by The Glycated Albumin Assay Market is estimated to be valued at US$ 571.0 million in 2023 and is expected to exhibit a CAGR of 8.07% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A glycated albumin assay is a diagnostic tool used to measure the level of glycated albumin in the blood. It is widely used in the diagnosis and monitoring of diabetes. The market for glycated albumin assay is driven by the increasing prevalence of diabetes worldwide. According to the International Diabetes Federation, the global prevalence of diabetes was 9.3% in 2019 and is expected to rise to 10.2% by 2045. Additionally, the rising demand for point-of-care testing is also fueling market growth. Point-of-care testing offers convenience and faster results, making it an attractive option for patients and healthcare professionals.
Market Dynamics:
The Glycated Albumin Assay Market is driven by two main factors: the increasing prevalence of diabetes and the rising demand for point-of-care testing. The growing incidence of diabetes is expected to boost the demand for glycated albumin assay as it is an important tool in diagnosing and monitoring the condition. Furthermore, the rising demand for point-of-care testing is expected to drive market growth. Point-of-care testing provides rapid results and improves patient outcomes by enabling immediate treatment decisions. This has led to increased adoption of glycated albumin assay in hospitals, clinics, and other healthcare settings.
Segment Analysis:
The Glycated Albumin Assay market can be segmented based on the type of assay and end-user. By type of assay, the dominating sub-segment is the enzyme-based assay. This is due to its wide availability, high accuracy, and reliability in measuring glycated albumin levels. Enzyme-based assays are widely adopted in clinical laboratories and hospitals for the diagnosis and monitoring of diabetes. They offer quick results and are cost-effective, making them preferred by healthcare professionals. The enzyme-based assay segment is expected to dominate the market throughout the forecast period.
PEST Analysis:
Political:
The political factors influencing the glycated albumin assay market include government regulations and policies related to healthcare and diagnostics. Changes in regulations and reimbursement policies can impact the market dynamics.
Economic:
Economic factors such as healthcare expenditure, disposable income, and insurance coverage play a crucial role in the adoption of glycated albumin assays. Increasing healthcare expenditure and rising disposable income in emerging economies can positively impact market growth.
Social:
The rising prevalence of diabetes worldwide is a significant social factor driving the demand for glycated albumin assays. Additionally, increasing awareness about early diagnosis and monitoring of diabetes among individuals is also contributing to market growth.
Technological:
Technological advancements in glycated albumin assays, such as the development of automated systems and point-of-care testing, are driving market growth. These advancements offer quick and accurate results, improving patient care and convenience.
Key Takeaways:
The global glycated albumin assay market is expected to witness high growth, exhibiting a CAGR of 8.07% over the forecast period. This growth is primarily driven by the increasing prevalence of diabetes worldwide and the rising demand for early diagnosis and monitoring.
In terms of regional analysis, North America is the fastest-growing and dominating region in the glycated albumin assay market. This can be attributed to the high prevalence of diabetes, well-established healthcare infrastructure, and favorable reimbursement policies in the region. Europe is also witnessing significant growth, driven by increasing awareness and government initiatives for diabetes management.
Key players operating in the glycated albumin assay market include Asahi Kasei Pharma Corporation, Weldon Biotech Inc., Abbexa Ltd., Laboratory Corporation of America, and Biocompare. These players are focusing on product development, collaborations, and acquisitions to strengthen their market position and expand their product portfolio to cater to the growing demand for glycated albumin assays.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
