Global Urinalysis Market is anticipated to grow at a 6.3% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Urinalysis Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global urinalysis market is estimated to be over US$ 1.4 Bn in 2017. It is anticipated to grow at a CAGR of 6.3% from 2019 to 2030.
Increasing awareness among patients, technological advancements in the sector of urine analysis, and growing geriatric population have been pivotal in dictating the growth of the urinalysis market. Moreover, increasing prevalence and incidences of kidney disorders, chronic disorders coupled with increasing expenditures on healthcare is anticipated to present a lucrative growth opportunity of growth for the global urinalysis market between 2019 and 2030. Furthermore, various market players have extensively focused on collaborating with several educational and research institutes, organizations and societies to amplify R&D activities and meet the overall demands of the healthcare industry. For instance, Shenzhen University Health Science Center’s Nephrology and Urology Center announced collaborations with Innovation Center China of AstraZeneca in Shanghai to conduct several preclinical researches on chronic kidney diseases (CKD).
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Increasing Geriatric Population
The population of geriatric population across the world has grown rapidly over the past several decades. Moreover, this growth has witnessed an unprecedented rate in recent times. In 2016, it was approximated that the population of individuals aged 65 years or older was 8.5% or 617 million of the entire world population. Furthermore, it is projected that the figure will witness an increment to 17% i.e. 1.6 billion by the end of 2050. Such rapid growth of geriatric population is anticipated to present a remunerative growth opportunity for the global urinalysis market in the coming times. Since, the utilization of urinalysis products for assisting treatment and facilitating faster recovery among aged population is enormously crucial.
Increasing Prevalence of Kidney Disorders
Kidney disorders are one of the most prominent, prevalent and menacing chronic diseases, which is known to affect millions of individuals worldwide. According to the national Kidney Foundation, the global burden of chronic kidney diseases (CKD) is a staggering 10%. In 2010, it was estimated that the ailments associated with kidney was ranked 18th for causing the highest number of deaths across the globe. The prospect of treatment is extremely vital among population suffering from various types of CKDs. Therefore, the continual rise in prevalence of kidney disorders is expected to present an attractive growth prospect for the urinalysis market in the times to come.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Urinalysis Market by Product Type (Instruments and Consumables), Test Type (Sediment Urinalysis, Biochemical Urinalysis), Application (Pregnancy Tests, Disease Diagnostics) End User (Hospitals and Clinical Laboratories, Research Laboratories and Institutes, Diagnostics Laboratories, Home Care Settings) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/urinalysis-market/31
High Costs of Urinalysis Products to Restrain the Market
High costs associated with urinalysis products are one of the major factors affecting the growth of the urinalysis market. Availability of alternate affordable and cheaper urine analysis testing kits associated with urinalysis products is anticipated to be one of the major hindrances in the growth of the global urinalysis market. Lack of treatment in underprivileged regions and population with low income groups face consequential outcomes related to kidney disorders. This leads to millions of deaths every year all across the globe.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing geriatric population, continuously growing economy, increasing burden of chronic diseases, namely chronic disorders and increasing awareness regarding latest healthcare technology is anticipated to present a lucrative growth scenario for the urinalysis market in this region. Furthermore, improving healthcare facilities, coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Urinalysis Market
The prominent players in the global urinalysis market are Siemens Healthcare Private Limited, Roche Diagnostics (A Division of F. Hoffmann-La Roche Ltd.), Beckman Coulter, Inc., Sysmex Corporation, ARKRAY, Inc., ACON Laboratories, Inc., Bio-Rad Laboratories, Inc., Elektronika Kft., Mindray Medical International Limited (Shenzhen Mindray Bio-Medical Electronics Co.,), and URIT Medical among others
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