Monday, 5 December 2016

Urinalysis Market is Expanding at a steady 5.4% CAGR from 2016 to 2024

Urinalysis Market: Snapshot 

The global urinalysis market is primarily fueled by the alarming rise in the prevalence of diabetes. Diabetes is considered to be the leading cause of kidney failure and end-stage renal disease (ESRD) globally. According to the International Diabetes Federation (IDF), an estimated 338 million new cases of diabetes were reported in 2014 and about 3.2 million people were diagnosed with ESRD in 2015. The WHO reports that diabetes accounted for an estimated 422 million deaths globally in 2014. 

The growing incidence of renal disease, diabetes, and other kidney-related disorders has resulted in an increased demand for urine diagnosis and urinalysis consumables. Driven by this, the global urinalysis market is projected to expand from a valuation of US$929.9 mn in 2015 to US$1.5 bn by 2024 at a steady 5.4% CAGR therein.


Increasing Preference for Single-Use Consumables a Major Growth Factor 

In terms of product, the consumables segment accounted for the leading share in the global urinalysis market in 2015 and is expected to dominate the market throughout the forecast period. The key factor driving this segment is an increase in preference toward sterile, rigid, and single-use disposable products. Within the consumables segment, plastic consumables offer substantial opportunities for new market players.

By type of test, the biochemical segment held the dominant share in the overall urinalysis market in 2015. The wide usage of reagent strips (dipsticks) is mainly responsible for the growth of this segment. Dipstick is a biochemical technique to detect constituents present in the urine. This technique is easy to follow and is available in a variety of types. Hospitals form the leading end-user segment of the urinalysis market.

On the basis of test setting, the laboratory-based segment led the urinalysis market in 2015 and is expected to show significant promise during the forecast period. The increasing prevalence of infectious diseases in developing countries, the growing incidence of lifestyle diseases, the rising geriatric population, and various technological advancements with regard to the development of faster and easy-to-use devices drive demand for laboratory-based urinalysis.

Rise in Geriatric Population Single-handedly Driving Demand for Urinalysis 

North America led the global urinalysis market, accounting for a share of over 30% in 2015. Increasing geriatric population, rapid innovation in technology, and high R&D expenditure are attributed to the growth of the urinalysis market in the region. According to the National Kidney Foundation, an estimated 26 million people in the U.S. are living with kidney disease. This is also a key factor driving the urinalysis market in North America.

Asia Pacific accounted for a significant share in the global urinalysis market in 2015, propelled primarily by the rise in geriatric population. According to the UN, there are 901 million people aged 60 and above globally, with Japan leading the pack. The rise in geriatric population, the increasing number of laboratory diagnosis tests, and a rise in point-of-care testing have led to the upswing of the APAC urinalysis market. The rapid pace of industrialization and infrastructure development activities, and increased awareness about product safety and quality in countries such as China and India are also expected to spur the demand for testing services in the region, thereby positively impacting the urinalysis.

The market in Latin America is projected to expand at a high CAGR during the forecast period from 2016 to 2024. A large population base, a high-target patient pool, and an increase in government initiatives to provide better healthcare facilities are driving the urinalysis market in Latin America.

Key players operating in the global urinalysis market include, ARKRAY, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche Ltd., Mindray Medical International Limited, Siemens Healthineers, Sysmex Corporation, and 77 Elektronika Kft.

Browse Research Report on Global Urinalysis Market:
http://www.transparencymarketresearch.com/urinalysis-market.html

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