Ferritin Testing Market Size

Ferritin Testing Market Analysis

The Ferritin Testing Market size is estimated at USD 384.94 million in 2024, and is expected to reach USD 494.11 million by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).

The COVID-19 pandemic is expected to have a significant impact on the studied market owing to the factors such as a decline in the footfall in hospitals and clinics for other diseases diagnostics and treatment, the negative impact of COVID-19 on the management of other diseases, and lockdown restrictions. However, it was reported by several research studies that COVID-19 patient with anemia was at significantly higher risk owing to the life-threatening factor, which may have increased the demand for ferritin testing. For instance, according to a report published by the Journal of Anaesthesiology Clinical Pharmacology in September 2022, anemia is considered an independent prognostic risk factor for COVID-19. That hemoglobin can be used for risk stratification in patients under home or hospital care. Estimation of hemoglobin on admission can be used as a tool for risk stratification in the upcoming waves of COVID-19.

Meanwhile, a general public advisory to improve hemoglobin may be helpful in preventing severe COVID-19 infection in future waves. Hence, the use of ferritin tests may increase due to the link between severe COVID-19 and anemia. Thus, COVID-19 is expected to significantly impact the ferritin testing market.

The growing burden of iron deficiency disorders and the increasing burden of anemia in youngsters are expected to be major growth driving factors for the ferritin test market over the forecast period. For instance, according to a research study published in May 2022, titled "Global Prevalence of Anemia in Pregnant Women: A Comprehensive Systematic Review and Meta-Analysis," the overall prevalence of anemia in pregnant women was 36.8%, with moderate anemia having the highest prevalence of 70.8% and the third trimester having the highest prevalence of 48.8%. Also, as per the same source, the highest prevalence of anemia in pregnant women was found in Africa, where it was 41.7%. and due to pregnancy's economic, sociological, and health variables, anemia among pregnant women in developing countries is substantially higher than in developed countries. Hence, due to the high burden of anemia, the demand for ferritin test devices is expected to increase around the world, which is anticipated to fuel growth in the studied market.

Additionally, the higher prevalence of blood disorders in the geriatric population and their increasing population is expected to increase the burden of blood disorders on the world, which will further augment the demand for ferritin test devices, and the market is expected to grow. For instance, according to a research study published in May 2021, titled "Implementation of Geriatric Hematology Program for the Treatment of Older People with Hematological Malignancies in Low-Resource Settings," the number of adults 65 and older who have been diagnosed with a hematological malignancy will rise from roughly 600,000 in 2020 to almost 1 million by 2040, with the fastest growth occurring in areas with less developed economies. Further, according to the October 2021 report of the World Health Organization, the global population of people of age 60 years and more is expected to increase from 1 billion in 2020 to 2.1 billion by 2050. Thus, with the increase in the global geriatric population, the burden of blood disorders is further expected to increase, which is anticipated to boost market growth over the forecast period.

Therefore, due to the above-mentioned factors, the ferritin test devices market is expected to grow over the forecast period. However, the presence of an alternative transferrin saturation test is expected to restrain the growth of the studied market during the forecast period.