by Glycated albumin assay is a medical test used to measure the concentration of glycated albumin in blood samples. It is primarily used for monitoring glucose control and diabetes management in people living with diabetes.
The global Glycated Albumin Assay Market is estimated to be valued at US$ 571.0 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The increasing prevalence of diabetes across the globe has emerged as a key factor augmenting the growth of the glycated albumin assay market. As per the International Diabetes Federation, approximately 537 million adults aged between 20-79 years were living with diabetes worldwide in 2021. This is anticipated to reach 643 million by 2030 and 783 million by 2045. Glycated albumin assay plays a crucial role in managing diabetes as it provides an accurate reflection of glycemic control over the past 2-3 weeks in diabetes patients. Therefore, the growing diabetes patient pool is expected to drive the demand for glycated albumin assays over the forecast period.
SWOT Analysis
Strength: Glycated albumin testing helps in better management of diabetes and risks arising from it such as kidney damage. It provides a short term glycemic control indicator compared to HbA1c.
Weakness: Low awareness about glycated albumin testing compared to HbA1c testing. Requirement of expensive lab equipment and trained personnel for glycated albumin testing.
Opportunity: Increasing prevalence of diabetes worldwide is driving the need for improved diabetes management through novel biomarkers. Rise in healthcare expenditure can boost adoption of glycated albumin assay kits.
Threats: Slow penetration of glycated albumin testing in developing regions due to budget constraints. Dominance of existing products such as HbA1c poses pricing pressure.
Key Takeaways
The global Glycated Albumin Assay Market Demand is expected to witness high growth. The global glycated albumin assay market is estimated to be valued at US$ 571.0 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to grow at the fastest pace in the glycated albumin assay market during the forecast period supported by rising diabetes prevalence in countries like China and India. North America currently dominates the global market owing to advanced healthcare infrastructure and high awareness levels in the region.
Key players operating in the glycated albumin assay market are Asahi Kasei Pharma Corporation, Weldon Biotech Inc., Abbexa Ltd., Laboratory Corporation of America, Biocompare, EFK Diagnostics, Elabscience Biotechnology Inc., Abbot, Diazyme Laboratories Inc., Abnova Corporation, BSBE, Maccura Biotechnology Co.,Ltd., LifeSpan BioSciences Inc., Biomatik, Geno Technology Inc., AMS Biotechnology (Europe) Limited, Epinex Diagnostics Inc., and DxGen Corp. The major players focus on expanding their production facilities and distribution networks to strengthen market presence globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
