Albany, New York, May 4, 2017: Market Research Reports Search Engine (MRRSE) has included a new study titled, “Urinalysis Market -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.Market Research Reports Search Engine (MRRSE) announces the addition of a new report titled ‘Urinalysis Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024’, which analyzes the current trends, drivers and restraints, and competitive landscape of the market.
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The report is published by Transparency Market Research (TMR) and predicts that the global urinalysis market is expected to grow at a CAGR of 5.4% during the forecast period. The market was valued at US$929.9 mn in 2015 and is expected to rise to US$1.5 bn by the end of 2024.
Rising Global Geriatric Population Boosts Demand for Urinalysis
Urinalysis is the thorough examination of urine to diagnose and treat certain diseases. Various physical and chemical parameters are observed with the help of urinalysis. There is an enormous global demand for urinalysis due to an increase in the number of people suffering from diabetes. Urinalysis is also effective in detecting some common diseases such as liver problems, kidney disorders, and urinary tract infections, thereby driving the market growth. The growth of the urinalysis market can be attributed to several other factors such as rising demand for point-of-care testing, availability of advanced technologies, rise in global geriatric population, and constant improvement in basic medical insurance systems.
However, there are many reasons that restrict the growth of the market, which include laboratory staff shortage, high cost associated with advanced urine analyzers, and budget constraints.
North America to Lead Market Due to High Prevalence of Urinary Tract Infections
Geographically, the market has been segmented into Europe, North America, Asia Pacific, Latin America, and Rest of the World. Among the regions, North America led the global market in 2015, accounting for a nearly 30.0% share. With over 26 million kidney patients in the U.S. and increasing urinary tract infections in the country, the urinalysis market in North America is slated to continue witnessing strong growth. With an impressive CAGR in the given forecast period, Latin America is also predicted to emerge as a promising market. Massive population base, favorable government policies, and a large patient pool are the primary factors driving the growth of the market in the region.
Providing a large base for lucrative opportunities, Japan holds the foremost place in the Asia Pacific region. The major reasons driving the market in this country are high adoption of point-of-care testing, rapid industrialization, rising geriatric population, and increase in the number of laboratory diagnostic tests. Plus, on account of numerous infrastructural development projects, India and China are expected to expand their urinalysis market base in Asia Pacific.
Some of the prominent players in the global urinalysis market are Bio-Rad Laboratories, Inc., 77 Elektronika Kft, ARKRAY, Inc., Sysmex Corporation, Siemens Healthineers, Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche Ltd., and Mindray Medical International Limited.
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