World Bilirubin Blood Test Market is Projected to Reach at a CAGR of 5.44% by 2023

Bilirubin Blood Test Market

The global bilirubin blood test market is expected to grow at an approximate CAGR of 5.44% during the forecast period.

Bilirubin is a yellow pigment that is present in an individual’s blood and stool.  It is produced in the body when hemoglobin in old red platelets is broken down. The presence of bilirubin is an indication of jaundice. Jaundice is often recognized by the yellowish shade of the skin, tissues, eyes, and certain body liquids. Bilirubin blood test is the process of measuring the amount of bilirubin in a blood sample.  High prevalence of neonatal jaundice in infants and increasing per capita healthcare expenditure drive the market growth. According to the Centres for Disease Control and Prevention in 2015, approximately 60% of full-term infants develop jaundice within several days of birth. Moreover, the Centres for Disease Control and Prevention reported in 2015, in the U.S., the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP) i.e. USD 3.2 trillion. Additionally, increasing demand for portable/hand-held diagnostic devices fuels the market growth. The advantages of portable devices include the elimination of the time-consuming draws. Moreover, such devices are chargeable and come with digital technology, which ensures ease of use and accurate measurement of the results. Following the same trend, Koninklijke Philips N.V. came up with its bilichek system that is a non-invasive bilirubin measurement device. However, lack of awareness and trained professionals is likely to restrain the market growth during the forecast period.

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Key Players

Koninklijke Philips N.V. (Europe), Beckman Coulter, Inc. (Danaher) (U.S.), Thermo Fisher Scientific Inc. (U.S.), Randox Laboratories Ltd. (Europe), and F. Hoffmann-La Roche AG (Europe).

Asia Pacific is the fastest growing market due to the presence of developing economies like India and China within the region, which has increasing healthcare expenditures. According to the Indian Brand Equity Foundation in 2017, the Indian healthcare sector is estimated as one of the fastest growing industries and is expected to advance at a CAGR of 22.87% during 2015-20, thereby, will reach USD 280 billion by 2020. This along with favorable government policies is likely to boost the market growth in the presence of a huge opportunity for the untapped market within the region.

North America dominates the bilirubin blood test market owing to a well-developed healthcare sector and rising healthcare expenditures. Moreover, the high prevalence of neonatal jaundice and developed economies like the U.S. and Canada fuel the market growth within the region. Additionally, the presence of the global players like Beckman Coulter, Inc., and Thermo Fisher Scientific Inc. within the regional boundaries of the North America provides favorable backgrounds for market growth.

Europe is the second largest bilirubin blood test market, which is followed by Asia Pacific. Availability of funds for research, well-developed healthcare infrastructure, huge patient population, and government support for research & development are likely to drive the market in the Europe.

Asia Pacific is the fastest growing region in the market. The presence of developing economies like India and China within the region, which have rising healthcare expenditures drives the market growth within the region. Moreover, favorable government policies and the presence of huge opportunities for the untapped market within the region boost the market growth.

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North America dominates the bilirubin blood test market owing to a well-developed healthcare sector. Moreover, the high prevalence of neonatal jaundice in infants and developed economies like the U.S. and Canada, which have high per capita healthcare expenditures fuel the market growth within the region. Additionally, Beckman Coulter, Inc., and Thermo Fisher Scientific Inc. are some of the major players of the global bilirubin blood test market whose presence is marked within the regional boundaries of the North America, fuelling the market growth.

Europe is the second largest bilirubin blood test market, which is followed by Asia Pacific. Availability of funds for research, well-developed healthcare infrastructure, huge patient population, and government support for research & development drive the market in Europe. Moreover, the presence of developed economies within the region like the U.K and the Germany, which have high healthcare expenditures fuels the market growth.

Asia Pacific is the fastest growing market due to the presence of developing economies like India and China within the region, which has increasing healthcare expenditures. According to the Indian Brand Equity Foundation in 2017, the Indian healthcare sector is estimated as one of the fastest growing industries and is expected to advance at a CAGR of 22.87% during 2015-20, thereby, will reach USD 280 billion by 2020. This along with favorable government policies is likely to boost the market growth in the presence of a huge opportunity for the untapped market within the region.

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