Glycated Albumin Assay Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Diabetes and Rise in Aging Population
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:
The Glycated Albumin Assay Market offers a wide range of products and solutions that are used for measuring the level of glycated albumin in the blood. These products are highly useful for diagnosing and monitoring diabetes, as they provide accurate and quick results. The growing prevalence of diabetes and the rise in the aging population are driving the demand for glycated albumin assay products, thereby contributing to the market growth. Additionally, the ease of use and cost-effectiveness of these products are further fueling their adoption in the market.
Market Dynamics:
The market dynamics for the Glycated Albumin Assay Market are primarily driven by two key factors. Firstly, the increasing prevalence of diabetes globally is a major driver for the market. According to the International Diabetes Federation, the number of people with diabetes is expected to increase from 463 million in 2019 to 700 million by 2045. This rise in the diabetic population is creating a need for advanced diagnostic tools, such as glycated albumin assays, to effectively manage the disease.
Secondly, the rise in the aging population is another crucial driver for the market. With increasing age, the risk of developing diabetes and related complications also increases. As a result, there is a growing demand for glycated albumin assay products to monitor and manage diabetes in the geriatric population. This factor is expected to propel the market growth in the coming years.
SWOT Analysis:
Strength:
- The glycated albumin assay market is expected to witness high growth with a CAGR of 8.07% over the forecast period.
- The increasing prevalence of diabetes worldwide is a major driver for the growth of the glycated albumin assay market.
- Glycated albumin assays provide a more accurate and reliable measure of short-term glycemic control compared to traditional markers, making them essential for diabetes management.
Weakness:
- The high cost of glycated albumin assays is a major weakness, limiting their adoption in low-income regions and underserved populations.
- The lack of awareness among healthcare professionals and patients about the benefits and applications of glycated albumin assays is also a weakness, hindering market growth.
Opportunity:
- The growing geriatric population, which is more prone to diabetes, provides a significant opportunity for the glycated albumin assay market.
- Increasing investment in research and development activities to develop innovative and cost-effective glycated albumin assays presents an opportunity for market players to expand their product portfolios.
Threats:
- The presence of alternative diagnostic tests for glycemic control, such as HbA1c, poses a threat to the adoption of glycated albumin assays.
- Stringent regulations and approval processes for diagnostic tests may pose challenges for market players in terms of product development and commercialization.
Key Takeaways:
The global glycated albumin assay market is expected to witness high growth, exhibiting a CAGR of 8.07% over the forecast period, due to the increasing prevalence of diabetes worldwide. The market size is projected to reach US$ 571.0 million in 2023.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the glycated albumin assay market. This can be attributed to the high prevalence of diabetes in the region, increasing healthcare expenditure, and advanced healthcare infrastructure.
Key players operating in the glycated albumin assay market include 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. These players are focused on product development, strategic collaborations, and mergers and acquisitions to strengthen their market position.
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