Market Trends of Total Iron Binding Capacity Reagents Industry
Iron Deficiency Anemia Segment is Expected to Hold a Significant Market Share in the Total Iron Binding Capacity Reagents Market.
Iron deficiency anemia is expected to hold a significant market share over the forecast period owing to the factors such as an increase in the prevalence of iron deficiency anemia, and a rise in research and development. For instance, as per the December 2022 update by Walter and Eliza Hall Institute of Medical Research, anemia is a common condition both in Australia and around the world, affecting over 1.5 billion people worldwide. It is particularly prevalent in certain population groups: in Australia around 12% of women, 8% of pre-school-aged children, and 20% of people over 85 years are anemic. This results in the adoption of tests for diagnosis, thereby, boosting the segment growth of the TIBC reagents market. Moreover, It is very important to maintain iron levels in the body, as the human body needs iron for oxygen transport. These tests have been widely used to diagnose the targeted patient pool, and hence, drive the revenue growth of the total iron binding capacity reagent market.
Furthermore, as per the article published in March 2022 in AJDR, the researchers compared the amount of salivary iron and total iron-binding capacity (TIBC) levels of patients with iron deficiency anemia and healthy individuals. Based on the results of the study, significant changes were found in the salivary amount of iron and TIBC of patients with iron deficiency anemia corresponding to the serum levels of iron and TIBC, thus saliva could be considered as a diagnostic substance for the detection of Fe deficiency anemia. Hence, such research studies are likely to use the reagents for TIBC and thereby leading to market growth. Moreover, strategic activities such as product launches, collaborations, partnerships, funding, acquisitions, and mergers by the key market players are expected to boost market growth. For instance, in May 2022, Randox, the Northern Ireland-based diagnostics and personalized health company delivered a EUR 10 million (USD 10.6 million) investment in the program, which discovers and develops new methods of prevention, early detection, and treatment of diseases and health conditions.
Therefore, due to the high prevalence of iron deficiency anemia and the rise in research and development utilizing the total iron binding capacity reagents, the studied segment is expected to witness significant market growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the total iron binding capacity reagents market due to the increasing prevalence of iron deficiency anemia, the increase in healthcare expenditures, and the rise in research and development across the region. The need to reduce the burden of iron deficiency anemia had led to an increase in demand for its diagnosis and treatment thereby, promoting the growth of the total iron-binding capacity reagents market. For instance, as per the November 2022 update from the University of British Columbia, the research investigated iron deficiency prevalence among 60 pregnant women in Metro Vancouver and found that over 80% of them were likely iron-deficient in late pregnancy despite taking daily prenatal supplements that provided 100% of the daily iron recommendation in pregnancy. Thus, such iron deficiencies in women are expected to drive the market for TIBC reagents since, the assays of total iron binding capacity require more reagents, thereby fueling the market growth over the forecast period.
Moreover, an increase in research studied and developments in total iron binding capacity are expected to increase the opportunity for the market studied. For instance, NIH is estimated to fund USD 20 million for the research and development activities for the disease Cooley's anemia in 2023. Such research finding for the studies related to anemia is expected to drive the market growth over the forecast period.
Thus, due to the high prevalence of iron deficiency anemia and the rise in research and development utilizing the total iron binding capacity reagents, North America is expected to witness significant market growth over the forecast period.
