The Latin America, Middle East and Africa Glycated Albumin Assay Market would witness market growth of 11.3% CAGR during the forecast period (2023-2030).
The market is expanding as a result of rising new beginnings. Additionally, the advantages of the glycated albumin assay over the glycated hemoglobin are projected to fuel demand and propel the market's expansion. For patients and healthcare professionals, diagnostic laboratories frequently give testing choices that are both affordable and practical. Healthcare providers can avoid the need for internal testing facilities and related costs by outsourcing glycated albumin testing to diagnostics laboratories. Patients do not need to be hospitalized or attend specialized clinics to undergo glycated albumin testing at diagnostics laboratories. Diagnostics laboratories are a desirable option because of their affordability and convenience, which has raised demand and segment growth.
Blood, bodily fluids, and organs all contain albumin. Albumin maintains cell form and is a crucial component in the body's absorption of hormones, vitamins, and some drugs. Progressively, glycated albumin has been linked to a wide range of complications of diabetes, such as chronic kidney disease, cardiovascular disease, neuropathy, and other problems that can only be detected by the limited thin stream. According to a recent study, glycated albumin is now being recognized as a causal operator rather than only an observable element.
Saudi Arabia is responsible for 60% of the Gulf Cooperation Council (GCC) nations' healthcare spending, and the Saudi Arabian government continues to prioritize this industry, according to the International Trade Administration. Its healthcare budget for 2022 is $36.6 billion. The Saudi Arabian government has a $65 billion investment plan for Vision 2030 to build out the nation's healthcare system. Additionally, it targets the privatization of 290 hospitals and 2,300 basic health facilities to raise private sector involvement from 40% to 65% by 2030. In 2018, the UAE's health spending totalled $13.7 billion (AED 50.3 billion). This comprises the seven emirates' contributions to the federal budget, and their healthcare outlays. This amount is anticipated to increase by 5.4% in 2019 to $14.4 billion (AED 53 billion).
By 2023, spending is expected to increase to $18.3 billion (AED 67.2 billion), which amounts to a 6% annual compound growth rate in local and US dollars. The projected increase in health spending over ten years to 2028 is $26 billion (AED 95.5 billion). Business Monitor International (BMI) predicts that healthcare spending will represent 3.6% of the nation's GDP by 2028, up from 3.4% in 2018. The market is projected to grow due to rising healthcare expenses.
The Brazil market dominated the LAMEA Glycated Albumin Assay Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $6,982.2 Thousands by 2030. The Argentina market is showcasing a CAGR of 11.9% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 11% during (2023 - 2030).
Based on Application, the market is segmented into Type 2 Diabetes, Type 1 Diabetes, and Prediabetes. Based on End User, the market is segmented into Hospitals & Diabetic Care Center, Diagnostic Laboratory, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Glycated Albumin Assay Market is Projected to reach USD 384.5 Million by 2030, at a CAGR of 8.4%
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.
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