Glycated Hemoglobin Testing Market Global Trends Evaluation, Geographical Segmentation, Business Challenges and Investment Opportunities Analysis till 2030

In a recent published report, Kenneth Research has updated the market report for Glycated Hemoglobin Testing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Glycated Hemoglobin Testing Market products.

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Kenneth Research has recently added a report titled Glycated Hemoglobin Testing Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.

According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

Glycated Hemoglobin, which is also referred as Glycohemoglobin is a combination of hemoglobin and glucose formed within the blood cells. Glycated hemoglobin test is carried out at certain time intervals to monitor the level of hemoglobin A1c levels in patients suffering from diabetes.

Market Dynamics:

Glycated Hemoglobin Testing market is anticipated to grow over the forecast period, due to rising prevalence of diabetes among all age groups worldwide. According to International Diabetes Federation (IDF), in 2017, around 425 million adults were reported to be living with diabetes. According to IDF’s estimate, by 2045 the number of people suffering from diabetes is expected to reach 629 million, which indicates that advanced testing methods and devices are required to monitor the sugar level in diabetic patients.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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Growing geriatric population, coupled with poor dietary intake and inappropriate lifestyle are fueling the number of diabetic patients, which will further boost the growth of Glycated hemoglobin testing market. Furthermore, rising governmental initiatives to spread knowledge and awareness about diabetes and free health check-up programmes conducted by governmental organization is expected to fuel the growth of Glycated hemoglobin testing market.

However, high cost of Glycated hemoglobin tests and lack of awareness towards preventive diabetic tests are some of the reasons that can hinder the growth of Glycated hemoglobin testing market.

By Technology:

On the basis of technology, Ion-exchange high performance liquid chromatography testing method is expected to hold the major revenue share in Glycated hemoglobin testing market, due to its higher adaptation by testing laboratories.

Development of fully integrated HPLC testing embedded on hematology automation platform reduces the testing time as well as labour required significantly. Furthermore the added advantage of CHb detection along with the use of HPLC makes it a better option for research organizations and laboratories. Immunoassay method is expected to be the fastest growing segment in the global Glycated hemoglobin testing market, due to its ease of operation and affordability.

By Product Type:

Multi-functional testing equipments are expected to dominate the Glycated hemoglobin testing market over the forecast period due to the versatility offered by them. Multi-functional testing equipments can not only calculate Glycated hemoglobin present in the blood, but can also calculate the level of other blood components such as blood glucose and cholesterol, that have significant impact on Glycated hemoglobin. Multifunctional testing equipments are cost effective as they serve a number of purposes.

By End-Use:

Hospitals are expected to be the largest end-users for Glycated hemoglobin testing market over the forecast period, due to increase in preference of people to visit hospitals for regular health check-up and Glycated hemoglobin tests as they are more reliable. Low testing cost in government hospitals will encourage more patients to visit in these hospitals, which will further escalate the growth of Glycated hemoglobin testing market.

Regional Insight:

North America is anticipated to hold the largest revenue share in global Glycated hemoglobin testing market over the forecast period, due to rising number of diabetic patients in this region. According to the National Diabetes Statistics Report 2017, 30.3 million (approximately 1 in 10) Americans were reported to have diabetes.

Increased governmental investment in improving healthcare facility in North America and launch of programmes such as Diabetes Prevention Program (DPP) is fueling the growth of Glycated hemoglobin testing market in the region. Presence of prominent market players such as Abbott Laboratories and Alere Inc. that are manufacturing advanced testing kits for the measurement of Glycated hemoglobin present in blood is further boosting the growth of Glycated hemoglobin testing market.

Competitive Landscape

Key companies operating in global Glycated Hemoglobin Testing market include Bayer AG, Abbott Laboratories, Roche Holdings AG, Alere Inc., EKF Diagnostics, Daiichi Biotech, Tosoh Bioscience, Bio-Rad Laboratories, Human Diagnostics, Ceragem Medisys, Trinity Biotech, Arkray, TaiDoc Technology, Randox Laboratories, and Siemens Healthcare. Key players operating in Glycated hemoglobin testing market are focusing on demonstration and launch of advanced products in order to maintain their prominence in the market.

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For instance, in July 2018, EKF Diagnostics, a global manufacturer of POCT devices, announced that the company will be highlighting its new Glycated Albumin (GA) assay kit at the prestigious AACC 2018 (AACC is the world’s largest exposition for clinical laboratory products) Clinical Lab Expo.

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