a capillary tube. The blood sample is placed on a disposable test strip or inserted directly into the meter, which then analyses the sample and displays the hemoglobin concentration on a digital screen.
The market is anticipated to escalate with an excellent CAGR during the forecast period due to the increasing prevalence of conditions such as anaemia and blood disorders, advancements in technology, and the rising demand for point-of-care testing and decentralized healthcare. Additionally, the market is split based on by type, by applications, and by a regional expansion of market. Further, in terms of the type of product, full-automatic and semi-automatic meters are available in the market. While, hospital is the largest application segment, with half of the market share in 2021.
COVID-19 Impact: Pandemic Distress the Global Supply and Product Distribution of Several Medical Devices
The COVID-19 pandemic initially posed challenges for the portable hemoglobin meter market due to disruption in global supply chains, and distress in the production and distribution of various medical devices, including portable hemoglobin meters. However, the increased emphasis on point-of-care testing, remote monitoring, and advancements in medical technologies are expected to drive the market's recovery and future growth.
Latest Trends
"Trend of Integration with Digital Health Platforms Expand the Market Outlook"
The portable hemoglobin market is expected to rise with emerging recent developments and trends in the market which are likely to contribute to the growth of the market. For instance, these hemoglobin meters are increasingly being integrated with digital health platforms, allowing for seamless data transfer and analysis. This integration enables healthcare professionals to monitor patients' hemoglobin levels remotely and generate comprehensive health reports. It also facilitates better patient management and data-driven decision-making. In addition to this, manufacturers are prioritizing the development of user-friendly portable hemoglobin meters that are easy to operate by both healthcare professionals and patients. As well as, continued miniaturization and portability, enhanced connectivity and wireless capabilities are the other trends that are accredited to boost the portable hemoglobin meter market growth throughout the forecast 2022-2031.
Portable Hemoglobin Meter Market Segmentation
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- By Type Analysis
According to type, the market can be bifurcated into full-automatic and semi-automatic.
- By Application Analysis
Based on application, the market can be divided into hospital, lab, household, and other.
Driving Factors
"Increasing Prevalence of Anaemia and Blood Disorders Raise the Demand for Hemoglobin Meters"
The expansion of the market is inflating due to various factors for instance the rising prevalence of conditions such as anemia, sickle cell disease, and other blood disorders is a significant driver for the portable hemoglobin meter market. As these conditions require regular monitoring of hemoglobin levels, these portable hemoglobin meters provide a convenient and accessible solution for quick and accurate testing which is contributing to drive the market’s growth.
"Growing Demand for Point-of-Care Testing Drives the Market Growth"
The growth of the market is also propelling due to a growing demand for point-of-care testing in various healthcare settings, including hospitals, clinics, and home healthcare. These meters offer the advantage of immediate results, allowing healthcare professionals to make timely diagnoses and treatment decisions. The need for rapid and convenient testing has contributed to the adoption of portable hemoglobin meters which will support the market growth as well.
Restraining Factors
"High Cost & Regulatory Hurdles and Compliance Can the Deter the Market Progress"
Despite the rising growth, the expansion of the market can be hindered due to existing challenges in the market. The high cost and regulatory hurdles and compliance are the major restraining factors that can impact the development of the market. These hemoglobin meters need to meet stringent regulatory standards and obtain necessary certifications before they can be marketed and used in healthcare settings as the process of obtaining regulatory approvals can be time-consuming and costly.
Portable Hemoglobin Meter Market Regional Insights
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"North America Leads the Market with Well-Established Healthcare Infrastructure & High Healthcare Expenditure"
In terms of market revenue, North America is considered to be a leading region in the market. Around one-third of the portable hemoglobin meter market shares were held by North America in 2021. The region is leading the market due to various factors such as well-established healthcare infrastructure, high healthcare expenditure, and a focus on technological advancements. Also, the region has a strong presence of key market players, and there is a growing demand for point-of-care testing and remote patient monitoring. Additionally, favorable reimbursement policies and a supportive regulatory environment contribute to the growth of the market in this region.
Key Industry Players
"Key Players Focus on Design Rapid and Reliable Testing Meters for Healthcare Settings"
With regard to key players, the leading companies in the portable hemoglobin meter market play a vital role in stimulating the growth of the market through their strategic decisions, product offerings, and market strategies also play a significant role in the growth and development of the market as a whole. HemoCue AB specializes in point-of-care diagnostic solutions, with a particular focus on hemoglobin testing. They offer portable hemoglobin meters such as the HemoCue Hb 301, designed for rapid and reliable testing in various healthcare settings. Along with this, EKF Diagnostics is a global medical device company that manufactures and distributes a range of diagnostic products, including portable hemoglobin meters. Therefore, these key players influence the market revenue through their highest profit returns.
List of Market Players Profiled
- Konsung Medical Group
- Sensa Core Medical
- EKF Diagnostics
- Abbott
- ACON
- Siemens
- HemoCue
- Fresenius Kabi AG
- PTS Diagnostics
- HUMAN Diagnostics
- GREEN CROSS MEDIS
Report Coverage
This report defines the portable hemoglobin meter market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 303.98 Million in 2022 |
Market Size Value By |
US$ 476.84 Million by 2031 |
Growth Rate |
CAGR of 5.13% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global portable hemoglobin meter market expected to touch by 2031?
The global portable hemoglobin meter market is expected to touch USD 476.84 million in 2031.
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What CAGR is the portable hemoglobin meter market expected to exhibit during 2022-2031?
The portable hemoglobin meter market is expected to exhibit a CAGR of 5.13 % over 2022-2031.
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What are the key driving factors of the Portable Hemoglobin Meter market?
The increasing prevalence of anemia and blood disorders and the growing demand for point-of-care testing in various healthcare settings are the driving factors of the Portable Hemoglobin Meter market.
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4. What are the key players in the Portable Hemoglobin Meter market?
Konsung Medical Group, Sensa Core Medical, EKF Diagnostics, Abbott, ACON, Siemens, HemoCue, Fresenius Kabi AG, PTS Diagnostics, HUMAN Diagnostics, and GREEN CROSS MEDIS are the top players in the Portable Hemoglobin Meter market.
