Rising Diabetic Population Worldwide to Drive Growth in the Hemoglobin A1c Monitoring Market, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Hemoglobin A1c Monitoring markets. The global Hemoglobin A1c Monitoring market is projected to exceed US$2.0 billion by 2018, primarily driven by increasing diabetic population worldwide, growing need for managing the diabetes through continuous monitoring, development of advanced monitoring devices and higher efficacies of new products. Changing lifestyles, increasing reliability of new products, quicker results from new devices and ease-of-use are some of the other factors driving market growth.

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Hemoglobin A1c Monitoring: A Global Strategic Business Report

San Jose, California (PRWEB) October 15, 2012

Follow us on LinkedIn – HbA1c or glycated hemoglobin testing is emerging as one of the most fascinating areas of point of care diagnostics. Backed by factors such as rising diabetic population worldwide and the need to continuously monitor blood glucose levels to manage the disease, HbA1c testing is all set to expand at a rapid pace in the foreseeable future. Technological advances, especially with respect to development of POC versions, are pushing ahead these tests into clinical use with increasing adoption. Application-wise, glycated hemoglobin testing has been in use for monitoring blood glucose levels in diabetic patients for disease management for long. However, the test is increasingly being recommended for use in diagnosis of diabetes as well as pre-diabetes. Use in this application is expected to further increase sales of HbA1c tests. Technological advancements and efficiency improvements are critical for ensuring continued growth in adoption of these devices. Additionally, the expansion of indication is also expected to tilt market demand in favor of POC testing. In the developed markets such as the US, where laboratory tests dominate the market, near patient testing is gaining ground given the wide range of benefits it offers including more instantaneously results. On the other hand, in developing markets, near patient testing of HbA1c is already popular and account for the largest share in the market. The dominance of near patient HbA1c tests is due to the effectiveness of such tests in using them at local clinics, especially those in rural areas.

Increasingly, manufacturers of POC HbA1c tests are inclining towards obtaining CLIA waiver for their tests, given the financial as well as other advantages associated with the waiver. Not only are the non-waived tests becoming increasingly difficult to be carried out but are also becoming prohibitively expensive. The move is expected to be profitable to the overall HbA1c testing market, as once the laboratories achieve the CLIA waiver, they need not face the periodic proficiency testing or inspections as is the case with non-waived laboratories. Additionally, while laboratories will have to shell out US$150 once in two years, non-waive labs may have to part with thousands of dollars in the form of volume based fee during the same period.

As stated by the new market research report on Hemoglobin A1c Monitoring, the US represents the largest market. However, the Rest of World market, comprising Canada, Asia-Pacific, Middle East/Africa, and Latin America, is projected to emerge as the fastest growing regional market exhibiting a compounded annual rate of 10.5% during the analysis period. In the US Hemoglobin A1c Monitoring market, Laboratory Monitoring represents the leading market in revenue terms, while Point of Care Monitoring is projected to witness the fastest growth during the analysis period.

Major players in the global marketplace include Abbott Laboratories, Axis-Shield Plc, Bayer Healthcare Diabetes Care, Beckman Coulter, Inc., Bio-Rad Laboratories Inc, Diabetes Technologies Inc., HEMOCUE® AB, Menarini Diagnostics, Roche Diagnostics, and Siemens Healthcare Diagnostics, among others.

The research report titled “Hemoglobin A1c Monitoring: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, strategic industry activity, recent product launches, and profiles of major companies worldwide. The report provides market estimates and projections in terms of value sales (US$ million) for major geographic markets including the US, Europe and Rest of World. Analytics for the US market are also provided by type of testing – Laboratory and Point of Care. The study also provides historic data for an insight into market evolution over the period 2004 through 2009.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Hemoglobin_A1c_Monitoring_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Email: press(at)StrategyR(dot)com
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