Hemoglobin A1C Analyzer Market Size, Share, Growth, and Industry Analysis, By Type (Bench-top, Compact, Portable), By Application (Hospital, Homecare, Others), and Regional Forecast to 2028

Updated On: 15 May 2023

Report Overview

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The global hemoglobin A1C analyzer market size was US$ 1602.1 million in 2021. As per our research, the market is expected to generate US$ 2987.8 million by 2028 with a CAGR of 9.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the hemoglobin A1C analyzer market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A patient's level of glucose management is assessed by the hemoglobin A1c (glycosylated hemoglobin, glycated haematocrit, HbA1c, or A1c) test. The test provides a percentage representation of the level of blood sugar averaged over the previous 90 days. Diabetes can also be identified using the test.

COVID-19 Impact: National Lockdown to Deplete Market Growth

In addition to disrupting the global healthcare system and delaying surgeries, treatments, and diagnoses of non-emergency ailments, the onset of COVID-19 advanced industry penetration. The COVID-19 pandemic has paralyzed global commerce and affected millions of people. Due to the delay in testing caused by COVID-19 regulations, the volume and sales of hemoglobin testing decreased by 66% in the months of March and April 2020. Due to the COVID-19 lockdown being lifted and constraints as a consequence of effective immunization programs, the testing volume increased again in late 2021. Market suffered as a result of the outbreak in 2020 and 2021. The hemoglobin A1C analyzer market growth is expected to rebound from the shock over the forecast period.

Latest Trends

"Technological Advancements to Intensify Market Magnification "

The hemoglobin A1C analyzer market is growing quickly, and the major players stand to gain from a number of growth opportunities over the projected period. Market leaders are always creating new testing procedures and equipment to suit the requirement for quick and precise measurement. In the not-too-distant future, the market is predicted to see profit-table prospects due to technological improvements, the development of novel testing procedures, and portable equipment.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into bench-top, compact, portable

Bench-top is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into hospital, homecare, others

Hospital is the leading part of the application segment

Driving Factors

"Surge in Prevalence of Diabetes to Boost Market Share "

Hemoglobin measurement is considered to be an essential diagnostic approach during the diabetes treatment process, hence the growth in the prevalence of diabetes and disorders connected to diabetes is anticipated to drive the hemoglobin A1C analyzer market share over the forecast period. The World Diabetes Federation estimates that approximately 463 million people (aged 20 to 90) have diabetes in 2019, and that number is predicted to increase to 700 million by 2045. The prevalence of diabetes and diseases linked to it will spur the hemoglobin A1C analyzer market expansion.

"Employment in Diagnostic Facilities to Expand Market Forwarding "

As the necessity for routine diabetes checks grows, demands for reagent and consumables are also rising. Hemoglobin A1C analyzer are frequently employed in diagnostic facilities because they provide faster results, enabling the start of therapeutic treatments earlier. Due to their ability to control costs by purchasing laboratory equipment in bulk, diagnostic centers have enormous potential for income generating. The market for hemoglobin A1C analyzers is benefiting from the increased adoption of these devices to measure patients' blood sugar levels prior to surgery.

Restraining Factors

"Low Rate of Adoption in Underdeveloped Nations to Deplete Market Advancement "

The low adoption of hemoglobin A1C analyzers in underdeveloped nations and their high cost are projected to impede the market's expansion. The limited manufacture of hemoglobin A1C analyzers as a result of these devices' pricey production has put a barrier in the way of the market's major competitors. Due to varying interpretations, test accuracy is another important limiting factor. In addition, the strict laws and restrictions may slow the market's expansion for hemoglobin A1C analyzers.

Regional Insights

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"Busy Lifestyle to Uplift Market Growth in North America "

North America is the region with the largest hemoglobin A1C analyzer market share. Diabetes and its health problems can have serious and expensive effects. Diabetes, the eighth most common cause of mortality in the North America, is expected to have a total economic impact of $327 billion due to medical expenses, lost productivity, and salaries. In actuality, the typical medical expenses for those with diabetes are more than twice as high as those for those without the disease. The government's rising support as well as the expanding research, busy lifestyle and development efforts are the elements causing the market expansion.

The physical, psychological, and emotional well-being can all be negatively impacted by diabetes, which has a negative impact on the quality of life and hence people are more concerned and inclined towards healthcare.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

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 (India)
• OSANG Healthcare (South Korea)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.