by Glycated albumin assay is a medical diagnostic test used to measure the level of glycated albumin in blood samples. Glycated albumin reflects average blood glucose levels over a shorter period of around 2-3 weeks compared to glycated hemoglobin (HbA1c) which measures over 2-3 months. The global glycated albumin assay market has been witnessing significant growth owing to the increasing cases of diabetes worldwide. Glycated albumin levels are found to be useful in diabetes management and monitoring of glycemic control, especially in patients with conditions affecting red blood cell life span. Diabetes is a major risk factor for cardiovascular diseases, kidney failure, blindness and lower limb amputation. According to the estimates of International Diabetes Federation, around 537 million adults aged 20-79 years are living with diabetes and by 2030, the number is projected to rise to 643 million. The growing diabetes burden and increasing clinical significance of glycated albumin tests in diabetes care are expected to drive the demand for glycated albumin assay over the coming years.
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 Dynamics
The rising prevalence of diabetes and growing clinical applications of glycated albumin tests in diabetes management are the major drivers expected to propel the growth of the glycated albumin assay market over the forecast period. According to studies, glycated albumin assay is an important complementary marker to HbA1c for glycemic control monitoring, especially in patients with conditions affecting red cell life such as dialysis and liver diseases. Therefore, increasing the adoption of glycated albumin testing in clinical routine for these patient groups will further provide growth opportunities in the years to come.
Segment Analysis
The glycated albumin assay market is dominated by the laboratory assays segment which holds around 70% market share. Laboratory assays are widely adopted by diagnostic centers, hospitals and research laboratories for detecting glycated albumin levels in blood samples of diabetes patients. These assays help clinicians to better monitor glycemic control and risk of diabetes complications in patients. Point of care testing segment is the fastest growing segment and anticipated to witness high growth during forecast period. This is due to increasing prevalence of diabetes worldwide and need for portable assays for self-monitoring of blood glucose levels by patients.
PEST Analysis
Political: Governments across countries are undertaking various initiatives to spread awareness about diabetes risks and promoting monitoring of glycated albumin levels. They are also supporting funding for R&D of novel assay technologies.
Economic: Rising healthcare spending on diabetes treatment and growing middle class population susceptible to diabetes are driving demand for glycated albumin assays. However, pricing pressures and regulations could impact market growth.
Social: Growing geriatric population prone to age-related health issues like diabetes is a major factor augmenting market growth. Rising health consciousness and preference for noninvasive testing is also fueling adoption.
Technological: Assay manufacturers are focusing on development of rapid, low-cost and portable point-of-care assays using novel techniques like microfluidics. Automated analyzers with advanced detection methods are being introduced to improve testing efficiency.
Key Takeaways
The global Glycated Albumin Assay Market Demand was valued at US$ 571.0 Mn in 2023 and is expected to reach over US$ 1,000 Mn by 2030, expanding at a CAGR of around 8.0%.
North America dominated with over 35% market share in 2023 led by large patient base, advanced healthcare infrastructure and presence of major market players 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. These companies are focusing on new product launches, geographic expansions and collaborations with diagnostic chain providers for leadership position in the market. Rising diabetes prevalence and increasing adoption of self-monitoring practices are projected to drive the growth of the Point-of-Care testing segment in the coming years. Technological advancements in low-cost and compact assay platforms will further support market growth during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
