Glycated Albumin Assay Market Size by Application (Prediabetes, Type 1 Diabetes, Type 2 Diabetes), End User (Hospitals & Diabetic Care Center, Diagnostic Laboratory) & Region (North America, Europe, APAC, Latin America, & MENA) - Global Forecast to 2028
The size of global glycated albumin assay market in terms of revenue was estimated to be worth $0.2 billion in 2023 and is poised to reach $0.3 billion by 2028, growing at a CAGR of 8.9% from 2023 to 2028. The research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.
Market growth is driven by the increased focus of the government on disease diagnosis, the high prevalence of diabetes, and increasing initiatives to spread awareness of diabetes diagnosis.
Attractive Opportunities in the Glycated Albumin Assay Market
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Glycated Albumin Assay Market Dynamics
Driver: Rising prevalence of diabetes
Diabetes is a common chronic metabolic disease that occurs due to insulin dysfunction in the pancreas. Hyperglycemia, also called raised blood glucose or raised blood sugar, is a common effect of uncontrolled diabetes. Diabetes can cause serious damage to bodily functions, especially nerves and blood vessels. The increasing prevalence of diabetes has a positive impact on the glycated albumin assay industry.
Restraint: Unfavorable reimbursement scenario
Inadequate reimbursement is a major factor restraining the growth of the glycated albumin assay diagnostics market. Most diagnostic companies face a major challenge in commercializing their tests is getting approval and reimbursement for the diagnostic product. most diagnostic companies face in commercializing their tests is getting Medicare and private health insurers to pay for them. This is important not only to help the decision-making process of physicians within the practice of evidence-based medicine but also to achieve regulatory approvals and reimbursements for the tests. The reimbursement levels for diagnostics set by the Centers for Medicare and Medicaid Services (CMS) does not adequately reflect their actual cost or clinical value. This decline and additional budgetary concerns among healthcare systems will be a major obstacle to implementing novel diagnostic techniques in clinical laboratories.
Opportunity: Rising investments in healthcare and life sciences research
The market is anticipated to have considerable growth possibilities in emerging markets like India, South Korea, Brazil, and Mexico. This is explained by the high disease prevalence, substantial patient population, enhanced healthcare system, rising disposable income, and expanding medical tourism in these nations. The Asia Pacific region has become a flexible and business-friendly hub because to fewer onerous rules and data requirements, in addition to the aforementioned considerations.
Challenge: Changing regulatory landscape
Regulatory and legal requirements applied to diagnostics (including glycated albumin assay) in the US and European countries are becoming more stringent. Under US federal regulations, device manufacturers must submit a 510(k) application for any further modifications to a device, which is a major challenge in the growth of this market.
IVD devices must comply with Annex 1 of the directive’s essential requirements, and products must be CE-marked to be legally marketed in the EU. New regulations are expected to replace earlier EU directives and add stringent requirements for the CE Marking of new and existing devices. Su.ch changes in the regulatory landscape can prove challenging to the growth of the glycated albumin assay industry.
Glycated Albumin Assay Market Ecosystem/Market Map
The glycated albumin assay ecosystem market map consists of the elements present in the market. Manufacturers are the organizations involved in the entire process of research, product development, optimization, and launch. Distributors include third parties and e-commerce sites linked with the organization for the marketing and distribution of glycated albumin assays. Research and development includes in-house research facilities, contract research organizations, and contract development and manufacturing organizations. End users are the key stakeholders in the supply chain of the market, and the major influencers are investors/funders and health regulatory bodies.
In 2022, type 2 diabetes segment accounted for the largest share of the glycated albumin assay industry, by application
The glycated albumin assay market is segmented into prediabetes, type 1 diabetes, and type 2 diabetes. The type 2 diabetes segment accounted for the largest share of the market in 2022, mainly due to the rising geriatric population & type 2 diabetes prevalence.
