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Bilirubin Meters Market Research 2024 - Industry Analysis, Size, Share, Future Trends, Growth Opportunities And Forecast 2033
Bilirubin Meters Market
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According to The Business Research Company's, The bilirubin meters market size has grown strongly in recent years. It will grow from $0.49 billion in 2023 to $0.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increasing awareness, supportive government policies and programs, increasing preference for home healthcare, aging population, economic development in emerging markets.
The bilirubin meters market size is expected to see strong growth in the next few years. It will grow to $0.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to rising incidence of neonatal jaundice, rising healthcare expenditure, growth in the number of diagnostic centers, favorable reimbursement policies, growth in medical tourism. Major trends in the forecast period include innovations in bilirubin meter technology, hospital infrastructure development, demand for point-of-care diagnostic devices, investments in research and development, collaborations between manufacturers and healthcare providers.
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Market Drivers and Trends:
The increasing prevalence of liver diseases is expected to propel the growth of the bilirubin meter market going forward. Liver diseases are a diverse group of conditions that impair liver function, often involving inflammation, scarring, or damage due to factors like infections, toxins, genetic disorders, or chronic diseases. Liver diseases are increasing due to the rising prevalence of risk factors such as obesity, excessive alcohol consumption, viral infections, and lifestyle-related conditions, coupled with improved diagnostic capabilities. Bilirubin meters are required for liver diseases to accurately and non-invasively measure bilirubin levels, which helps in diagnosing, monitoring, and managing conditions related to liver dysfunction and jaundice. For instance, in April 2024, according to a report published by the Office for Health Improvement and Disparities, a UK-based government department, the number of premature deaths from hepatitis C has plateaued over the last three years, with figures of 233 in 2022, 241 in 2021, and 237 in 2020. In 2022, England experienced a rate of 11.6 premature deaths per 100,000 people under the age of 75 due to alcoholic liver disease, amounting to a total of 5,776 deaths. Therefore, the increasing prevalence of liver diseases is driving the growth of the bilirubin meter market.
Major companies operating in the bilirubin meters market are developing technologically advanced products, such as non-invasive bilirubin meters, to provide a quick, painless, and convenient method for monitoring bilirubin levels. A non-invasive bilirubin meter is a medical device that measures bilirubin levels in the blood without the need for a blood sample, typically using light-based technologies like transcutaneous spectrophotometry. For instance, in November 2022, Yishan Medical, a China-based company that specializes in medical devices, launched the Intelligent Neonatal Transdermal Jaundice Instrument. The Intelligent Neonatal Transdermal Jaundice Instrument from Yishan Medical features a patented optical detection technology developed exclusively by the company, breaking the high price barrier set by foreign technology monopolies. Compact and lightweight, this easy-to-operate device significantly enhances portability and accessibility. It is ideal for medical institutions aiming to establish primary jaundice monitoring services, promote neonatal jaundice care at the primary healthcare level, improve jaundice detection accessibility, and ensure high-quality medical services.
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Major Key Players of the Market:
Hoffmann-La Roche Ltd., Abbott Laboratories, Siemens Healthineers AG, Koninklijke Philips N.V. , GE Healthcare, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., PerkinElmer, Drägerwerk AG Co., Sysmex Corporation, Konica Minolta Business Solutions Inc., Masimo Corp., Beckman Coulter Inc., Nova Biomedical, Loewenstein Medical UK Ltd., Ningbo David Medical Device Co. Ltd., Reichert Inc., A. Menarini Diagnostics Srl, Mennen Co., Delta Medical International Ltd., AVI Healthcare Pvt Ltd., Olidef, Micro Lab Instruments, Aegis Medical Innovations Inc., Medi Waves Inc., Ginevri Srl
Bilirubin Meters Market 2024 Key Insights:
• The bilirubin meters market size is expected to see strong growth in the next few years. It will grow to $0.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Rising Liver Disease Rates Drive Growth In Bilirubin Meter Market
• Advancements In Non-Invasive Bilirubin Meters
• North America was the largest region in the bilirubin meters market in 2023
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