February 21, 2024
Glycated Albumin Assay Market

The Rising Need for Diabetes Diagnosis and Management Drives the Global Glycated Albumin Assay Market

The global glycated albumin assay market is primarily driven by the rising need for precise diabetes diagnosis and management. Glycated albumin assay provides an accurate picture of short-term glycemic control in diabetes patients compared to glycosylated hemoglobin (HbA1c) assay. It measures the amount of albumin that has been non-enzymatically bound by glucose in the blood and provides clinically relevant information about diabetes management over a period of 2-3 weeks.

Glycated albumin assays contribute significantly towards precise diabetes care by offering advantages over other technologies. It is not affected by factors like red blood cell lifespan or hematocrit level and provides clinically meaningful information about glycemic control in conditions like end-stage renal disease, liver cirrhosis and anemia where HbA1c levels do not accurately reflect blood sugar levels. The assay helps optimize insulin therapy and assess response to treatment interventions. With its ability to detect short-term changes in blood glucose, it supports proactive diabetes management approaches.

The global glycated albumin assay market is estimated to be valued at US$ 102.3 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 key trends:
One of the major trends driving the glycated albumin assay market is the growing popularity of point-of-care testing. Point-of-care testing platforms for glycated albumin assays have attracted significant attention from healthcare providers as they help decentralize testing and enable real-time clinical decision making. Portable analyzers have simplified testing procedures and provide rapid results within 30 minutes, without the need for specialized laboratory infrastructure or highly trained personnel. This has increased patient access and adoption of glycated albumin assays. Point-of-care testing is expected to witness high growth over the forecast period as it streamlines diabetes management workflows.

Porter’s Analysis
Threat of new entrants: Low. High capital requirement and presence of established players makes entry difficult for new players in the glycated albumin assay market.

Bargaining power of buyers: High. Large number of market players enables buyers to negotiate on prices.

Bargaining power of suppliers: Low. Established supply chains restrict influence of suppliers on pricing.

Threat of new substitutes: Low. No major alternative available for glycated albumin assay tests currently.

Competitive rivalry: High. Intense competition among key players to increase market share.

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

Regional analysis: The Asia Pacific region dominates the global market and is expected to grow at a high rate owing to rising healthcare infrastructure, growing diabetes prevalence, and increasing obesity in countries like India and China. North America is also a major market supported by established medical facilities and availability of advanced diagnostic products.

Key players: Key players operating in the glycated albumin assay market are Asahi Kasei Corporation, Diazyme Laboratories, Inc., LifeSpan BioSciences, Inc., Abnova Corporation, MyBioSource.com. Maccura Biotechnology Co., Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it