hemoglobin monitor market was valued at more than USD 1.77 billion in 2020 and is expected to grow at a CAGR of around 8% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the hemoglobin monitor market was valued at more than USD 1.77 billion in 2020 and is expected to grow at a CAGR of around 8% from 2022-2028. The analysis has been segmented into Type (Handheld, Bench Top, and Modular); End-User (Hospital, Ambulatory Surgical Centers, Specialty Clinic, Home care setting); and Region/Country.
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The hemoglobin monitor market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the hemoglobin monitor market. The hemoglobin monitor market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the hemoglobin monitor market at the global and regional levels.
Market Overview
A medical gadget called a hemoglobin monitor counts the number of hemoglobin molecules in a patient's blood. Red blood cells need hemoglobin, a crucial molecule, to transport oxygen throughout the body. Anemia, which can result in symptoms like exhaustion and breathlessness, can be indicated by a low hemoglobin level. Dehydration or polycythemia, a condition where there are too many red blood cells in the bloodstream, can both be indicated by a high hemoglobin level. Doctors can identify and treat these disorders with the aid of a hemoglobin monitor. The US FDA approval of compact size hemoglobin monitors in the recent past is expected to drive the hemoglobin monitors market. The availability of small hemoglobin monitors is expected to reduce the cost and ultimately generate more demand for the hemoglobin monitors during the forecast period.
The hemoglobin monitor market is expected to grow at a steady rate of around 8% owing to the surge in the incidence of chronic diseases such as anemia and diabetes. According to the World Health Organization, there were around 490 million people in world who suffered from diabetes in 2019. The incidence of diabetes is currently being catalysed by a surge in geriatric population, poor dietary habits, sedentary lifestyles, and rising levels of obesity. Patients suffering from diabetes need to undergo tests to measure blood glucose and HbA1c levels regularly, driving the demand for such tests. These factors are driving the hemoglobin market during the forthcoming years.
Some of the major players operating in the market include Masimo Corporation; Bayer AG; Siemens Healthineers; Welch Allyn, Inc.; Koninklijke Philips N.V; Medtronic plc; Nihon Kohden Corporation; GE Healthcare; Smith’s Group and Omron Healthcare; and Hill-Rom Holdings.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The hemoglobin monitor market has been significantly affected during these times owing to the denied blood related diagnostics services and canceled or postponed elective surgeries by medical care providers due to the high risk of COVID-19. However, during the latter half of the pandemic, the demand for diagnostics tests is expected to rise drastically worldwide.
The global hemoglobin monitor market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into handheld, benchtop, and modular. Among these, benchtop category is expected to hold a significant share in the market. A benchtop hemoglobin monitor is a type of medical device that is used to measure the amount of hemoglobin in a person's blood. This device is typically used in hospitals and clinics, as it provides accurate results within minutes. The main advantage of using a benchtop hemoglobin monitor is that it is quick and easy to use, which makes it ideal for use in emergencies. Due to its widespread use, segmental growth is increasing during the forecast period.
· Based on the end-user, the hemoglobin monitor market is segmented into hospital, ambulatory surgical centers, speciality clinic, and home care settings. The specialty clinic category is expected to grow with a high CAGR during the forecast period due to rising awareness among individuals regarding preventive healthcare along with the surge in government initiatives for reducing healthcare expenditure in various countries.
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Hemoglobin Monitor Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period due to the rise in diabetes research organizations and associations in the region. Apart from this, the surge in the prevalence of diabetes and other chronic diseases and rising initiatives regarding wellness programs that require employees to undergo routine medical testing in the region.
The major players targeting the market include
· Masimo Corporation
· Bayer AG
· Siemens Healthineers
· Welch Allyn, Inc.
· Koninklijke Philips N.V
· Medtronic plc
· Nihon Kohden Corporation
· GE Healthcare
· Smith’s Group and Omron Healthcare
· Hill-Rom Holdings
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the hemoglobin monitor market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the hemoglobin monitor market?
• Which factors are influencing the hemoglobin monitor market over the forecast period?
• What are the global challenges, threats, and risks in the hemoglobin monitor market?
• Which factors are propelling and restraining the hemoglobin monitor market?
• What are the demanding global regions of the hemoglobin monitor market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights (UMI)
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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