The global hemoglobin A1c (HbA1c) testing market is on the brink of significant transformation and growth, according to a new report Hemoglobin A1c (HbA1c) Testing Global Market Report 2024 by The Business Research Company with market data from 2019 to 2034.
The global hemoglobin A1c (HbA1c) testing market reached a value of $1,863.41 million in 2024, growing at a CAGR of 5.73% since 2019. The market is forecasted to soar to $2,896.70 million by 2029 at a robust CAGR of 9.22% and further to $4,485.00 million by 2034, reflecting a CAGR of 9.14%. These statistics highlight the rapidly increasing demand for effective diabetes management and advanced diagnostic solutions worldwide.
Segmentation Analysis
The report segments the market by type, product, technology, and region, providing unparalleled granularity:
- Type: The Point-of-Care (PoC) testing segment leads, accounting for 78.15% of the market in 2024, and is projected to grow at 9.62% CAGR by 2029.
- Product Type: Reagents and kits dominate with 61.08% of the market share, while the software and services segment shows the fastest growth potential (11.24% CAGR) during 2024–2029.
- Technology: Immunoassays held 36.42% of the market share in 2024, with high-performance liquid chromatography poised to grow at an impressive 12.61% CAGR in the coming years.
Regional Insights
North America leads the market with 42.60% of the global share in 2024. However, the fastest-growing regions include Asia-Pacific and South America, with projected CAGRs of 10.80% and 10.63% respectively during 2024–2029.
Innovation Highlight
Pioneering advancements are reshaping the landscape of HbA1c testing. For instance, Qvin, a US-based biotech firm, received FDA approval for its Q-Pad A1c Test System in January 2024. This revolutionary product utilizes menstrual blood for HbA1c measurement, offering enhanced point-of-care testing capabilities, greater convenience, and quicker results.
Top Opportunities and Market Strategies
- The PoC testing segment alone is expected to generate $848.40 million in global annual sales by 2029.
- The reagents and kits segment will see a surge of $661.73 million, driven by the rising prevalence of diabetes and demand for personalized medicine.
- Companies like Danaher Corporation, F. Hoffmann-La Roche Ltd., and Siemens Healthineers AG are leveraging strategic acquisitions, product innovations, and partnerships to gain a competitive edge.
Emerging Market Drivers and Challenges
- Drivers: Strong economic growth in emerging markets, rising healthcare expenditures, and urbanization.
- Challenges: High costs of testing devices, lack of trained professionals, and limited awareness in developing regions.
Where to Learn More
This comprehensive report is an invaluable resource for stakeholders in the healthcare and diagnostic sectors by offering a deep dive into the trends, challenges, and opportunities that define the future of HbA1c testing.
This report stands out for its extensive coverage and actionable insights:
- Data-Driven Insights: It evaluates key drivers, restraints, and opportunities shaping the market.
- Competitor Analysis: Profiles leading players and highlights their strategies.
- Future Forecasting: Predicts market trends up to 2034, enabling long-term strategic planning.
- Innovative Case Studies: Features breakthroughs like Qvin’s Q-Pad, emphasizing industry innovation.
The global HbA1c testing market is an exciting space with immense potential for growth, driven by innovation, regional expansion, and rising healthcare awareness. Investing in this report not only equips you with cutting-edge market intelligence but also positions you to capitalize on the opportunities in this dynamic industry.
Are you looking to explore opportunities in the hemoglobin A1c (HbA1c) testing market? Explore the full report here.
About The Business Research Company
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology. Find the company on LinkedIn, Twitter, Facebook, or YouTube for more.
