Hematocrit Test Devices Market Size, Share, Industry, Forecast and outlook (2024-2031)

Hematocrit Test Devices Market is Segmented By Product (Hematocrit Test Meter, Hematocrit Test Analyzer, Reagents, and Consumables), By Application (Anemia, Polycythemia Vera, Congenital Heart Diseases, Lymphoma, Others), By End-User (Hospitals, Diagnostic Centers, Ambulatory Surgery Centers, Specialty Clinics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Hematocrit Test Devices Market Overview

The Hematocrit Test Devices Market size is  estimated to reach at a high CAGR of 4% during the forecast period (2023-2030). Erythrocytes (red blood cells) are essential because they transport oxygen throughout the body. These cells and platelets are suspended in a liquid known as plasma, a low number of red blood cells, or low hematocrit, demonstrates anemia, polycythemia vera, etc. A hematocrit, also known as an HCT, is a blood test that determines the number of red blood cells in a person’s blood.

Hematocrit Test Devices Market Summary and Scope

Hematocrit Test Devices Market Dynamics and Trends

Emerging point-of-care technologies for anemia detection are expected to drive the market's growth.

According to the Journal of the International Federation of Clinical Chemistry and Laboratory Medicine, published in June 2021, Point-of-care testing (POCT)are simple devices or visually interpreted dipsticks and kits and are low maintenance and easy to use. Most POCT has ignored complexity under the US Clinical and Laboratory Improvement Amendments of 1988 (CLIA), which have minimal testing requirements, and hematology has continued to grow in popularity and uptake worldwide. The growing demand for quicker test results and rapid technological advancements has resulted in the development of many devices for use in different clinical settings, intending to improve patient care. The measurement of hemoglobin concentration is the most commonly utilized POCT in hematology. Other POCT devices (mostly used in underdeveloped countries) for malaria screening and CD4+ T-lymphocytes for measuring human immunodeficiency virus are becoming the foundation for diagnosing and treating these diseases. New devices are also available for red cell indices, white blood cell count and platelets. Thus, the market is expected to drive market growth in the forecast period from the above statements.

Limitations in the estimation of hematocrit are expected to hamper the market's growth.

According to the acute care testing review article, hematocrit measurement is a sign of the concentration of RBCs in the blood; it does not show the RBC volume, plasma volume, or total blood volume, nor does it give any evidence of whether the patient is hypovolemic, normovolemic, or hypervolemic. Moreover, it is time-consuming, and careful preparation is required (sealing of capillaries, etc.). More plasma is trapped in blood with abnormally sized or shaped RBCs, causing a higher positive bias if Hct and acute hyperosmotic conditions change the cell volume and lead to a false packing of the cells, giving falsely low results. Thus, from the above statements, the market is expected to get hampered in the forecast period.

Hematocrit Test Devices Market Industry Analysis

COVID-19 Impact Analysis on Hematocrit Test Devices Market

The epidemic caused by the SARS-CoV-2 virus resulted in a global lockdown and wreaked havoc on hematocrit testing instruments. Respiratory illnesses are frequently made worse by anemia. According to several studies, anemia has been linked to poor outcomes and increased mortality in individuals with community-acquired pneumococcal pneumonia. For instance, 51 per cent of COVID-19 patients admitted to Jinyintan Hospital had a slight decrease in hemoglobin levels. Severe patients showed significantly lower hemoglobin levels than those identified as nonsevere cases, according to a study of 1099 laboratory-confirmed COVID-19 cases. The decrease in hemoglobin was more significant in patients who attained the composite endpoint, including admission to intensive care units (ICUs), mechanical ventilation, or death, implying that low hemoglobin levels may be linked to poor prognosis and progression. As a result, anemia could be a risk factor for COVID-19's severe condition.

