The Global Glycated Albumin Assay Market size is expected to reach $384.5 million by 2030, rising at a market growth of 8.4% CAGR during the forecast period.
The WHO reports that healthcare spending reached a record high of US $9 trillion (about 11% of global GDP) due to substantial increase in healthcare spending by governments at all income levels. Thus, the Hospitals & Diabetic Care Center segment will capture more than 40% share in the market by 2030, due to the increasing number & size of investments invested in the healthcare industry by governments of different nations. Because of their rapid economic development and rising healthcare expenses, it is projected that more developing countries would have more access to high-quality healthcare. Some of the factors impacting the market are increasing diabetes prevalence, growing ageing population, and the evolving regulatory environment.
Due to pancreatic malfunction concerning insulin, diabetes is a frequent chronic metabolic condition. Uncontrolled diabetes frequently has the side effect of hyperglycemia, also known as elevated blood glucose or blood sugar. Blood arteries and nerves are particularly vulnerable to significant damage from diabetes. The market benefits from the rising prevalence of diabetes. The rising incidence of diabetes results from the rising prevalence of obesity. Diabetes death rates by age increased by 3% between 2000 and 2019. The death rate from diabetes climbed 13% in lower-middle-income nations. Additionally, The WHO reports that people are living longer overall. The majority of people today likely plan to live until their sixties and beyond. By 2030, one in six people will be 60 years of age or older. There will be 2.1 billion people worldwide who are 60 years of age or older by 2050. The old aged population is more at a risk of conditions such as type 2 diabetes and type 1 diabetes. Thus, the need for glycated albumin assay will rise due to the increase in diabetes prevalence and people live longer and endure more severe problems like diabetes.
Furthermore, the COVID-19 pandemic had a significant negative effect on the global economy. Almost every industry has been impacted by the pandemic, either positively or negatively. In the initial stages of the pandemic outbreak, the market experienced a modest impact. Due to the regulatory authorities' stringent enforcement of lockdown and shutdown orders and increased viruses that restricted people from moving freely from one location to another and restricted them to attend hospitals for routine checkups, market growth has decreased. This halted the growth of market during the initial months of pandemic.
However, Both the American Diabetes Association (ADA) and the European Association of Diabetes Study (EASD) advocate "patient-centered" management of glycemic control in people with Type 2 Diabetes Mellitus (T2DM) and the use of only those biomarkers, such as GA that accurately reflect the individual health status of the diabetic patient while maintaining a balance between risks and benefits. Device makers face a significant obstacle in expanding this market since they are required by US federal rules to submit a 510(k) application for any additional modifications to a device. The market may face difficulties due to significant regulatory landscape changes.
By end user, the market is classified into hospital & diabetes care centers, diagnostic laboratories, and Others. In 2022, the hospital & diabetes care centers segment held the highest revenue share in the market. This segment has experienced tremendous market expansion, mostly due to a greater focus on early disease diagnosis. Hospitals and organizations for diabetes care are also dedicated to giving patients care tailored to people with diabetes. Glycated albumin assays, a crucial diagnostic test for tracking glycemic control, are frequently performed in these centers due to their emphasis on comprehensive diabetes care.
Based on the application, the market is segmented into prediabetes, type 1 diabetes, and type 2 diabetes. The prediabetes segment acquired a substantial revenue share in the market in 2022. Blood glucose levels which rise above normal but not high enough to be categorized as diabetes are called prediabetes. Early detection of prediabetes is crucial in order to undertake changes in lifestyle and therapies to prevent or postpone the onset of type 2 diabetes. Compared to some other tests, such the HbA1c, which offers an average over the past three months, the glycated albumin assay
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 204.7 Million |
| Market size forecast in 2030 | USD 384.5 Million |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 8.4% from 2023 to 2030 |
| Number of Pages | 185 |
| Number of Table | 260 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Application, End Use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
|
| Restraints |
|
Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region registered the highest revenue share in the market. The rising incidence of lifestyle disorders like diabetes and helpful government programs for efficient diabetes treatment is responsible for expanding the North American market. The area's Medicaid, Medicare, and commercial health insurance firms are also anticipated to significantly contribute to the market growth by expanding their healthcare coverage. Other market expansion drivers include an aging population, the introduction of beneficial government policies, and more sophisticated assays.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Asahi Kasei Pharma Corporation (Asahi Kasei Corporation), EKF Diagnostics Holdings plc, Weldon Biotech India Private Limited, Hzymes Biotechnology Co., Ltd., Beijing Strong Biotechnologies, Inc., Diazyme Laboratories, Inc. (General Atomics), Abbexa Limited, Biomatik Corporation, Abnova Corporation and Geno Technology, Inc.
Free Valuable Insights: Global Glycated Albumin Assay Market size to reach USD 384.5 Million by 2030
By Application
By End User
By Geography
The Market size is projected to reach USD 384.5 million by 2030.
Growing ageing population are driving the Market in coming years, however, The evolving regulatory environment restraints the growth of the Market.
Asahi Kasei Pharma Corporation (Asahi Kasei Corporation), EKF Diagnostics Holdings plc, Weldon Biotech India Private Limited, Hzymes Biotechnology Co., Ltd., Beijing Strong Biotechnologies, Inc., Diazyme Laboratories, Inc. (General Atomics), Abbexa Limited, Biomatik Corporation, Abnova Corporation and Geno Technology, Inc.
The Type 2 Diabetes segment is leading the Market by Application in 2022; thereby, achieving a market value of $190.2 million by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $148 .3 million by 2030.
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
