PUBLISHER: The Business Research Company | PRODUCT CODE: 1643996
PUBLISHER: The Business Research Company | PRODUCT CODE: 1643996
Point-of-care (POC) HbA1C testing refers to the immediate measurement of glycated hemoglobin levels at or near the site of patient care, such as clinics, physician offices, or even at home. This testing is primarily utilized by healthcare professionals, including physicians, nurses and diabetes educators, to monitor and manage diabetes by assessing a patient's average blood glucose levels over the past two to three months.
The POC HbA1C testing market consists of sales, by entities (organizations, sole traders and partnerships), of POC HbA1C testing devices used to assess glycemic control over 2 to 3 months in patients with HbA1C type I or type II diabetes mellitus. Diabetes is a chronic disease which occurs either when inadequate amounts of insulin are produced by the pancreas or when the body cannot use the insulin it produces effectively. Insulin is a hormone that regulates blood sugar.
The global POC HbA1C testing market was valued at $579.94 million in 2018 which grew up till 2023 at a compound annual growth rate (CAGR) of more than 7.00%.
Rising Adoption Of Personalized Medicine
The rising adoption of personalized medicine supported the growth of the POC HbA1C testing market. Personalized medicine, also known as precision medicine or individualized medicine, is an approach to medical care that aims to tailor treatments and interventions to the specific characteristics of each patient. POC HbA1C testing devices deliver quick, on-site results, allowing healthcare professionals to promptly adjust diabetes treatment plans. This supports the personalized medicine approach, which frequently necessitates ongoing monitoring and modifications tailored to each patient's unique requirements. For instance, in October 2022, according to the Personalized Medicine Coalition(PMC), a US-based organization that represents scientists, patients and providers, promoting the understanding and adoption of personalized medicine to benefit patients and the healthcare system, more than 75,000 genetic testing products and 300 personalized medicines were present on the market for people with multiple types of cancers, genetic rare diseases and a range of chronic and infectious diseases. Additionally, personalized medicines accounted for 34% of new drug approvals by the US Food and Drug Administration in 2022 and have accounted for at least 25% of approvals in each of the previous eight years. Therefore, the rising adoption of personalized medicine supported the growth of the POC HbA1C testing market during the historic period.
FDA Approval For Innovative Point-Of-Care HbA1C Testing System Using Menstrual Blood
Major companies in the POC HbA1C testing market are focusing on developing innovative products with enhanced point-of-care testing capabilities to improve patient convenience and provide quicker, more accurate results. Point-of-care testing capability refers to diagnostic tests conducted at or near the site of patient care, allowing for rapid results and immediate clinical decision-making. It enables healthcare providers to perform tests outside traditional laboratories, often at the patient's bedside or in outpatient settings. In January 2024, Qvin, a US-based biotechnology company that aims to make health insights accessible to people who menstruate, received approval from U.S. Food and Drug Administration (FDA) for Q-Pad A1c Test System, which allows for the measurement of hemoglobin A1c (HbA1C) using menstrual blood. This innovative system is designed for individuals aged 18 and older and consists of a Q-Pad, an unscented menstrual pad with an embedded blood collection strip (Q-Strip) and a kit that includes two Q-Pads, a return sample container and a prepaid mailing pouch.
The global POC HbA1C testing market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up 81.2% of the total market in 2023.
POC HbA1C Testing Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global POC HbA1C testing market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for POC HbA1C testing? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The POC HbA1C testing market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider POC HbA1C testing market; and compares it with other markets.