Bilirubin Blood Test Market Projected to Reach USD 1,853.2 Million By 2025 at Significant CAGR of 5.44% | Market Research Future (MRFR)

Pune, India, Feb. 10, 2021 (GLOBE NEWSWIRE) — Bilirubin Blood Test Market Overview:

According to Market Research Future (MRFR) experts, Global Bilirubin Blood Test Market is estimated to register an impressive 5.44% CAGR and is projected to cross USD 1,853.2 Million by 2027.

The market for global bilirubin blood tests is projected to rise due to increased neonatal jaundice and more significant health care expenditure. The increased per capita income will also boost the market. Due to an increase in the prevalence of diseases such as hemolytic anemia, hepatitis, and liver cirrhosis, demand for these tests is expected to increase. Technological advancements will likely foster the development of the bilirubin blood test. Many blood tests are performed to monitor bilirubin levels in patients, which is expected to spur growth in the industry. However, because of a lack of awareness and a shortage of skilled professionals, the market is likely to be stiff during this forecast period. Despite constant technological innovations and product enhancements, the market growth can still be achieved through technological innovation and product improvements.

COVID-19 Analysis:

The coronavirus disease, which caused a pandemic, has claimed many lives. Some COVID-19 patients have been observed to have high bilirubin levels. Studies on the association of bilirubin level and mortality rates with COVID-19 are limited. Thus, the covid 19 pandemic has led to a rise in the research and development initiatives and investments towards genetics that could be helpful to design and conduct effective studies and, in turn, to find possible healthcare strategies aimed at facing the current COVID-19 pandemic, consequently creating new opportunities for market players of the global gene panel market.

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Competitive Landscape:

Companies are creating products with improved features and specific manufacturing standards in order to create a competitive advantage in the marketplace. The modern products designed by the market players allow their vendors to maintain their current clients while attracting new clients. The companies are pursuing innovative products that will drive sales and increase volume, and these products will positively impact the market in the near future.

The market is becoming competitive and key players are considering various strategies to expand their portfolios. Some of the key players in this market are:

• Koninklijke Philips N.V, F.
• Hoffmann-La Roche AG
• Thermo Fisher Scientific Inc.
• Beckman Coulter, Inc.
• Randox Laboratories Ltd.
• Drägerwerk AG & Co. KGaA
• Ginevri
• Reichert, Inc.
• Advanced Instruments
• Instrumentation Laboratory

Segmental Analysis:

By test type, the market includes direct/conjugated bilirubin test, serum bilirubin, and indirect/unconjugated bilirubin test. Bilirubin, which is currently leading the market, is used in many tests in many cases. Increasing cases of liver disease are propelling market growth which, depending on the outcome of research, could generate a 3.77% CAGR. However, it will face stiff competition from direct/conjugated bilirubin which is predicted to have the fastest growth rate over the review period.

Based on product type, the market comprises consumables and instruments. Increased demand for portable devices has helped secure the top spot for consumables, enabling growth of 5.02 percent during the review period. Meanwhile, the instrument segment is growing the fastest between now and 2023.

For application, there is great custom in kids/infants and adults. In recent years, the number of people affected by jaundice has increased dramatically enough to cause it to be the highest grossing sub-segment.

From end-users, the market consists of hospitals, clinics, and home care services. People’s reliance on hospitals has helped the sub-segment garner incredible revenue and it is expected to achieve a continued growth rate of 5.7%.

Browse In-depth Market Research Report (148 pages) on Bilirubin Blood Test: https://www.marketresearchfuture.com/reports/bilirubin-blood-test-market-720

Regional Analysis:

The Americas, or North and South America, are the leading candidate. North America is dominating the region by being a place where more biotechnology firms are located, and has better infrastructure than most of the region. Another factor driving the market is the high prevalence of neonatal jaundice and developed economies like the U.S. and Canada. Global players like Beckman Coulter and Thermo Fisher Scientific are headquartered in the area which provides an opportunity for regional expansion of the market.

Europe region is likely to account for the second-largest regional market standing over the review period. A large number of infants with jaundice has resulted in additional research into early detection. The key factors for the market are the focus of this analysis. The availability of research funding, well-developed healthcare infrastructure, large patient population, and strong government support for research & development will drive the European market. Moreover, the rising R&D investments and initiatives and global market players leads to growth opportunities in Europe over the review period.

APAC currently ranks the fastest growing area. Its large population can be considered a factor which coupled with huge investments finding their way in the healthcare sector can push the market ahead in the near future. The growing number of emerging economies within the region driven by rising healthcare costs drives the market growth. Furthermore, favorable government policies combined with the untapped market in the region lead to greater growth for the market.

Inability to fully advance in the biotechnology and pharmaceutical industry would have decreased business growth in the Middle East and Africa due to a lack of technological expertise. Due to the limited number of biotech consulting services available worldwide, the Middle East and Africa have the smallest global market share. Nevertheless, the gene panel market is expected to experience gradual growth in the Middle East and Africa due to the increased spending on healthcare and the growing number of people seeking healthcare diagnostics and testing. The UAE, Saudi Arabia and Kuwait are expected to push the Middle East & African market. In comparison, the African region will see modest growth over the next decade.

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Industry Insights

July 2020 : Scientists at SN Bose National Centre for Basic Sciences, India reported new methods for measuring bilirubin levels in newborns to screen for jaundice signs. The device’s operation is based on non-contact spectrometry-based techniques for measurement of neonatal bilirubin level regardless of the limitations of other available bilirubin meters.

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