Newark, NJ, Aug. 20, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global bilirubin meters market is expected to grow from USD 103.68 million in 2019 to USD 130.29 million by 2027, at a CAGR of 3.3% during the forecast period 2020-2027.
Bilirubin meters are healthcare devices that are employed to measure bilirubin levels in humans. Bilirubin, formerly known as haematoidin, is a yellow substance that is found in the normal catabolic pathway of vertebrates. Bilirubin’s purpose is to break down heme. Hemes are coordination complexes that have various biological functions such as the chemical catalysis, transportation of diatomic gases, electron transfer, and diatomic gas detection. Bilirubin is excreted via urine & bile, and high levels of bilirubin in the body may indicate certain diseases like jaundice and hepatitis. This compound is the reason behind the yellow discoloration found in jaundice patients. The growing popularity for non-invasive transcutaneous bilirubin meters is driving the growth of the market.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the bilirubin meters market. With less disposable income and broken supply chains, the market’s growth is expected to slow down. In addition to that, discrepancies have been arising in the measurement of TSB (Total Serum Bilirubin) using TcB (Transcutaneous Bilirubin) meters. It has been observed that TcB underestimates TSB levels in adults & neonates with low skin melanin and tends to overestimate TSB levels in individuals with high melanin content. This is a significant factor that is restraining growth in the bilirubin meters market.
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Key players operating in the global bilirubin meters market include Mennen Medical Ltd., Natus Medical Incorporated, Shenzhen Mindray Bio-Medical Electronics Co., Ltd, Micro Lab Instruments, APEL Co., Ltd., Ningbo David Medical Device Co., Ltd, Siemens Healthineers AG, Drägerwerk AG & Co. KGaA, Zhengzhou Dison Instrument And Meter Co., Ltd, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V. and Avihealthcare among others. To gain a significant market share in the global bilirubin meters market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Drägerwerk AG & Co. KGaA and F. Hoffmann-La Roche Ltd. are some of the biggest manufacturers and suppliers of bilirubin meters in the global market.
Transcutaneous devices dominated the market and valued at USD 89.87 million in the year 2019
The product segment comprises of transcutaneous devices and benchtop. The transcutaneous devices segment has been further sub-segmented into multiple wavelength devices and two-wavelength devices. Transcutaneous devices or hand-held devices dominated the market and valued at USD 89.87 million in the year 2019. This segment is also growing at a high growth rate because these devices are accurate, cost-effective, time-saving, and non-invasive. These devices are also growing in popularity as an alternative for serum bilirubin analyzers since transcutaneous devices can be used to screen jaundice in newborn babies without the requirement for a needle prick. Also, the results are provided instantaneously.
Jaundice dominated the market and held the largest market share of 48.6% in the year 2019
The indication segment includes hepatitis, jaundice, and others. Jaundice dominated the market and held the largest market share of 48.6% in the year 2019. Jaundice is a medical condition in which the eye whites, mucous membranes, and skin turn yellow due to high bilirubin content, which is a yellowish bile pigment. Approximately 60% of all infants born in the USA are affected by jaundice. Jaundice happens to people of all ages, although it is less common in adults and is usually caused by an underlying condition.
Neonates dominated the market and valued at USD 74.49 million in the year 2019
The age group segment includes neonates and adults. Neonates dominated the market and valued at USD 74.49 million in the year 2019. Neonates are referred to newborn babies or infants who are less than 4 weeks old. Neonates dominated the market since mostly newborns are affected with jaundice, a condition where bilirubin levels get high. New rules and regulations have made the measurement of bilirubin levels in newborns mandatory.
Hospitals dominated the market and held the largest market share of 81.25% in the year 2019
The end-user segment comprises of hospitals, clinics, and others. Hospitals dominated the market and held the largest market share of 81.25% in the year 2019. The hospitals segment held the majority share due to its large scale, strong financial capabilities, and a broad range of services.
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Regional Segment Analysis of the Bilirubin Meters Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global bilirubin meters market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 37.28% in the year 2019. The growth is mainly due to key factors such as the high prevalence & increase in liver disease cases, rising healthcare spending, and established infrastructure. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2020-2027. This growth is owing to factors like advancement in medical technology and improving economic conditions.
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About the report:
The global bilirubin meters market is analyzed on the basis of value (USD Million), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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