Glycated Albumin Assay Market Is Estimated To Witness High Growth Owing To Prevalence Of Diabetes12/19/2023 Glycated albumin assay is a medical diagnostic test used to measure glycated albumin levels in blood serum or plasma. Glycated albumin reflects average blood glucose levels over the past 2-3 weeks and gives a more accurate view of long-term glycemic control compared to HbA1c in patients with conditions affecting red blood cell turnover.
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 Opportunity The increasing prevalence of diabetes across the globe presents a major market opportunity for glycated albumin assay. According to International Diabetes Federation, approximately 537 million adults aged 20-79 years were living with diabetes in 2021 worldwide and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Glycated albumin assay provides a more reliable indicator of blood glucose control especially in diabetic patients with conditions affecting red blood cell lifespan such as chronic kidney disease, liver disease, and hemoglobinopathies. Growing adoption of glycated albumin assay over HbA1c test for diabetes management among such high-risk groups will drive the market growth during the forecast period. Porter's Analysis Threat of new entrants: Low research costs of establishing a new business. However, Glycated Albumin Assay market dominated by few key players and high capital requirements act as entry barriers. Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes. Buyers can easily switch to alternative tests like HbA1c assay. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative component suppliers. However, suppliers of key reagents have some pricing power. Threat of new substitutes: Threat of substitutes is moderate as Glycated Albumin Assay has specific advantages over conventional HbA1c assay for diabetic patients. Competitive rivalry: High due to presence of large number of global and regional players offering generic and proprietary test kits. Intense competition based on product quality, reliability, pricing and customer service. SWOT Analysis Strengths: Specific advantages over HbA1c for diabetic patients. Better indicator of short-term glycemic control. Weaknesses: High capital investments required for assay development and commercialization. Lack of standardized reference methods hampers test accuracy. Opportunities: Increasing diabetic population worldwide. Growing adoption in emerging countries. New areas like treatment monitoring and drug development. Threats: Reimbursement issues in some regions. Competition from substitutes like HbA1c assay. Price pressure from generic manufacturers. Key Takeaways The global Glycated Albumin Assay Market Demand is expected to witness high growth over the forecast period of 2023-2030. 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 projected to be the fastest growing market for glycated albumin assays during the forecast period. Factors such as the rising diabetes population, growing healthcare expenditures, increasing focus on preventive healthcare, and growing awareness regarding advanced diabetes management tools will drive the regional market. Key players operating in the glycated albumin assay market are Asahi Kasei Pharma Corporation, Weldon Biotech Inc., Abbexa Ltd., Laboratory Corporation of America, 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. Asahi Kasei Pharma Corporation holds a significant share of the global market owing to its proprietary boronate affinity assay technology and wide geographical presence. Other prominent players are focusing on new product developments, expansion of manufacturing facilities and acquisition strategies to strengthen their market position. Get More Insights On This Topic: https://www.ukwebwire.com/glycated-albumin-assay-market-is-expected-to-be-flourished-by-the-rising-prevalence-of-diabetes/
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