New York, USA, March 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global urinalysis market is anticipated to gather a revenue of $4,776.9 million by 2028 and grow at a CAGR of 6.3% over the forecast period from 2021 to 2028. The comprehensive report provides a concise outline of the market’s present scenario including chief facets of the market such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Urinalysis Market:
Drivers: Rising chronic disorders like diabetes, blood pressure, cardiovascular issues, liver and kidney diseases, etc. among the geriatric population across the world is the main factor estimated to drive the growth of the global urinalysis market by 2028. In addition, most of the prescriptions for tests like creatinine, albumin, ketones, glucose, and others are performed under urine analysis. This is another factor predicted to boost the market growth during the forecast period.
Opportunities: Prevalence of liver and kidney diseases across the world is the major factor predicted to offer ample growth opportunities for the global urinalysis market during the analysis period. Moreover, rising death rates in Egypt, Ivory Coast, Nigeria, etc. are higher as compared to other regions. This is yet another factor to accelerate the demand for urine test strips and other consumables by 2028.
Restraints: High investments in developing urinalysis product manufacturing units is the main factor impeding the market growth.
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Segments of the Urinalysis Market:
The report has fragmented the urinalysis market into several segments based on product, application, end-user, and regional analysis.
Product: Consumables Product Sub-segment to be Most Dominant
By product, the consumables sub-segment of the global urinalysis market is projected to be the most dominant and gather a revenue of $3,252.4 million by 2028 due to a rise in the purchase of items like reagents, dipsticks, and disposables for recurrent and easy usage. In addition, rising developments in urine test kits and test strips along with the growing demand for affordable and user-friendly consumables are some factors estimated to bolster the sub-segments growth during the analysis timeframe.
Application: UTIs Application Sub-segment to be Most Lucrative
By application, the UTIs sub-segment is anticipated to have the highest growth rate and register a revenue of $1,933.0 million by 2028. Growing demand for early diagnosis of urinary tract infections (UTIs) and increasing awareness about regular health checkups are the main factors expected to drive the urinalysis market’s sub-segment growth during the forecast period. In addition, innovative product launches by prominent market players is expected to further propel the sub-segments enhancement in the 2021-2028 timeframe.
End-user: Hospitals Sub-segment to be Highly Beneficial
By end-user, the hospital's sub-segment of the urinalysis market is anticipated to hold the largest market share and garner a revenue of $2,640.3 million by 2028. This growth is attributed to attractive health coverages and easy accessibility of hospital-based services from group and private insurance plans. In addition, modernization of healthcare facilities and favorable schemes by governments are some factors estimated to boost the sub-segments growth during the forecast years.
Region: Urinalysis Market in the North America Region to Witness Better Growth Opportunities
By regional analysis, the market in the North America region is expected to hold the largest market share and gather a revenue of $2,541.3 million by 2028 due to rising favorable initiatives by the governmental bodies. In addition, the growing geriatric population, improved healthcare infrastructure, and availability of technologically advanced instruments are the main factors predicted to accelerate the market growth in the North America region in the 2021-2028 forecast period.
Covid-19 Impact on the Urinalysis Market:
The outbreak of the Covid-19 pandemic has hurled several sectors like petroleum retail, tourism industry, transportation, and many others including the global urinalysis market. Disruptions in supply chains and a temporary halt of production operations led to a decline in the demand for urine tests and strips across the world. In addition, the growing number of coronavirus cases and its severe symptoms also hindered sales of majority of firms. However, the key market players coming up with strategic collaborations and product enhancements is estimated to revive the growth of the global urinalysis market post-pandemic.
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Key Urinalysis Market Players:
Some key urinalysis market players are
- Sysmex Corporation
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd.
- Siemens Healthineers AG
- Thermo Fisher Scientific Inc.
- Becton
- Dickinson and Company
- Bio-Rad Laboratories, Inc.
- ARKRAY, Inc.
- Cardinal Health, Inc.
- Danaher Corporation, among others.
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships, and collaborations to assist the market growth.
For example, in January 2020, Sysmex Corporation, a Japan-based healthcare organization, announced its collaboration with Astrego Diagnostics AB, a leading in-vitro diagnostic company. This collaboration is aimed to develop a ‘rapid drug susceptibility test’ and increase the sales of this innovative urinalysis solution across the world. - Inquire here & Get Quick Access to the key player's Development Strategy Report
The report also sums up various crucial facets including the financial performance of the market players, SWOT analysis, product portfolio, and the latest strategic developments.
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- The Global Urinalysis Market is Anticipated To Register A Revenue Of $4,776.9 Million, Growing At A CAGR Of 6.3% From 2021 To 2028
