Global Urinalysis Market to Reach USD 1.5 Billion by 2024
The global urinalysis market is expected to grow at a steady CAGR of 5.40% over the 2016-2024 period to reach a value of USD 1.5 billion by the end of 2024, propelled mainly by the rising incidence of diabetes and urinal infections, globally.
These are the latest findings of Transparency Market Research, (Albany, NY, USA), a global market intelligence company providing business information reports and services.
The global market for urinalysis is witnessing increased demand due to the heavy incidence of diabetes and urinal infections, which require quick treatment and can have severe consequences if left untreated. Additionally, the increasing incidence of prostate cancer is also driving the demand in the global urinalysis market. The emergence of better and quicker means for urinalysis is expected to further aid the growth of the global urinalysis market over the coming years.
Based on test setting, the laboratory-based segment dominates the urinalysis market and is expected to maintain its leading position during the forecast period due to the growing geriatric population, unhealthy lifestyles, and rising incidence of infectious diseases globally. On the basis of type of test, the biochemical segment leads the urinalysis market, on account of the widely accepted usage of dipsticks (reagent strips) that detect the presence of constituents in urine. The technique is also convenient to operate as it is readily available. Based on end-user, the hospital segment dominates the global urinalysis market. On the basis of product, the consumables segment leads the global urinalysis market due to the high rate of acceptance of single-use, rigid, and sterile disposable products. Within the consumables segment, plastic consumables are expected to provide immense growth opportunities.
Geographically, North America led the global urinalysis market in 2015 with the highest share of 30.0%, driven by the high number of kidney patients and increasing incidence of urinary tract infections in the country. The urinalysis market in Latin America is expected to register an impressive CAGR during the forecast period, led by favorable government policies, and the region’s massive population base and large patient pool.
Asia Pacific is expected to become a major market for urinalysis and provide lucrative growth opportunities, with Japan dominating the region due to its increasing aging population, rapid industrialization, growing number of laboratory diagnosis tests, and high adoption of point-of-care testing. India and China are also expected to contribute significantly to the growth the urinalysis market in Asia Pacific on account of numerous infrastructural development projects.
However, various factors are hampering the demand in the global urinalysis market. Incidences of faulty analysis of urine samples have negatively impacted the performance and competency of diagnostic centers. This is expected to significantly hamper the growth of the global urinalysis market. However, the need to conduct urine analysis and prescription of urine tests by medical specialists will continue to aid the market growth.
The players in the global urinalysis market have adopted various strategies to expand their consumer base, including research and development. These players are now focusing on providing errorless analysis and testing of urine, as well as reducing the time taken for analysis and research. The companies are also incorporating safer and more hygienic standards for conducting urinalysis. With the global market for urinalysis being directly related to the medical and healthcare industries, the market vendors are collaborating with hospitals and healthcare centers. Referrals from hospitals and healthcare centers play a key role in enhancing the growth prospects of these vendors. The global urinalysis market is expected to witness multiple mergers, strategic partnerships, and acquisitions over the coming years
