HbA1c Testing Device Market REPORT OVERVIEW
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The global HbA1c testing device market size was USD 1648.1 million in 2021 and is projected to touch USD 3935.40 million by 2031, exhibiting a CAGR of 9.1% during the forecast period.
Hemoglobin A1C, often known as HbA1c, is a glucose-bound type of hemoglobin. Many healthcare organizations employ the HbA1c blood test to diagnose type 1 and type 2 diabetes. The HBA1c level, which is typically less than 6%, directs how well diabetes is controlled. HbA1c test kits make it easy to test complete blood for HbA1c in a semi-quantitative manner.
The global HbA1c testing device market is expanding as the global diabetes incidence rate continues to rise. Diabetes is a chronic metabolic disease in which the body is unable to generate or use insulin effectively, leading glucose to build up in the blood flow. Furthermore, rising technological advancements in diabetes management devices, and an increased diabetes awareness, are likely to propel the HbA1c testing device market forward. For example, on March 13, 2020, the Indian Council of Medical Research (ICMR) announced the development of "SuChek," a 100 percent indigenous glucometer that is inexpensive and validated according to international standards.
COVID-19 Impact: Supply Chain Disruption and Stringent Lockdown Restrictions to Hinder Industry Growth
The severe disruptions in their respective manufacturing and supply-chain operations due to various precautionary lockdowns and other limitations imposed by governments all over the world. The global Hba1c testing device market is no exception. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, these factors are likely to weigh on the global Hba1c testing device market growth. The global Hba1c testing device market is predicted to revive as respective government agencies begin to lift these enforced lockdowns.
LATEST TRENDS
"Technological Advancement to Foster Market Growth"
Technological advancements in HbA1C testing are assisting laboratories in completing the tests more quickly. Major market competitors are investing in innovative technology that can deliver rapid, precise findings in a short amount of time, allowing laboratories to keep up with the growing demand for testing. In June 2019, Abbott released the AfinionTM HbA1c Dx assay, an in vitro diagnostic test for the quantitative assessment of HbA1c in human venous and capillary whole blood for use on the Afinion 2 Analyzer and the Afinion AS100 Analyzer. The Afinion HbA1c Dx assay is the only quick point-of-care test approved by the US Food and Drug Administration (FDA) to help healthcare providers diagnose diabetes and determine a patient's risk of getting the disease. In only three minutes, the test offers consistent and accurate findings for 1,2 glycated hemoglobin, assisting physicians in evaluating patients and formulating tailored care programs during a single visit to the doctor's office. The market for HbA1C testing device will grow as a result of these improvements.
HbA1c Testing Device Market Segmentation
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- By Type Analysis
By type, the market is segmented into bench-top, compact, and portable.
Bench-top category is likely to grab the most market share over the projection period due to technological advancements in the field of medical devices. During the projected period, the handheld device sector is expected to develop at the fastest rate, owing to the rising acceptance of modern and portable devices among healthcare professionals and consumers due to its high accuracy and technological innovation. These factors may propel industry growth.
- By Application Analysis
Based on application, it is categorized into hospital, homecare, and others.
The hospital sector is likely to lead the market in terms of highest share over the forecast period due to advancements in the field of healthcare services. However, due to the rising usage of hba1c portable testing devices, the homecare setting segment is expected to increase at the fastest rate throughout the projection period. These factors may fuel HbA1c testing device market development.
DRIVING FACTORS
"Research & Development Activities to Enhance Market Expansion"
Manufacturers are putting up extra effort to meet specific consumer wants as competition remains fierce. With over 300 diagnostic methods available in the healthcare business, the availability, cost, convenience of use, and precision of HbA1c analyzers are all important factors to consider. Portability can be a deciding factor in sales closure as end users want convenient equipment. Manufacturers might also concentrate on enhancing the sample throughput of HbA1c analyzers. During the forecast period, the overall growth of the market will be driven by new device launches with automated features and better precision, FDA clearance for new analyzers and assay tests, technology expansion, and partnerships in developing and developed countries for HbA1c Testing Devices.
