Glycated albumin is a stable and sensitive marker for measuring blood glucose levels over a short period of time, commonly two to three weeks. It is used as a diagnostic tool in diabetes management to obtain clear insight on glucose control and glucose metabolism of patients. Glycated albumin assay is majorly used for monitoring glucose control in diabetics as it is unaffected by short-term changes in blood glucose levels. It helps healthcare professionals more accurately assess diabetes treatment plans and needs over weeks rather than days.
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 Dynamics:
The Glycated Albumin Assay Market is driven by the rising prevalence of diabetes globally. As per International Diabetes Federation estimates, around 537 million adults aged between 20-79 years were living with diabetes in 2021 worldwide, and this figure is projected to rise to 643 million by 2030 and 783 million by 2045. Diabetes management relies on regular monitoring of glucose levels and glycated albumin assay has gained prominence as an effective diagnostic tool for the same over the recent years. Furthermore, growing awareness regarding advantages of glycated albumin assay over HbA1c test for short term glucose monitoring is expected to boost the market growth over the forecast period.
SWOT Analysis
Strength: Glycated albumin assay market has applications in diagnosis and monitoring of diabetes. Glycated albumin assay presents less fluctuation than HbA1c levels during blood glucose fluctuations during the day. Glycated Albumin assay offers an alternative marker of diabetes control to existing HbA1c test.
Weakness: Glycated albumin assays have not yet gained widespread acceptance for routine diabetes monitoring like HbA1c tests. Limited availability of glycated albumin assays and lack of standardization of methods could hamper market growth.
Opportunity: Growing diabetes patient population worldwide presents an opportunity for increased adoption of glycated albumin assays for diabetes monitoring and management. Rising awareness about advantages of glycated albumin over HbA1C could further propel market revenues.
Threats: Presence of alternative diabetes biomarkers and lack of clinical guidelines recommending routine usage of glycated albumin assays pose challenges. Unfavorable reimbursement policies in some regions restrict market growth.
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.
Asia Pacific region is the fastest growing market for glycated albumin assays driven by rising diabetes incidence and increasing health awareness. North America commands the major share in the global market due to established medical infrastructure and availability of advanced diagnostic services.
Key players related content comprises Key players operating in the glycated albumin assay market 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. The major players focus on new product launches and strategic collaborations to gain market share and strengthen their geographic presence.
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