Poc Hba1C Testing Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product (Slices and Strips, Rolls, and Roasts); Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others); and Region/Country
The Poc Hba1C Testing market was valued at USD 650 Mn in 2021 and is expected to grow at a strong CAGR of around 11% during the forecast period (2022-2028) . The growing prevalence of diabetes and increasing demand for rapid and accurate diagnostic tests are significant drivers of the POC HbA1c testing market. As the number of people with diabetes continues to rise globally, there is an increasing demand for effective and convenient diagnostic tools. Moreover, with increasing awareness about the need and benefits of Poc Hba1C testing technology, spending on healthcare expenditure and R&D activities has increased globally. Diabetes caused at least USD 966 billion dollars in health expenditure – a 316% increase over the last 15 years as per the International Diabetes Federation in 2021. Additionally, the rising investments, product approvals, and product launches in the Poc Hba1C testing market are further contributing to the growth of the market. For instance, LumiraDx Limited announced in May 2022 that its HbA1c Test had been granted, CE Mark. Used with the LumiraDx Platform, the test provides results in under seven minutes from sample application for the monitoring of individuals with diabetes, and as an aid in screening and identifying patients who may be at risk for developing diabetes, all at the point of care.
Some of the major players operating in the market include F. Hoffmann-La Roche Ltd, BD, QIAGEN, Danaher, Quidel Corporation, Siemens Healthcare GmbH, Abbott, BIOMÉRIEUX, Nova Biomedical, NIPRO. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst products, the consumables segment is expected to grow with a significant CAGR during the forecast period”
Based on product, the market is segmented into instruments and consumables. As per our analysis, the consumables segment is expected to grow with a significant CAGR during the forecast period. This is mainly due to the rising demand for HbA1c testing that requires consumables such as strips, control solutions, and reagents, particularly in the diabetes market. This demand has been driven in part by advances in technology and increased awareness of the importance of monitoring blood sugar levels.
“Amongst technology, the ion-exchange HPLC held a major share of the market in 2021.”
By technology, the market is segmented into wireless ion–exchange HPLC, enzymatic assay, affinity binding chromatography, and turbidimetric inhibition immunoassay. Among these, ion-exchange HPLC (Ion Exchange High-Performance Liquid Chromatography) held a major share of the market in 2021. This technique offers excellent accuracy, reproducibility, and resolution, making it a gold standard for HbA1c measurement in clinical laboratories. The implementation of POC testing has been made even easier by the development of portable and miniaturized ion-exchange HPLC systems. These systems enable prompt interventions and patient counseling by allowing for rapid analysis and immediate results for healthcare professionals.
“APAC is expected to grow with Highest CAGR”
APAC is expected to grow with a significant CAGR during the forecast period. The high prevalence of diabetes, the need for accessible healthcare in remote areas, technological advancements, rising investment in healthcare, and supportive government initiatives are all contributing to the significant growth of the POC HbA1c testing market in the APAC region. For instance, in October 2021, ARKRAY’s The Lab 001 uses cutting-edge technology to provide HbA1c results in just 90 seconds. Pioneering diabetes HbA1c POC testing solution launches at DPC2021. POC HbA1c testing is anticipated to play a crucial role in enhancing diabetes management and patient outcomes in APAC because diabetes remains a major health concern in the region.
Poc Hba1C Testing Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Poc Hba1C Testing market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Poc Hba1C Testing Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Poc Hba1C testing market were the three major steps undertaken to create and analyze the adoption of Poc Hba1C testing in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Poc Hba1C testing market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Poc Hba1C testing market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Poc Hba1C testing market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Poc Hba1C testing market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the Poc Hba1C testing market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Poc Hba1C testing market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Poc Hba1C testing market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Poc Hba1C Testing market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Poc Hba1C Testing market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Poc Hba1C testing market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global Poc Hba1C testing market.
The main objective of the Global Poc Hba1C Testing Market Study
The current & future market trends of the global Poc Hba1C testing market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Poc Hba1C testing market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product, technology, and end-users
- Define and analysis of the regulatory framework for the Poc Hba1C testing industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Poc Hba1C testing market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Poc Hba1C testing market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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