Moreover, medical device manufacturers have not escaped the pandemic's impact. Like pharmaceutical companies, medical device manufacturers rely heavily on healthcare facilities for their clinical trial data collection. Most medical device products must undergo clinical trials both pre-and post-market before manufacturers can obtain certificates for market approval. As the COVID-19 pandemic continues to unfold, medical device companies are finding it difficult to make informed decisions about their products, supply chains, and regulatory obligations amid uncertainty.

Hematocrit Test Devices Market Segmentation Analysis

Polycythemia Vera (PV) segment is expected to hold the largest market share in this market segment.

The polycythemia vera segment is estimated for the largest market share in 2020; Polycythemia vera (PV) is one of a series of blood malignancies known as "myeloproliferative neoplasms" (MPNs) in which cells in the bone marrow that create blood cells do not mature and function normally, according to the Leukemia and Lymphoma Society. Men are slightly more affected than women. In the United States, the disease is predicted to afflict 44 to 57 persons per 100,000. It is most common in people over the age of 60, but it can affect people of any age. It is extremely rare in people under 20; while not curable, it is controlled effectively for years, if not decades.

Moreover, it may decrease the life expectancy of some patients. PV also starts with acquired changes (mutations) to a single blood-forming cell's DNA. It causes an excess of blood cells to be produced. The JAK2 (Janus kinase 2) gene is mutated in almost all PV cases. This mutant gene is most likely involved in the onset of PV. Red cells, white cells, and platelets are overproduced in PV. The signs, symptoms, and problems of PV are caused by an excess of red cells and platelets in the blood. Therefore, there is an increase in the demand for hematocrit test devices as it is used to measure the hematocrit, the hemoglobin concentration, and the red cell count. Thus, the segment is expected to hold the largest market share in the forecast period.

Hematocrit Test Devices Market Geographical Share

North America region holds the largest market share in the global hematocrit test devices market.

In 2020, North America had the highest revenue share. The region's growth is attributed to the increasing prevalence of chronic diseases, high adoption of the hematocrit tests, an increasing number of key players in the manufacturing of diagnostic equipment are the factors expected to boost the region in the forecast period. According to the Beyond Celiac article, Celiac disease is a serious genetic autoimmune illness that damages the small intestine's villi and interferes with the absorption of nutrients from food. Celiac disease affects one out of every 133 Americans, or roughly 1% of the population. However, recent screening studies suggest that the prevalence in the United States can be higher than 1%, and it can affect men and women of all ages and races.

Moreover, it is estimated that up to 83 per cent of Americans with celiac disease go undetected or are misdiagnosed with other illnesses, with the average wait period being 6-10 years. Celiac disease can cause infertility, decreased bone density, neurological issues, some malignancies, and other autoimmune diseases, among other issues. Therefore, with the rising prevalence of chronic diseases, the need for hematocrit test devices has increased. As a result, the North American region is predicted to have the biggest market share during the forecast period.

Hematocrit Test Devices Companies and Competitive Landscape

The hematocrit test devices market is vast with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Abbott Laboratories, Sysmex Corporation, EKF DIAGNOSTICS, Danaher Corporation, Boule Diagnostics AB, Nova Biomedical and Sensa Core. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the hematocrit test devices market globally. For instance, Nihon Kohden, on December 21, 2020, launched MEK-1305 Celltac α+, an Automated Hematology and ESR Analyzer, in overseas markets.

Hematocrit Test Devices Market Key Companies to Watch

Abbott Laboratories:

Overview:

Abbott Laboratories is an American multinational medical device and health care company that engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It split off its research-based pharmaceuticals business into AbbVie in 2013. Moreover, it benefits through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, Cardiovascular and Neuromodulation Products, and Others. Its well-known products across the medical devices, diagnostics, and nutrition product divisions are Pedialyte, Similac, Ensure, Glucerna, ZonePerfect, FreeStyle Libre, i-STAT and MitraClip, and 109,000 colleagues serve people in more than 160 countries.

Product Portfolio:

Abbott Laboratories manufactures hematocrit test devices, including i-STAT CHEM8+ CARTRIDGE, i-STAT 6+ CARTRIDGE and others.