One of the main factors driving the market expansion is the rise in diabetes prevalence brought on by aging, obesity, and bad lifestyle choices. Diabetes is largely caused by obesity. According to the World Health Organization, 650 million individuals were obese, and over 1.9 billion adults were overweight in 2016. Obesity and being overweight are two risk factors contributing to a rise in diabetes prevalence. Thus, it is projected that risk factors such as obesity, smoking, high cholesterol, and being overweight will increase the prevalence of diabetes and increase the demand for diabetic devices.
Data Bridge Market Research shows that the Diabetic Assays Market accounted for USD 3.23 billion in 2022 and is expected to reach USD 4.6 billion by 2029. The market is expected to grow with a CAGR of 4.50% from 2023 to 2030.
" Rise In Collaborations of Diabetes Will Aid Growth"
Diabetes prevalence and rising insulin delivery device use are driving market expansion. Several important manufacturers are largely concentrating on technological advancements and developing various advanced products to achieve a market share. For instance, in 2019, Novo Nordisk and Abbott collaborated to integrate their robust, prefilled linked pens directly into the FreeStyle Libre system (FreeStyle LibreLinkii mobile app and LibreViewiii cloud-based system). According to reports, CGM worked even more closely with insulin delivery systems to provide a seamless, integrated solution for effective diabetes care management. Diabetes Care also debuted its Slim X2 insulin pump, which works with the Dexcom G6 CGM. The MyLife Unio Neva CGM system, created by Ypsomed Holdings, works with the company's insulin pump. Thus, this factor increases the market growth.
What restraints the growth of the Diabetic Assays Market?
"High Cost of Treatment Are Expected to Hamper the Market's Growth"
The rising cost of glucose meters and other instruments and the expense of running assays restrain market expansion. Many medications and procedures are expensive, and individuals in undeveloped and underdeveloped nations undertreat many patients. This inhibits market expansion. Over the past ten years, clinical trials have shown that several sodium-glucose cotransporter 2 (SGLT2) inhibitors and glucagon-like peptide 1 (GLP-1) receptor agonists reduce the risks of major adverse cardiovascular events, hospitalization for heart failure and progression of diabetic kidney.
Segmentation: Diabetic Assays Market
The diabetic assays market is segmented on the basis of type, disease type, deployment, end-users, distribution channel.
- Based on type, the diabetic assays market is segmented into assays, devices, consumables.
- Based on disease type, the diabetic assays market is segmented into Type 1 Diabetes, Type 2 diabetes, gestational diabetes.
- Based on deployment, the diabetic assays market is segmented into automated, manual.
- Based on end-users, the diabetic assays market is segmented into hospitals, homecare, specialty clinics, others.
- Based on distribution channel, the diabetic assays market is segmented into hospital pharmacy, online pharmacy, retail pharmacy.
Regional Insights: North America is expected to dominate the Diabetic Assays Market
North America is expected to dominate the market due to the rising prevalence of diabetes cases in the U.S. population, which calls for more sophisticated diabetes assays to identify and detect the disease's rising incidence. For instance, the United Nations predicted that in 2017, 1 in 5 diabetes patients would be over 65. The U.S. elderly population's rising diabetes incidence is expanding the market.
In addition, the Asia-Pacific region is likely to register the highest growth rate during the forecast period of 2023 to 2030 due to the changing economic climate and growing vendors' investments in widely expanding the development of diabetes tests.
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Recent Developments in Diabetic Assays Market
- In 2019, Abbott (U.S.) introduced the "Afinion HbA1c Dx assay," a quick point-of-care HbA1c test for detecting diabetes that may be used with the Afinion AS100 Analyzer and Afinion 2 Analyzer. The U.S. FDA has approved the first quick point-of-care approach, the Afinion HbA1c Dx test, to assist different healthcare practitioners in identifying and managing diabetes. The company's user base and product portfolio will benefit from this launch.
- In 2019, Hemoglobin A1c (HbA1c) Advanced assay from Beckman Coulter, Inc. acquired CE Mark Certification and U.S. FDA 501(k) Clearance. The business will help with the clinically operative outcomes and initial diabetes diagnosis.
The Prominent Key Players Operating in the Diabetic Assays Market Include:
- Abbvie, Inc (U.S.)
- Novartis AG (Switzerland)
- Teva Pharmaceutical Industries Ltd (Israel)
- Pfizer Inc (U.S.)
- Merck & Co., Inc. (U.S.)
- Abbott (U.S.)
- Siemens Healthcare GmbH (Germany)
- Hologic, Inc. (U.S.)
- Dynatronics Corporation (U.S.)
- Biomerieux (France)
- Bio-Rad Laboratories, Inc. (U.S.)
- BioMarin (U.S.)
- Quotient Suisse S.A. (Switzerland)
- BAG Health Care GmbH (Germany)
- DiaSorin S.p.A (Italy)
- DRG INSTRUMENTS GMBH (Germany)
- PTS Diagnostics (U.S.)
- Ortho Clinical Diagnostics (U.S.)
- Diazyme Laboratories, Inc (U.S.)
- ETHOS BIOSCIENCES (U.S.)
- Abnova Corporation (Taiwan)
- Monobind Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of diabetic assays market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Diabetic Assays Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
