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Hemoglobin Testing Market Size, Share & Trends 2024-2033
Hemoglobin Testing Market Size
According to The Business Research Company's, The hemoglobin testing market size has grown strongly in recent years. It will grow from $2.54 billion in 2023 to $2.71 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to prevalence of anemia, maternal health initiatives, blood donation programs, chronic diseases management, global health awareness campaigns.
The hemoglobin testing market size is expected to see strong growth in the next few years. It will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to rising healthcare investments, integration with chronic disease management, point-of-care testing expansion, increasing focus on preventive healthcare, global health pandemics preparedness. Major trends in the forecast period include telemedicine and remote monitoring, technological advancements, home-based testing kits, integration with electronic health records (ehr), focus on non-invasive methods.
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Market Drivers and Trends:
A rising prevalence of chronic disorders such as diabetes is expected to propel the growth of hemoglobin testing. Diabetes is a chronic condition that arises when the pancreas does not create enough insulin or when the body does not utilize the insulin that is produced adequately. Hemoglobin A1c tests (HbA1c) are used to monitor glucose levels in diabetic patients and are recommended by the American Diabetes Association as a viable option for fasting blood glucose for diabetes diagnosis. For instance, in November 2022, according to the US Census Bureau, a US-based department of the Federal Statistical System, more than 34 million Americans have diabetes, with an additional 88 million at risk. Additionally, in December 2021, according to the IDF Diabetes Atlas 10th edition published by the International Diabetes Federation, a Belgium-based global diabetes community, diabetes afflicted 536,000 individuals in 2021, and by 2030, it is predicted to climb to 642,800. By 2045, it will reach 783,700 individuals globally. Therefore, the rising prevalence of chronic disorders such as anemia and diabetes will drive the hemoglobin a1c testing devices market.
Major companies operating in the hemoglobin testing market are developing innovative products such as liquid chromatography analyzers to meet larger customer bases, more sales, and increase revenue. Liquid chromatography analyzers are analytical instruments designed for the separation, identification, and quantification of components in a liquid mixture. For instance, in June 2021, Trivitron Healthcare, an India-based medical technology company, launched NANO H5 and NANO H110, two high-performance liquid chromatography analyzers designed for the rapid detection of HbA1c in under 3 minutes. The distinctive feature of NANO H5, a compact and automated HPLC analyzer, lies in its utilization of ion exchange liquid chromatography for the rapid and quantitative determination of glycated hemoglobin (HbA1c) in human whole blood, boasting a swift processing time of 130 seconds that expedites laboratory turnaround time (TAT). On the other hand, NANO H110, another compact and automated HPLC analyzer, stands out with its dual test mode catering to both HbA1c testing and Hb variant detection. It incorporates advanced features such as a barcode scanner and cap piercing, coupled with a substantial sample loading capacity of 110 samples simultaneously, making it particularly well-suited for laboratories with medium to large workloads.
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Major Key Players of the Market:
Abbott Laboratories Inc.; Bayer Medical Care Inc.; Danaher Corporation; Thermo Fisher Scientific Inc.; F. Hoffmann-La Roche AG; Bio-Rad Laboratories Inc.; Daiichi Sankyo Inc.; ACON Laboratories Inc.; DiaSys Diagnostic Systems GmbH; EKF Diagnostics Holdings PLC; Epinex Diagnostics Inc.; Erba Diagnostics Inc.; Alere Inc.; ARKRAY Inc.; Beckman Coulter Diagnostics Ltd.; Diazyme Laboratories Inc.; Masimo Corporation; Radiometer A/S; Sysmex Corporation; BioMedomics Inc.; Germaine Laboratories Inc.; Hemosure Inc.; Humasis Co. Ltd.; Immunostics Inc.; LifeSign LLC; Medix Biochemica Oy AB; NanoenTek Inc.; Nova Biomedical Corp.; Quidel Corporation; TCS Biosciences Ltd.; Siemens Healthcare GmbH; Mindray Medical International Limited; Nihon Kohden Corporation; Tosoh Corporation
Hemoglobin Testing Market 2024 Key Insights:
• The hemoglobin testing market will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Surging Prevalence Of Chronic Disorders Fuels Growth In The Hemoglobin Testing Market
• Product Innovations In The Hemoglobin Testing Market
• Asia-Pacific and North America were the largest region in the hemoglobin testing market in 2023
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