Total Iron Binding Capacity Reagents Market Size

Total Iron Binding Capacity Reagents Market Analysis

The total iron binding capacity reagents market is expected to register a CAGR of 5% during the forecast period.

The COVID-19 pandemic significantly impacted the total iron binding capacity reagents market due to the global lockdown and travel restrictions which caused the scarcity of the laboratory reagent. For instance, as per January 2021, update by ASM, shortages of the medium, reagents, collection devices, and consumables significantly impacted day-to-day testing for both COVID-19 and other diseases during the pandemic. However, with the resumption of laboratory services and decreasing cases of COVID-19, the studied market is expected to recover from the decline of COVID-19 over the forecast period.

The increasing prevalence of iron deficiency anemia has been driving the growth of total iron-binding capacity reagent markets, as these tests have been carried out to check the diseases. Iron deficiency anemia is common in women's population due to the menstrual cycle, boosting the TIBC reagents market. For instance, according to the Ministry of Health and Family Welfare December 2022 update, the prevalence of anemia among six groups as per the National Family Health Survey (2019-21), was 25.0% in men (15-49 years) and 57.0% in women (15-49 years), 31.1% in adolescent boys (15-19 yrs), 59.1% in adolescent girls, 52.2% in pregnant women (15-49 years) and 67.1% in children (6-59 months). Thus, the increasing burden of iron deficiency anemia among the population requires effective diagnosis, which is expected to fuel the market growth over the forecast period. Moreover, TIBC-related research studies across the globe are expected to utilize the regents and thereby drive market growth. For instance, as per the article published in August 2022 in Thieme journal, the study compared different methods of TIBC estimation and correlated the TIBC values obtained by different methods with serum TF concentration. Among different methods of estimation of TIBC, the direct method was found to be more reliable about serum TF levels.

Hence, due to the high prevalence of iron deficiency diseases and the rise in research and development utilizing the total iron binding capacity reagents, the studied market is expected to witness significant market growth over the forecast period. However, limited product availability and the time-consuming nature of the TIBC assays are expected to restrain the market growth.