Hemoglobin A1c (HbA1c) Testing Market is anticipated to grow at a CAGR of 8.7% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Hemoglobin A1c (Hb A1c) Testing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global Hb A1c testing market accounted for over US$ 1.2 billion in 2019. It is anticipated to grow at a CAGR of 8.7% from 2020 to 2030.
The continual growth of the HbA1c market can be attributed to several factors including a rising number of people with diabetes and rising geriatric populations. Moreover, the launch of new FDA-approved HbA1c testing kits and assays will further contribute to the substantial growth of the global HbA1c market between 2020 and 2030. To obtain better insights related to the market scenario, prominent players are focusing on collaborative initiatives with other players in the market. For instance, in 2020, Avricore Health Inc. announced the signing of a Letter of Intent (LOI) with a publicly-traded healthcare technology company and drug maker. This was aimed at integrating a propriety point-of-care blood chemistry analyzer into the company’s HealthTab real-time data reporting system to add hba1c blood glucose testing to its real-time data reporting system. By interfacing this new analyzer with the HealthTab + RASTR, HealthTab will offer HbA1c blood glucose testing, in turn, expanding its capabilities for diabetes risk detection in patients. Additionally, it will facilitate healthcare teams in managing treatment programs for diabetes.
Diabetes is a major health problem of the 21st century, which causes severe long-term damages to the cardiovascular & nervous systems as well as the eyes and kidneys. Nowadays, the prevalence of diabetes is rising globally in developed as well as developing countries. Diabetes is being commonly observed among geriatric populations. For instance, according to the International Diabetes Federation, in 2019, approximately 463 million adults (20-79 years) were having diabetes and the number is expected to rise to 700 million by 2045. One in five people in the age group, 65 years & above has diabetes. Therefore, its rising prevalence has led to an increasing need for the diagnosis & monitoring of the disease. Such a rising prevalence of diabetes will, in turn, drive the market growth.
Moreover, technological advancements and new product launches have also played a key role in fueling the HbA1c market growth. For instance, in 2019, Abbott launched a rapid point-of-care HbA1c test cleared by the U.S. Food and Drug Administration (U.S. FDA) to aid healthcare professionals in the diagnosis of diabetes and assessment of the risk of developing diabetes. This assay is also cleared by the U.S. FDA for utilization in monitoring long-term glycemic control. Similarly, in 2018, PTS Diagnostics had announced the upgrading of the at-home A1CNow Self Check system by doubling the number of A1C tests per package.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Hemoglobin A1c (HbA1c) Testing Market By Product Type (Instruments and Consumables), Technology (Ion-Exchange High-Performance Liquid Chromatography (HPLC), Direct Enzymatic Assay, Boronate Affinity Chromatography, and Turbidimetric Inhibition Immunoassay), End-Users (Hospitals & Clinics, Home Care, and Diagnostic Laboratories) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/hemoglobin-a1c-hba1c-testing-market/406
Although HbA1c testing is typically reliable, there are some limitations to the accuracy of these tests. Factors such as genetic variants, elevated fetal hemoglobin (HbF), and chemically modified derivatives of hemoglobin might affect the accuracy of the HbA1c test. Moreover, the insensitivity of HbA1c tests toward milder forms of glucose intolerance among patients will also hinder the growth of the HbA1c testing market to a certain extent.
North America is anticipated to hold the largest market share during the forecast timespan. This share can be attributed to several factors including the presence of prominent players, new product launches, and the increasing number of diabetic patients in the region. According to the International Diabetes Federation, in 2019, approximately 463 million adults (20-79 years) were having diabetes and the number is expected to rise to 700 million by 2045. One in five of the people in the age group, 65 years & above have diabetes. Such factors are expected to boost market growth during the forecast timeframe. Moreover, increasing awareness regarding diabetes self-management is anticipated to further drive the HbA1c market growth during the forecast period.
Some of the prominent players in the global hemoglobin A1c (HbA1c) testing market include Bio-Rad Laboratories, Inc., Abbott, Siemens Healthcare Private Limited, F. Hoffmann-La Roche Ltd., ARKRAY, Inc., PTS Diagnostics, Tosoh Corporation, Trinity Biotech, SEBIA, and Nova Biomedical, among others.
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