NEWARK, Del: , Oct. 05, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the renal function test market is likely to hold a valuation of US$ 1,494.1 Million by 2033. As of 2023, the market value is US$ 871.3 Million. With advancements in Medtech, the renal function test market is expected to grow by 5.5% from 2023 to 2033.
According to a study by Future Market Insights, kidneys are the most replaced organs worldwide. Sedentary lifestyles, unhealthy dietary habits, and excessive alcohol consumption are some key reasons for kidney function abnormalities. Diabetic patients and individuals suffering from cardiovascular diseases are also at risk of chronic kidney diseases (CKD).
Patients dealing with chronic kidney diseases require constant renal assessment of their kidney functions. These tests give an overall idea of the kidney functionalities and help doctors understand the health of the kidney. As the global average population is on the rise, the renal function test market will likely experience a surge in demand soon.
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With the rise in government initiatives to promote renal function tests to reduce the risks by detecting symptoms in the initial stages of the disorder, the market size for renal function tests may expand in the upcoming years. Medtech advancements by private medical institutions have made renal assessments more feasible and accessible to patients dealing with renal problems.
As per the Centers for Disease Control statistics, one in seven American citizens has chronic kidney disease, and only 10% of them know about it. The North American region holds the leading share, nearly 34.3%, of the global renal function test market. The increase in health-literate people coupled with government initiatives to promote regular testing are key reasons for this expansion in the renal function test market.
“The adoption of digital urinalysis (DU) for renal function tests is a watershed moment for patients diagnosed with chronic kidney diseases. DU not only eases the process but also gives quick results and makes regular assessments easy, affordable, and more feasible for price-sensitive individuals”, suggests Sabyasachi Ghosh, Associate Vice President at Future Market Insights.
Key Takeaways from the Renal Function Test Market Report:
- The United States has captured a substantial revenue share of 28.8% in the global renal function test market, followed by Germany, China, and Japan.
- The demand for renal function tests is rising in Europe as well, which showed a promising market share of 29.8% in 2022.
- Urine-based renal function tests are preferred the most by individuals due to their quick results and non-invasive nature.
- By test type, urine-based tests dominate the renal assessment market with a share of 62.4%.
- While the end-user category is segmented into hospitals, laboratories, and home care settings, hospitals top the global renal function test market, holding a market revenue share of 50.6%.
Recent Developments in Renal Function Test Market:
- IDEXX Laboratories launched renal function tests for pet animals like dogs and cats in June 2023. This is considered one of the first tests catered to veterinary doctors to reduce the deaths of animals due to kidney failures.
- In June 2023, Boditech Med and SphingoTec joined hands to develop a renal function biomarker anticipated to provide precise kidney assessment information, which is crucial during renal replacement surgeries.
- Bloom Diagnostics, a Swiss medtech company, recently launched a new test designed to rapidly measure and quantify kidney function in users 18 years of age and older.
Key Players Profiled in the Report:
- F. Hoffmann-La Roche Ltd.
- Siemens Healthineers
- Beckman Coulter (Danaher)
- Abbott Laboratories Baxter International
- Quest Diagnostic Incorporated
- Sysmex Corporation
- Laboratory Corporation of America Holdings (LabCorp)
- Randox Laboratories
- ACON Laboratories
- Arkray
- Nova Biomedical
- Idexx Laboratories
- Opti Medicals
- Elektronika
- Cook Medical
- VedaLab
- Dx Gern Corp
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Renal Function Test Market Segmentation Analysis:
By Product Type:
- Dipsticks
- Disposable
- Reagents
By Test Type:
- Urine
- Blood Test
By End User:
- Hospitals and Clinics Diagnostic laboratories
- Research Laboratories and Institutes
- Home Care Settings
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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