In 2022, hospitals and diabetes care centers segment dominated the glycated albumin assay industry, by end user
The glycated albumin assay market is segmented into hospitals and diabetes care centers, diagnostic laboratories and other end users based on end user. In 2022, the hospitals and diabetes care centers segment accounted for the largest share. Laboratories within these segments perform glycated albumin assays to identify or diagnose diabetes and determine appropriate treatments. These urine and blood samples are tested for the physiological parameters related to diabetes. As compared to reference laboratories, hospitals offer quicker test results and are more accessible. This is expected to support the growth of this end user segment.
North America is the largest regional market for glycated albumin assay industry
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the five main geographic segments of the worldwide glycated albumin assay market. North America held the biggest market share for glycated albumin assays globally in 2022. The North American market's growth can be attributed to the increase prevalence of lifestyle diseases such as diabetes and supportive government initiatives regarding effective diabetes management. Healthcare coverage expansions by Medicaid, Medicare, and private health insurance companies in the region are also expected to play a significant role in fueling the market growth. Other factors supporting market growth include the growing geriatric population, the implementation of favorable government initiatives, and technologically advanced assays.
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Some key players in the glycated albumin assay market are Asahi Kasei Corporation (Japan), Beijing Strong Biotechnologies, Inc. (China), Diazyme Laboratories, Inc. (US), DxGen Corp. (South Korea), Weldon Biotech, Inc. (India), and Hzymes Biotech (China). The market leadership of these players stems from their comprehensive product portfolios. These dominant market players possess several advantages, including strong marketing and distribution networks, substantial research and development budgets, and well-established brand recognition.
Scope of the Glycated Albumin Assay Industry
|
Report Metric |
Details |
|
Market Revenue Size in 2023 |
$0.2 billion |
|
Projected Revenue Size by 2028 |
$0.3 billion |
|
Industry Growth Rate |
Poised to Grow at a CAGR of 8.9% |
|
Market Driver |
Rising prevalence of diabetes |
|
Market Opportunity |
Rising investments in healthcare and life sciences research |
This report categorizes the glycated albumin assay market to forecast revenue and analyze trends in each of the following submarkets:
By Application
- Prediabetes
- Type 1 Diabetes
- Type 2 Diabetes
By End User
- Hospital and Diabetes Care Centers
- Diagnostic laboratories
- Other End Users
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
-
Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global glycated albumin assay market?
The global glycated albumin assay market boasts a total revenue value of $0.3 billion by 2028.
What is the estimated growth rate (CAGR) of the global glycated albumin assay market?
The global glycated albumin assay market has an estimated compound annual growth rate (CAGR) of 8.9% and a revenue size in the region of $0.2 billion in 2023.
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This study involved four major activities in estimating the current size of the glycated albumin assay market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.
Secondary Research
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to identify and collect information for this study.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources were mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, service providers, technology developers, researchers, and organizations related to all segments of this industry’s value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects.
The following is a breakdown of the primary respondents:
Note 1: Others include sales managers, marketing managers, and product managers.
Note 2: Companies are classified into tiers based on their total revenues. As of 2022, Tier 1 = >USD 100 million, Tier 2 = USD 10 million to USD 100 million, and Tier 3 = <USD 10 million.
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the glycated albumin assay market's total size. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry have been identified through extensive secondary research
- The revenues generated by leading players operating in the glycated albumin assay market have been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Global Molecular Diagnostics Market Size: Bottom Up Approach
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Global Glycated Albumin Assay Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size applying the process mentioned above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
Glycated albumin assay is an in vitro test used for the quantitative determination of glycated albumin in a sample. The test reflects short term glycemia which is not affected by A1C levels. It is measured by an enzymatic method used for detection of diabetes.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives
- To define, describe, segment, and forecast the glycated albumin assay market by application, end user and region.
- To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities and challenges).
- To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market.
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
- To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa,
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies2.
- To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategy.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for this report:
Country Information
- Glycated albumin assay market size and growth rate estimates for countries in the Rest of Europe, the Rest of Asia Pacific, Latin America, and Middle East & Africa.
Company profiles
- Product portfolio matrix for leading market players.
Growth opportunities and latent adjacency in Glycated Albumin Assay Market