According to a new market report published by Transparency Market Research “Urinalysis Market – (By Product Type – Instruments and Consumables; By Test Type – Macroscopic, Biochemical, and Sediment/Microscopic; By Test Settings – Point-of-care and Laboratory-based; By End-user – Hospitals, Independent Laboratories, Physician Practices, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014–2024): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024”, the global urinalysis market is anticipated to expand at a CAGR of 5.4% from 2016 to 2024 to reach US$ 1.5 Bn by 2024.
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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), around 338 million people in the world were diagnosed with diabetes in 2014. About 3.2 million people were diagnosed with ESRD in 2015. This has resulted in larger number of patients requiring urine diagnosis and increase in usage of consumables for urinalysis. According to the WHO, diabetes accounted for an estimated 422 million deaths globally in 2014. Rising incidence of renal disease, increasing prevalence of diabetes, and other disorders are the major factors accelerating the growth of the global urinalysis market.
North America dominated 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 National Kidney Foundation, Inc., 26 million people in the U.S. have kidney disease. These factors collectively drive the urinalysis market in North America.
Europe is a developed market for urinalysis, accounting for a share of over 20% in terms of revenue in 2015. According to the International Diabetes Federation, 387 million people across the globe have diabetes. Europe has the highest prevalence of type 1 diabetes in children. Growing number of patients requiring proper diagnosis is likely to augment the urinalysis market in the next few years. Rising prevalence of chronic diseases in Europe and development of novel laboratory testing methodologies are expected to drive the urinalysis market from 2016 to 2024.
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Asia Pacific accounted for the second largest share of 30% of the urinalysis market in 2015. According to the UN, there are 901 million people aged 60 and above globally. Japan has the largest geriatric population, which is expected to increase in the next few years. The rise in the geriatric population, increasing number of laboratory diagnosis tests and, increasing point of care tests lead to the upswing of urinalysis market. 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 demand for testing services in the region.
The market in Latin America is projected to expand at a high CAGR during the forecast period from 2016 to 2024. Large population base, high target patient pool, and increasing government initiatives to provide better health care facilities are driving the urinalysis market in Latin America.
Major players in the global urinalysis market are 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.