"Increasing Number of Diabetic Patients and Geriatric Population to Stimulate Growth "
Over the forecast period, rising diabetes prevalence is expected to drive growth in the global HbA1C testing device market. According to a study published in September 2019 in the journal Diabetes Research and Clinical Practice titled "Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition," 463 million people are expected to have diabetes in 2019, rising to 578 million by 2030 and 700 million by 2045. Furthermore, the industry is predicted to rise as the geriatric population grows. The geriatric population in the U.S. is predicted to reach 77 million by 2034, according to the United States Census Bureau.
RESTRAINING FACTORS
"Testing Devices' Inability to Assess All Blood Types to Impede Market Growth"
The unavailability of these devices to assess all blood types limits the market for HbA1C testing devices. Patients of African, Mediterranean, or Southeast Asian descent, or those with a family member suffering from skin diseases such as sickle cell anemia or thalassemia, for example, should avoid the HbA1C test because they are likely to have a different type of hemoglobin, known as a hemoglobin variant, which can interfere with HbA1C results.
HbA1c Testing Device Market REGIONAL INSIGHTS
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"Introduction of New Technologies and Infrastructural Development to Fuel Industry Development in North America"
North America is expected to dominate the HbA1c testing device market share. Because of the well-established healthcare infrastructure and the introduction of new technologies in diabetes management, and increased diabetes awareness among individuals. Because of increased activities such as research, awareness campaigns, and cooperative ventures by public and private organizations in the US and Canada, the HbA1c testing market in North America is leading. Because of rapid expansion in healthcare facilities and rising per capita disposable incomes.
Asia Pacific HbA1c testing device market is expected to develop the fastest. The predicted period's growth rate increases the number of diabetes laboratory tests and well-qualified healthcare workers such as diabetologists and clinicians due to the growing burden of diabetes. According to the International Diabetes Federation (IDF), by 2035, around 382 million people globally would have diabetes. Around 60% of them will live in Asia, with one-third in China. The predicted period's growth rate increases the number of diabetes laboratory tests and well-qualified healthcare workers such as diabetologists and clinicians due to the growing burden of diabetes.
KEY INDUSTRY PLAYERS
"Manufacturers Focus on R&D Activities to Strengthen their Position"
The market is moderately fragmented, with only a few major and generic manufacturers. The level of competition among the players is great, as each is attempting to build a new product and sell it at a low price. Furthermore, to expand their market shares, businesses are entering new areas, particularly emerging economies, where demand is outstripping supply.
List of Market Players Profiled
- Abbott Laboratories (U.S.)
- Roche (Switzerland)
- Siemens (Germany)
- Bio-Rad Laboratories (U.S.)
- Tosoh (Japan)
- Danaher Corporation (U.S.)
- Trinity Biotech (Ireland)
- HUMAN Diagnostics (India)
- Arkray (Japan)
- OSANG Healthcare (South Korea)
INDUSTRY DEVELOPMENT
June 2019: Abbott released the Afinion HbA1c Dx assay for the Afinion 2 Analyzer and the Afinion AS100 Analyzer. The Afinion HbA1c Dx assay is the first and only quick point-of-care test approved by the US Food and Drug Administration (FDA) to assist healthcare providers in the diagnosis of diabetes and the risk of developing the disease.
REPORT COVERAGE
The scope of the market research for the HbA1c testing device is covered in this study. The market estimates in the report are based on a combination of secondary research, primary interviews, and in-house expert reviews. The impact of various social, political, and economic aspects, and current market dynamics, on the growth of the HbA1c testing device industry, was examined to arrive at these market estimates.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1648.1 Million in 2021 |
Market Size Value By |
US$ 3935.4 Million by 2031 |
Growth Rate |
CAGR of 9.1% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
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What value is the global HbA1c testing device market expected to touch by 2031?
Based on our research, the global HbA1c testing device market is projected to touch USD 3935.40 million by 2031.
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What CAGR is the global HbA1c testing device market expected to exhibit?
The global HbA1c testing device market is expected to exhibit a CAGR of 9.1%.
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Which are the driving factors of the HbA1c testing device market?
Increasing number of diabetic patients and R&D activities are the factors driving the HbA1c testing device market.
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Which are the top companies operating in the HbA1c testing device market?
Abbott Laboratories, Roche, Siemens, Bio-Rad Laboratories, Tosoh, Danaher Corporation, Trinity Biotech, HUMAN Diagnostics, Arkray, OSANG Healthcare are the top companies operating in the HbA1c testing device market.