IOMT (Internet of Medical Things) To Be the Turbulence Factor for Hemoglobinopathy Market

The Hemoglobinopathy Market is expected to grow on an unabashed note in the next decade. With a worldwide shortage of healthcare staff, the healthcare IT solutions comprising web-based staffing platforms are doing the rounds. The future scenario won't be any different. These platforms would show the gaps, i.e. actual dearth of healthcare personnel like nurse's doctors, technicians, lab workers, and clinicians, which would help the entire healthcare vertical to take measures to bridge the gap between demand and supply. This would be an important development in the healthcare industry going forward.

The Hemoglobinopathy Market is slated to grow unstoppably in the years to come. The healthcare providers are, of late, making way for more specialized and timely treatment through same-day surgeries, outpatient surgeries, and likewise. ASCs (Ambulatory Surgical Centers) are preferred over conventional hospital settings. As such, cost-effective medical services could be provided. This type of customization is expected to take the healthcare vertical by storm in the future.

In a new report titled "Hemoglobinopathy Market: Global Industry Analysis and Forecast, 2016-2024", Persistence Market Research analyzes the performance of the global hemoglobinopathy market over an eight-year period and provides insights on the key factors and trends likely to influence the market during the forecast period (2016 - 2024).

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In terms of revenue, the global hemoglobinopathy market is projected to register a healthy CAGR of 8.3% over the forecast period owing to various factors, on which Persistence Market Research offers detailed insights.

Company Profiles:

Abbott Diagnostics
Bio-Rad Laboratories, Inc.
Danaher Corp.
Mindray Medical International Ltd
Nexcelom Bioscience LLC.
Nihon Kohden Europe Ltd
PerkinElmer Inc.
Siemens Healthineers
Sysmex Europe GmbH

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Market dynamics

Most health insurance companies, including government programs in the U.S. and Europe provide insurance coverage for hemoglobinopathy therapy under the CPT code. This creates a favorable environment for the growth of the global hemoglobinopathy market.

Various government initiatives are being carried out for detection and management of hemoglobinopathy in high disease prevalence regions across the globe, giving a fillip to the global hemoglobinopathy market. Advancements in diagnosis techniques have led to the development of new tests that have enabled clinicians to provide effective diagnosis and therapeutic assistance to patients.

Rising awareness about these disorders coupled with various public and private initiatives is also fueling the growth of the global hemoglobinopathy market in the regions with a high prevalence of sickle cell anemia and thalassemia.

Lack of awareness regarding hemoglobinopathy disorders among the populace especially in underdeveloped countries is a major factor hampering growth of the global hemoglobinopathy market. The lack of a permanent cure for hemoglobinopathy disorder is also one of the restraints affecting the global hemoglobinopathy market.

Market forecast

The global hemoglobinopathy market is segmented based on indication type, test type, end users, and region. Based on indication, the market is segmented into sickle cell disease, alpha thalassemia, and beta thalassemia. Beta thalassemia segment is expected to register a significant CAGR of 8.7% during the forecast period. Sickle cell disease segment is anticipated to grow with a CAGR of 8.3% over the forecast period.

The market has been segmented based on major types of diagnostic tests such as red blood cell (RBC) count test, genetic testing, hemoglobin by high performance liquid chromatography (HPLC) test, hemoglobin isoelectric (Hb IEF) focusing, hemoglobin electrophoresis (Hb ELP) test, and hemoglobin solubility test. The genetic testing segment is expected to expand at the highest CAGR of 9.2% over the forecast period due to increasing adoption of preventive measures such as genetic counseling and testing. Increasing popularity of prenatal and premarital genetic screening make these tests an attractive opportunity for market players.

Based on end users, the market has been segmented into hospitals, diagnostic laboratories, and clinics. The diagnostic laboratories segment is anticipated to account for the highest market share over the forecast period, registering a CAGR of 8.9% due to availability of dedicated equipment, reagents, and trained technicians required to perform rather complex diagnostic procedures like genetic testing, Hb HPLC, and isoelectric focusing.

The global hemoglobinopathy market has been segmented into five major regions: North America, Latin America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). North America and Europe are expected to dominate the global hemoglobinopathy market with maximum market share in 2016.

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North America and Europe collectively have been expected to account for more than 50% of the total global hemoglobinopathy market share in terms of value in 2016. Among emerging markets, Asia Pacific is estimated to exhibit the highest CAGR of 9.3% over the forecast period, due to an increase in the diagnosis rate.

The individual strategies of these companies in terms of increasing focus on rare diseases, initiatives to increase disease awareness, and enhancing distribution base have been discussed. The report concludes with strategic recommendations for players already present in the market and new players planning to enter the global hemoglobinopathy market, which could help them in the long run.

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This release was published on openPR.