As cited by the research report titled ‘Hemoglobin Testing Devices Market Size By Product (Equipment {Point of Care [Portable, Handheld, Bench-top], Laboratory Analyzers} Consumables) By Technology (Chromatography, Immunoassay, Spectrophotometry), By End-use (Hospitals, Clinics, Laboratories, Home Care Settings, Blood Banks), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, global hemoglobin testing devices market is projected to accumulate USD 5.3 billion over 2019-2025.
 

Rising prevalence of anemia and other blood related disorders, advancements in technology related to hemoglobin analyzers, and increasing inclination towards point-of-care testing are the major factors driving the global hemoglobin testing devices market growth.
 

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Additionally, government initiatives for creating awareness regarding anemia will augment the industry growth over the forecast period. Increasing commercialization of point-of-care testing devices with a view of replacing traditional laboratory testing is positively swaying the industry dynamics.
 

As mentioned in the report, product recalls due to inaccuracy in test results is likely to limit the market growth to some extent during the analysis period.
 

Based on product type, worldwide hemoglobin testing devices industry is segmented into equipment and consumables. The equipment segment is further classified into point of care and laboratory analyzers. Among these, laboratory analyzers segment is anticipated to expand at 4.7% CAGR over the forecast timeline, owing to large-scale use in research institutes and hospitals for testing anemia and glucose.
 

Considering technology ambit, the marketplace is categorized into chromatography, spectrophotometry, and immunoassay. As cited in the report, spectrophotometry segment amassed USD 1.9 billion in 2018 and is likely to record significant growth over the estimated timeline, as this technique is considered the most appropriate way of diagnosing blood related disorders by the International Committee for Standardization in Hematology (ICSH).
 

Speaking of end user range, the business space is divided into hospitals, laboratories, clinics, blood banks, and home care settings, among others. Among these, the clinics segment accounted for a revenue share of 22.7% in 2018 and is expected to witness lucrative growth over the analysis period, on account of growing establishment of clinics in developed as well as developing economies, along with increasing preference for diagnostic clinics among the people due to the advanced facilities offered.
 

Considering the regional framework, the U.K. hemoglobin testing devices market is expected to grow at 7.5% CAGR over the forecast timeframe, due to growing prevalence of blood related disorders, and rising adoption of point-of-care hemoglobin testing devices. In addition, increasing research & development activities related to the hemoglobin testing solutions, and government initiatives for creating awareness about various hemoglobin tests are further enhancing the market outlook.
 

Prominent players influencing the worldwide hemoglobin testing devices industry are Thermo Fisher Scientific Inc., Siemens AG, F. Hoffmann-La Roche AG, PTS Diagnostics, EKF Diagnostics, Danaher Corporation, Bio-Rad Laboratories Inc., Bayer Medical Care Inc., ACON Laboratories Inc., and Abbott Laboratories.