Global HbA1c Analyzer Market Value is to cross US$ 3.5 billion by 2034: Fact.MR Report
FACT.MR
6 min read
FACT.MR
Fact.MR’s latest report on HbA1c Analyzer Market provides a detailed analysis of growth drivers, market restraints, and emerging trends. It also offers insights into various strategies employed by key market players to gain a competitive edge in the HbA1c Analyzer Market.
Rockville , Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global HbA1c analyzers market size in 2019 was around US$ 1,679.7 million. A thorough analysis of the global HbA1c testing industry by Fact.MR suggests the overall market valuation could be US$ 2,165 million in 2024. During the time between 2024 and 2034, the global demand for HbA1c analyzers is predicted to rise at a 5.1% rate per year on average. The net worth of the global HbA1c analyzers industry is forecast to reach US$ 3,547.6 million by 2034 end.
Global diabetes management initiatives have played a crucial role in raising awareness and popularizing different types of diabetes management tools, including HbA1c analyzers. Prioritizing early detection and prevention of diabetes-related problems to promptly regulate glycemic levels has also spurred its demand in recent years.
Among the different types of technologies used for making HbA1c analyzers, the high-performance liquid chromatography (HPLC) technology is utilized almost half of the time.
Report Attribute
Details
Value Projection (2034)
US$ 3,547.6 million
Growth Rate (2024-2034)
5.1% CAGR
No. of pages
170 Pages
No. of Tables
48 Tables
No. of Figures
144 Figures
"Emphasis on personalized medication and health care activities for diabetic patients has been made possible with technological advancements of clinical glycated hemoglobin analysis devices. Any further rise and sophistication of HbA1c monitoring devices is anticipated to boost the commercialization of HbA1c analyzers, "– says a Fact.MR analyst.
Key Companies Profiled in This Report
Abbott
ApexBio
ARKRAY, Inc.
Bio-Rad Laboratories, Inc.
Convergent Technologies GmbH & Co. KG
EKF Diagnostics
Erba Mannheim
F. Hoffmann-La Roche Ltd
HemoCue AB
i-SENS, Inc.
labONE, Inc.
LITE-ON TECHNOLOGY CORPORATION
Meril Life Sciences Pvt. Ltd.
OSANG Healthcare
TaiDoc Technology Corporation
Tosoh Corporation
Trinity Biotech
Zivak Technologies USA
Key Takeaways from the Global HbA1c Analyzer Market Study Report
North American countries currently command nearly half of the global demand for HbA1c analyzers.
The United States is the leading contributor of HbA1c analyzers available in North America, and it is poised to advance at 5.3% CAGR through 2034.
The overall valuation of the market in Germany is projected to advance at 5.5% CAGR and reach up to US$ 200 million by 2034 end.
The United Kingdom is an emerging market for HbA1c analyzer manufacturers, which is projected to progress at 5.3% CAGR through 2034.
Competitive Landscape for HbA1c Analyzer Market Players
The completive landscape for the HbA1c analyzer industries is consolidated as patients and healthcare professionals primarily prefer manufacturers that have a long reputation in the healthcare sector. Higher capitalization and investment required for entering the industrial sector associated with the healthcare sector are expected to keep a few leading players dominating the global market for some more years.
Recent Developments by the HbA1c Analyzer Industry Participants
In June 2021, Trivitron Healthcare introduced NANO H5 & H110, which are two innovative HPLC-based HbA1c testing kits. The company claims that these two advanced high-performance liquid chromatography analyzers are capable of producing results within 130 seconds. These two products can be used to track hemoglobin variations, thalassemia, and diabetes.
In 2021, ARKRAY introduced a groundbreaking diabetic HbA1c POC testing solution, The Lab 001, at DPC2021. This innovative device uses state-of-the-art technology to produce HbA1c results in no more than 90 seconds. ARKRAY has been a global leader in diabetes innovation for over 60 years and is based in Japan.
Why Germany is Turning into a Lucrative Market for HbA1c Analyzer Manufacturers?
“Greater Control over Europe Healthcare Sector along with Rising Domestic Demand has Strengthened the German Market”
In 2024, the total market value of HbA1c testing in Western Europe is projected to be approximately US$ 503 million. With the advent of community and clinical diabetes screening programmes, there has been a surge in demand in Europe for trustworthy and efficient HbA1c analyzers to detect and monitor individuals at risk. Currently, the market share of Western Europe in HbA1c laboratory testing is approximately 23.2% worldwide.
In Western Europe, Germany is the top producer and supplier of HbA1c analyzers, with a projected market value of US$ 117 million by 2024. Germany is predicted to account for over 23.2% of the Western European market for HbA1c analyzers in terms of market share in 2024. In addition, it is anticipated that domestic demand for HbA1c analyzers would rise throughout the projected years due to an increase in healthcare spending in the nation, particularly for the treatment of diabetes. Fact.MR's industry analysis report projects that the German market for HbA1c analyzers will expand at a 5.5% annual growth rate between 2024 and 2034.
“The United States is at the Helm of the Global HbA1c Testing Industry Developments”
It is anticipated that the combined sales of HbA1c analyzers by US, Canadian, and Mexican companies will bring in around US$ 1,075 million in revenue by 2024. Moreover, it is calculated to constitute around 49.7% of the projected global sales of HbA1c analyzers for this year.
When it comes to the manufacture and distribution of HbA1c analyzers, the United States leads all other nations in North America. At the moment, the nation controls around 88.6% of the regional market share. The HbA1c analyzer market in the United States is projected to reach a valuation of around US$ 952 million by 2024. The industry is expected to have a net worth of around US$ 1,591 million by the end of this forecast period.
Explore More Related Studies Published by Fact.MR Research:
Ion Chromatography Market: The global ion chromatography market size is valued at US$ 3.05 Billion in 2023, and is projected to reach US$ 7.2 Billion by 2033-end.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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