Bilirubin Meter Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product (Portable bilirubinometers and benchtop bilirubinometer), End-Users (hospitals, clinics, research institutes and diagnostics centres) and Region/Country.
The bilirubin market was valued at USD 250 Mn and is expected to grow with a CAGR of 6% during the forecast period (2022-2030). The Portable bilirubin meters are gaining popularity, as the meters allow the monitoring of the abnormalities in bilirubin levels. Portable devices are easily moveable from one place to another, allowing remote analysis, owing to this the demand for these types of devices is increasing. Additionally, being portable these meters are easy to apply and operate, and are easy to obtain bilirubin reading with minimum disturbance to neonates. Thus, due to the availability of such products, the market for bilirubin meters is anticipated to grow with a significant CAGR in the forecast perioderiod.
Some of the major players operating in the market include Advanced Instruments Inc., APEL Co., Ltd., Siemens Medical Solutions USA, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Drägerwerk AG & Co. KGaA, Zhengzhou Dison Instrument and Meter Co., ltd. , Mennen Medical, Natus Medical Incorporated., DAVID, Micro Lab Instruments,
Insights Presented in the Report
“Amongst products, the benchtop billirubinometer segment is growing with significant CAGR in 2021 market”
Based on the product, the market is bifurcated into portable bilirubinometers and benchtop bilirubinometer. Amongst these, the benchtop bilirubinometer segment is anticipated to grow with a significant CAGR. The rising incidence of jaundice such as hemolytic anemia or other related medical condition is increasing due to various factors such as genetic disorders, drug resistance and viral infection. This has led to an increase in demand for the diagnostics test to monitor and manage these conditions. Additionally, these devices offer faster and most accurate results that is critical in the diagnostics and management of jaundice and related medical conditions. Further, the rising awareness about the early detection of jaundice has led to increase in demand for these devices.
“Amongst end-users, the clinic segment is growing with a significant CAGR in the market in 2021”
Based on the end-users the market is segmented into hospitals, clinics, research institutes and diagnostic centres. Amongst these, the clinic segment is anticipated to grow with a significant CAGR. This is attributed to the demand for cost-effective and personalized care. Clinics may be able to provide more personalized care because they have smaller patient volumes and may be able to spend more time with each patient. This can be especially important for people with jaundice, who may require ongoing monitoring and management of their conditions. Further, some clinics may be better equipped to provide a positive patient experience, with a focus on patient-centred care and a more personalized approach to care. This can be important for people with bilirubin meters, who may be dealing with a chronic condition and may require ongoing support and guidance from their healthcare providers. Thus, these factors are anticipated to fuel the market growth for bilirubin meters in the near future.
“North America is anticipated to grow with significant CAGR of the bilirubin meters market in 2021”
North America is anticipated to grow with a significant CAGR. This is attributed to the rise in healthcare expenditure. For instance, the national health expenditure in the United States grew 2.7% to $4.3 trillion in 2021, or $12,914 per person, and accounted for 18.3% of the Gross Domestic Product (GDP). Additionally, the presence of key market players in this region is also a major contributing factor for the growth of this region.
Bilirubin Meters Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global bilirubin meters market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Bilirubin Meters Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global bilirubin meters market were the three major steps undertaken to create and analyze the adoption of bilirubin meters in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global bilirubin meters market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the bilirubin meters market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the bilirubin meters market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the bilirubin meters market. Further, we conducted factor analysis using dependent and independent variables such as product, and end-users of the bilirubin meters market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the bilirubin meters market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global bilirubin meters market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Bilirubin meters market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global bilirubin meters market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global bilirubin meters market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of disorder type, and service type in the global bilirubin meters market.
The main objective of the Global Bilirubin Meters Market Study
The current & future market trends of the global bilirubin meters market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the bilirubin meters market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product and end-users
- Define and analysis of the regulatory framework for the bilirubin meters industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the bilirubin meters market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the bilirubin meters market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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