by Glycated albumin refers to albumin bound to glucose in the bloodstream. It provides an indication of short-term glycemic control over a period of 2-3 weeks versus 3 months monitored by hemoglobin A1c levels. The global glycated albumin assay market caters to the growing needs of diabetes diagnosis and management. With increasing diabetes burden worldwide and advantages of glycated albumin in monitoring diabetes therapy, the need for reliable glycated albumin assays has risen.
The global Glycated Albumin Assay Market is estimated to be valued at US$ 571 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising prevalence of diabetes has been a key growth driver for the glycated albumin assay market. According to WHO, the global prevalence of diabetes has nearly quadrupled since 1980, rising from 108 million to 422 million adults. Uncontrolled diabetes leads to complications affecting overall health. Thus, effective monitoring of blood glucose levels is critical. Glycated albumin assay aids healthcare providers in better diabetes management by offering short-term glycemic control monitoring. This enhances patient care and clinical outcomes, thereby increasing the adoption of such assays globally.
SWOT Analysis
Strength: Glycated Albumin Assay has high accuracy and reproducibility in measuring glycated albumin levels which help in effective management of diabetes.
Weakness: High cost of glycated albumin assay kits limits its applications. Lack of awareness regarding the clinical significance of glycated albumin in diabetes management.
Opportunity: Rising prevalence of diabetes worldwide offers potential growth opportunities. Increasing adoption of glycated albumin assay by clinicians for better diabetes management.
Threats: Availability of other markers for diabetes management poses competition to glycated albumin assay. Stringent regulatory approvals delays market introduction of new products.
Key Takeaways
e Global Glycated Albumin Assay Market Growth is expected to witness high growth. The global Glycated Albumin Assay Market is estimated to be valued at US$ 571 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.
Regional analysis comprises North America currently dominates the glycated albumin assay market due to high awareness levels and favorable reimbursements. Asia Pacific offers high growth prospects led by rising diabetes prevalence in major countries like China and India.
Key players operating in the Glycated Albumin Assay are AgSource, AgroLiquid, Crop Nutrition Laboratory Services Ltd., Element Materials Technology, Eurofins Scientific, Picketa Systems Inc., Spectrum Analytic, Soilscape Solutions, Wallace Laboratories LLC., Ward Laboratories, Inc., Waters Agricultural Laboratories, Inc. Eurofins Scientific and AgroLiquid are some of the leading players in the global glycated albumin assay market. Major players focus on new product development and geographical expansion strategies to gain higher market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
