New York, USA, Jan. 25, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global urinalysis market is predicted to rise at a tremendous CAGR of 6.3%, thereby garnering a revenue of $4,776.9 million in the 2021-2028 timeframe. This integrated report presents a brief outlook of the current framework of the urinalysis market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
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Dynamics of the Market
Drivers: Increasing geriatric population across the world is anticipated to be the primary growth driver of the urinalysis market in the forecast period. Along with these, an overall growth in age-related disorders is expected to push the market forward.
Opportunities: Significant increase in the incidence of liver diseases is estimated to provide numerous growth opportunities to the market in the forecast period. A growing number of prescriptions for tests like albumin, creatinine, ketones, and glucose is expected to help the market register significant growth in the analysis timeframe.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the high investment required for establishing a urinalysis product manufacturing plant, which might prove to be a restraint for the urinalysis market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The urinalysis market faced a moderate impact of the pandemic. The disruptions in supply chains and production operations led to a decline in the growth rate of the market. On the other hand, however, leading market players entered into strategic alliances, which helped the market to create growth opportunities during the pandemic period.
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Segments of the Market
The report has divided the urinalysis market into certain segments based on product type, application, end user, and region.
Product Type: Instruments Sub-segment to be Highly Lucrative
By product type, the instruments sub-segment is expected to be highly lucrative and is predicted to gather $1,528.4 million by 2028. Heavy investments in the field of medical devices like integrated urine analyzers and automated urine analyzers are predicted to boost the growth rate of the sub-segment in the forecast period.
Application: UTIs Sub-segment to be the Most Profitable
By application, the UTIs sub-segment is expected to be the fastest growing and is predicted to gather $1,933.0 million by 2028. The growing need for early diagnosis of urinary tract infection (UTI) conditions and rising awareness with respect to conducting regular health check-ups are predicted to be the two main factors behind the growth of this sub-segment.
End User: Hospitals Sub-segment to be the Most Dominant
By end user, the hospitals sub-segment is expected to be the most dominant and is predicted to gather $2,640.3 million by 2028. Increasing ease of accessibility of hospital-based services from various private and group insurance plans is predicted to boost the growth rate of the sub-segment in the forecast period.
Region: Market in the North America Region to Have the Highest Market Share
By regional analysis, the urinalysis market in North America region is predicted to be the most dominant and garner $2,541.3 million by 2028. Implementation of favorable government initiatives, increasing geriatric population, and rising healthcare expenditure are expected to boost the growth of this sub-segment in the forecast period.
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Prominent Market Players
Some of the prominent players of the urinalysis market are
- Siemens Healthineers AG
- Danaher Corporation
- Becton
- Dickinson and Company
- F. Hoffmann-La Roche Ltd.
- Sysmex Corporation
- Bio-Rad Laboratories Inc.
- Cardinal Health Inc.
- ARKRAY Inc.
- Abbott Laboratories
- Thermo Fisher Scientific Inc.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market- Inquire here to grab full report
For instance, in June 2020, Healthy.io, a smartphone-based urinalysis developer from Israel, announced that it was acquiring Inui Health, a medical diagnostics company. The acquisition is predicted to aid Healthy.io to consolidate its position in the market as Inui Health was the company’s main competitor in the urinalysis segment.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Urinalysis Market:
- What does Urinalysis Mean and What Tests are Conducted in it?
- Acquisitions Like That of inui Health by Healthy.io to Drive the Growth of the Global Urinalysis Market
