Dublin, March 15, 2024 (GLOBE NEWSWIRE) -- The "Hemoglobin A1C (HbA1C) Testing - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Market Dynamics
The latest research publication reveals that the global Hemoglobin A1C (HbA1C) Testing market is on a robust growth trajectory, with expectations to reach a market size of US$2.3 billion by the year 2030. This growth symbolizes a steady Compound Annual Growth Rate (CAGR) of 6.9% over the forecast period from 2022 to 2030. Enhanced emphasis on diabetes management and the precision of HbA1C testing methodologies are key drivers stimulating this market expansion.
Segment Analysis
The Ion-Exchange High Performance Liquid Chromatography (HPLC) segment is identified as a prime contributor to this growth, projected to progress at an impressive 7.6% CAGR to reach US$915.7 million by 2030. The Immunoassays segment is not far behind, with a projection of 8.4% CAGR growth spurred by technological advancements and the growing need for efficient diabetes monitoring tools.
Geographic Insights
Enhanced diagnostic efforts in the United States position it at the forefront of the HbA1C Testing market, estimated at US$397.5 million in 2022. Meanwhile, the Asia-Pacific region, led by China, is expected to surge at a remarkable 9.5% CAGR, driven by the country's vast population and increasing healthcare investments. Japan and Canada are also anticipated to experience significant growth rates of 5.3% and 6.8% respectively over the forecast period. In Europe, Germany stands out with an approximate CAGR of 5.6%.
Competitive Landscape and Economic Outlook
The report features a selection of 110 noteworthy competitors, signifying a highly competitive market landscape where innovation and strategic collaboration are paramount. As for the global economic landscape, recovery is on the horizon with various regions anticipating GDP growth, spearheaded by economic giants such as the United States, the Euro area, and China. India's market is particularly noteworthy, with potential to become a trillion-dollar economy by 2030, outpacing Japan and Germany.
Additional Report Highlights
- An analysis on the global economic climate and market sentiments.
- An exploration of global competitiveness with insight into key competitor market shares.
- Market presence analysis across diverse geographies.
- Peer-to-peer collaborative bespoke updates and access to digital archives.
This ground-breaking report is poised to serve as an authoritative guide for stakeholders, investors, and decision-makers in the healthcare industry, providing not only a comprehensive analysis of current market trends but also a clear understanding of future market opportunities within the HbA1C testing domain.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 511 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $1.4 Billion |
| Forecasted Market Value (USD) by 2030 | $2.3 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
Market Trends & Drivers
- Increasing Diabetes Prevalence: The rising prevalence of diabetes globally is driving the demand for HbA1c monitoring devices, as they play a crucial role in diabetes management.
- Near Patient Testing: The popularity of near-patient testing is increasing, benefiting the HbA1c devices market by providing quick and convenient testing options for patients.
- Point-of-Care (POC) Testing: Point-of-care HbA1c testing products offer several benefits over laboratory-based tests, leading to widespread adoption among healthcare providers and patients.
- High Risk in Aging Demographics: The aging population, particularly those aged 65 and above, faces a higher risk of diabetes, which promises growth opportunities for HbA1c testing devices.
- Increasing Obesity Levels: Obesity is a significant risk factor for diabetes, contributing to the growth of the HbA1c monitoring devices market as healthcare systems seek effective ways to manage and monitor the condition.
- Rising Healthcare Expenditure: The increasing healthcare expenditure globally, driven by factors such as rising chronic diseases like diabetes, fuels the demand for HbA1c testing devices.
- Early Diagnosis and Screening: Hemoglobin A1c testing is crucial for the early diagnosis of diabetes and plays a significant role in screening strategies for conditions like gestational diabetes.
- Technological Developments: Continuous advancements in technology, including the development of non-invasive glucose meters and continuous glucose monitors, are transforming diagnostics in diabetes care, offering alternatives to traditional HbA1c monitoring.
- Role in Chronic Conditions: HbA1c monitoring holds significance in managing chronic conditions such as chronic kidney disease, where diabetes management is essential for patient outcomes.
- Home Testing Market: The market for home HbA1c testing is growing, catering to the increasing demand for convenient and accessible monitoring solutions for diabetes patients.
A selection of companies mentioned in this report includes
- Abbott Laboratories, Inc.
- Beckman Coulter, Inc.
- Bio-Rad Laboratories, Inc.
- ACON Laboratories, Inc.
- ARKRAY, Inc.
- A. Menarini Diagnostics Srl
- Apex Biotechnology Corporation
- Axis-Shield Diagnostics Ltd.
- Agappe Diagnostics Ltd.
- Biorex Diagnostics
- Boditech Med, Inc.
- Biosurfit SA
- Accruex Biomedical Pvt., Ltd.
- Ailex Technology Group Co., Ltd.
- American Screening Corporation, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/w7lu0n
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