The HbA1c testing device industry is projected to grow, owing to increasing rates of diabetes cases. Hemoglobin A1C, commonly known as HbA1c, is a type of hemoglobin that is linked to sugar. It is used to diagnose type 1 and type 2 diabetes. Diabetes is one of the rising chronic metabolic diseases in which the body is unable to generate insulin. The testing kits are easy to test blood profiles. Prevalence of diabetes in the geriatric population is anticipated to drive market growth for testing devices.
Rising use of diabetes management devices and technological developments is expected to create demand for testing devices. Increasing cases of diabetes and awareness regarding curing of diabetes will escalate the demand for testing devices. Research and development activities regarding diagnostic methods will foster market growth. Portability is one of the deciding factors as it is convenient to the end-users. Bench-top category in the market is anticipated to grow, owing to technological innovations in medical devices.
According to Business Research Insights, the global HbA1c testing device market size was valued at USD 1.436 billion in 2020 and is expected to reach a valuation of USD 2.092 billion by 2026 at a CAGR of 9.9% during the forecast period. The market has leading players such as Abbott Laboratories, Siemens, Roche, Bio-Rad Laboratories, Danaher Corporation, Tosoh, Trinity Biotech, Arkray, OSANG Healthcare, and HUMAN Diagnostics.
Supply Chain Disruptions Hampered Market Growth During COVID-19
The COVID-19 pandemic imposed numerous restrictions on various global markets. The pandemic decreased the consumer demand for testing kits. During the forecast period, the demand for HbA1c testing device is expected to revive as lockdown restrictions are getting lifted.
Business Research Insights Profiles Top 5 HbA1c Testing Device Companies-
1. Abbott Laboratories (U.S.)
Abbott Laboratories is a U.S.-based medical devices and healthcare company headquartered in Chicago, Illinois, U.S. Founded in 1888 and has been operating for 134 years, the company is one of the oldest healthcare companies. It sells diagnostics, medical devices, generic medicines, and nutritional products. It functions in the following segments such as nutritional products, established pharmaceuticals products, medical devices, and diagnostic products. The company is known for its well-established and known products in medical devices, nutrition products, and diagnostics.
2. Roche (Switzerland)
Started and established in 1896, F. Hoffmann-La Roche AG is the world’s largest biotech company that has been in operation for 126 years. The company operates under two segments, diagnostics and pharmaceuticals. The company is located in Basel, Switzerland. It is one of the largest pharmaceutical companies globally. It is also one of the leading providers of cancer treatments. The company holds its dominance on Genentech, an American biotechnology company and Chugai Pharmaceuticals, a Japanese biotechnology company. The company employs 85,000 employees globally and operates in over 150 countries.
3. Siemens (Germany)
Siemens Healthineers AG is a German medical devices company. The company has its head office in Erlangen, Germany and has been in operation for 4 years. The parent company, Siemens, finds its origins from 1847. The company was formerly known as Siemens Healthcare GmbH, but in 2016, the company was renamed as Siemens Healthineers AG. It had 66,000 employees globally in 2021.
4. Bio-Rad (U.S.)
Bio-Rad Laboratories, Inc. is an American manufacturer and developer of specialized products for life sciences and clinical diagnostics. The company was founded in 1952 and is established in Berkeley, California. Its products include software, instruments, reagents, and consumables. Bio-Rad uses a variety of technologies and offers clinical information regarding blood transfusion.
5. Trinity Biotech (Ireland)
Trinity Biotech is an Irish company that specializes in manufacturing, development, and commercializing of diagnostic kits. The test kits that the company manufactures are used in the detection of STDs, infectious diseases, hemoglobin diseases, autoimmune disorders, and in detecting diabetes. It offers point-of-care, clinical laboratory segments, and self-testing in the diagnostics market. The company sells its products globally through strategic partners and international suppliers.
Technological Innovations to Thrust Market Development
Technological innovations in HbA1c testing devices have been used in laboratories for completing tests. Market players have been investing in innovative technologies to deliver detailed findings in a short amount of time. In 2019, Abbott released Afinion HbA1c Dx assay for quantitative assessment of HbA1c virus in humans. It offered quick tests, which are approved by the U.S. Food and Drug Administration (FDA) to assist in diagnosis of diabetes and patient’s risk of getting the disease. The test offers accurate and consistent results for 1,2 glycated hemoglobin in only three minutes. The market for HbA1c testing devices is anticipated to grow, owing to the launch of testing kits that provide accurate results.