The growing Glycated Albumin Assay Market is estimated to witness high growth owing to increasing prevalence of diabetes

 
 Glycated Albumin Assay Market 

Glycated albumin assay products are used for the detection and monitoring of glycated albumin levels in blood samples of diabetic patients. Glycated albumin assay helps in effective glucose management and prevent complications associated with uncontrolled diabetes. The global Glycated Albumin Assay Market is estimated to be valued at US$ 150 million in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.


Market Opportunity
Increasing prevalence of diabetes: The increasing prevalence of diabetes globally has augmented the demand for efficient glucose management and monitoring. As per International Diabetes Federation, approximately 7.5% of the global population aged 20-79 years, which is equivalent to 537 million adults were living with diabetes in 2021. The rising diabetes burden has opened vast opportunities for glycated albumin assay products used for effective glycemic control and management in diabetic patients. The growing incidence of diabetes will fuel the demand for glycated albumin assay products over the forecast period.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires strong technical expertise and high capital investments to develop new methods and assays for glycated albumin detection. However, barriers to entry are lowered by opportunities for partnership with established players.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of many assay providers. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials for glycated albumin assays such as antibodies and reagents are available from numerous sources globally.
Threat of new substitutes: The threat of substitutes is low as glycated albumin is the most accurate potential alternative to HbA1c for diabetes monitoring. Other albumin-based indicators cannot replace its effectiveness.
Competitive rivalry: Competition in the market is intense as major players compete based on product reliability, sensitivity, pricing and customer support.

SWOT Analysis
Strengths: Advanced glycated albumin assays offer reliable, precise measurement without being affected by variables like red blood cell lifespan.
Weaknesses: High costs of assays limit adoption in resource-poor regions. Complex pre-analytical requirements can cause errors.
Opportunities: Growing geriatric population and diabetes prevalence increases demand. Point-of-care tests allow monitoring in remote areas.
Threats: Stringent regulatory approvals delay product launches. Reimbursement policies vary globally affecting uptake.

Key Takeaways
The Global Glycated Albumin Assay Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.

The market in North America currently dominates owing to the strong presence of leading assay providers and rising diabetes prevalence. Europe and Asia Pacific are the fastest growing regions with increasing healthcare investments and expansions by major players.

Key players operating in the Glycated Albumin Assay Market include Asahi Kasei Pharma, DIAZYME, Abnova, LifeSpan, Exocell, BSBE, Medicalsystem, Maccura, Leadman, Simes Sikma and NINGBO PUREBIO. These players collectively account for over 50% of the global market share. The market leaders focus on new product launches, approvals and partnerships to strengthen their geographical presence.

For more details on the report, Read- https://www.ukwebwire.com/global-glycated-albumin-assay-market-growth-demand-and-overview/

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