In a recent published report, Kenneth Research has updated the HbA1c Testing Market report 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 Analysis 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for HbA1c Testing Market Products.
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Netscribes’ latest market research report titled HbA1c Testing Market in India 2014 states that with the increasing incidence of diabetes in the country, the demand for HbA1c testing is rising. India is characterized by the presence of a large diabetic population. The country’s status as the diabetes capital of the world has made the need for diabetes prevention and screening very important. Hence, tests for measuring the blood glucose levels are facing high demand within the country. Naturally, HbA1c testing in the country is also benefiting from this trend. The ability to measure one’s blood glucose levels over a period of 3 months has made it a test favored by many diabetics as well as people who believe they are at high risk of developing diabetes. The market for HbA1c testing has been growing steadily and with the awareness level regarding it increasing rapidly, the market is set to boom in the next few years.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) 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.
Although the test is considered to be very useful for diabetes screening as well as for monitoring the diabetes status of a patient, its much higher cost compared to a simple blood sugar level test can act as a hindrance to its greater acceptance. However, the need to go for HbA1c tests only 3-4 times a year unlike the blood sugar level test which may have to be done on a monthly basis may work in favor of the former. Moreover, HbA1c tests give a clearer picture of the diabetes status of a patient as it a measurement of the glucose levels over a longer period. Several physicians also prescribe this test to their patients which in turn will increase its demand and thereby drive growth in the market.
Several large diagnostic chains offer these tests in India. Majority of the patients going for these tests are confirmed diabetics with very few non-diabetics undergoing this test. Most of the patients visiting laboratories for HbA1c tests have been prescribed to go for this test by a physician and very few people opt for the test on their own. However, with increasing awareness among people, this ratio is likely to change and many more people are expected to go for this test independently.
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
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