Dublin, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The "Global Glycated Albumin Assay Market by Application (Prediabetes, Type 1 Diabetes, Type 2 Diabetes), End-user (Hospitals & Diabetic Care Center, Diagnostic Laboratory) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global glycated albumin assay market is projected to reach USD 0.3 billion by 2028 from USD 0.2 billion in 2023, at a CAGR of 8.9% during the forecast period.
Market growth is driven by factors such as the increased number of diabetic patients above the age of 65 years and government initiatives for disease diagnosis. On the other hand, challenges associated with the glycated albumin assay market, like unfavorable reimbursement scenarios, are the major factors restricting market growth.
The prediabetic segment accounted for the highest growth rate in the glycated albumin assay market, by application, during the forecast period
The glycated albumin assay market is segmented into prediabetes, type 1 diabetes, and type 2 diabetes. In 2022, the prediabetes segment accounted for the highest glycated albumin assay market growth rate. The increasing focus on the prevention of lifestyle diseases like diabetes, growth in the number of diagnostic laboratories, and improving healthcare infrastructure in emerging countries are major factors contributing to this segment's growth.
The diagnostic laboratories segment accounted for the highest growth in the glycated albumin assay market, by end-user, during the forecast period
The glycated albumin assay market is segmented into hospitals and diabetes care centers, diagnostic laboratories, and other end-user based on end-users. In 2022, the diagnostic laboratories segment accounted for the highest glycated albumin assay market growth rate. Diagnostics laboratories often offer cost-effective and convenient testing options for healthcare providers and patients. By outsourcing glycated albumin testing to diagnostics laboratories, healthcare providers can avoid the need for in-house testing facilities and associated costs. Additionally, patients can visit diagnostics laboratories for their glycated albumin assays without the need for hospitalization or specialized clinic visits. The cost-effectiveness and convenience of diagnostics laboratories make them an attractive option, leading to increased demand and segment growth.
Asia-Pacific: the fastest-growing region in glycated albumin assay market
The North American, European, Asia-Pacific, Latin American, Middle Eastern, and African regions make up the major segments of the worldwide glycated albumin assay market. The highest CAGR is anticipated to be recorded over the forecast period in the Asia-Pacific region. The glycated albumin assay market in this region is expanding as a result of an increase in diabetes awareness programmes and favourable government healthcare policies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 124 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $204.2 Million |
| Forecasted Market Value (USD) by 2028 | $312.1 Million |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Glycated Albumin Assay Market, by Application, 2023 vs. 2028 (USD Million)
- Glycated Albumin Assay Market, by End-user, 2023 vs. 2028 (USD Million)
- Glycated Albumin Assay Market, by Region, 2023 vs. 2028 (USD Million)
Premium Insights
- Glycated Albumin Assay Market Overview -Increasing Prevalence of Diabetes to Drive Market
- Glycated Albumin Assay Market, by Application, 2023 vs. 2028 - Type 2 Diabetes Segment to Dominate Market During Forecast Period
- Glycated Albumin Assay Market, by End-user, 2023 vs. 2028 -Hospitals and Diabetic Care Centers Segment to Dominate Market During Forecast Period
- Glycated Albumin Assay Market: Geographical Growth Opportunities - Asia-Pacific to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Rising Incidence of Diabetes
- Growing Focus on Early Detection of Diabetes
- Increase in Age-Associated Diabetic Ailments
Restraints
- Unfavorable Reimbursement Scenario
Opportunities
- Rising Investments in Life Sciences Research
Challenges
- Stringent Regulatory Requirements for Diagnostic Products
- Presence of Alternative Tests
Company Profiles
- Asahi Kasei
- Beijing Strong Biotechnologies
- Diazyme Laboratories
- DxGen Corp.
- Hzymes Biotech
- Weldon Biotech
For more information about this report visit https://www.researchandmarkets.com/r/cnko1
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