New York, USA, May 16, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global urinalysis market is anticipated to rise at a stable CAGR of 6.4%, thereby garnering a revenue of $5,719.3 million by 2031. This comprehensive Research Dive report presents a brief outlook of the current framework of the urinalysis market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Rising demand for point-of-care testing across the world is predicted to be the primary growth driver of the urinalysis market in the forecast period. Additionally, growing use of urinalysis for diagnosis and treatment of kidney and liver ailments is expected to further drive the market forward.
Opportunities: Rising prevalence of diseases such as urinary tract infections (UTIs) around the globe is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, an overall improvement in global healthcare infrastructure is anticipated to augment the growth rate of the market.
Restraints: However, lack of standardization in testing across different laboratories may restrict the growth of the urinalysis market in the forecast period.
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Impact of Covid-19 on the Urinalysis Market
The novel coronavirus pandemic and the resulting lockdowns impacted the urinalysis market in a positive way. The pandemic saw a huge increase in the demand for urinalysis as Covid-19 infection spread across the globe. As hospital admissions increased, doctors recommended several patients to undergo urinalysis before prescribing any medical treatment. This led to a growth in the market during the pandemic period.
Segments of the Market
The report has fragmented the urinalysis market into segments based on product type, application, end-user, and region.
Product Type: Consumables Sub-segment to be One of the Most Lucrative
The consumables sub-segment is expected to have a dominating share by 2031. The increasing use of consumables like reagent strips, urine sediment analyzers, and other assay kits in laboratories is anticipated to help in the growth of this sub-segment.
Application: Disease Screening Sub-segment to be Highly Dominant
The disease screening sub-segment of the urinalysis market is expected to garner a huge market share by 2031. Increasing use of urinalysis as a diagnostic tool to screen for various diseases such as urinary tract infections, kidney diseases, diabetes, and liver diseases is predicted to be the primary growth driver of the sub-segment in the forecast period.
End-User: Diagnostic Laboratories Sub-segment to Have a Significant Market Share
The diagnostic laboratories sub-segment is expected to flourish immensely by 2031. Rising prevalence of chronic kidney diseases, urinary tract infections, and other urological disorders has led to an increase in the number of urine tests being conducted in diagnostic laboratories. This increase in the number of tests is anticipated to help in the growth of this sub-segment.
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Market in the North America Region to be the Most Dominant
The urinalysis market in North America region is predicted to grow rapidly in the 2022-2031 timeframe. The presence of a well-established healthcare infrastructure is expected to become the main growth driver of the market in this region.
Prominent Market Players
Some leading players in the urinalysis market are
- Abbott
- ARKRAY Inc
- Quidel Corporation
- Sysmex Corporation
- Bio-Rad Laboratories Inc
- Siemens Healthcare Gmbh
- F. Hoffmann-La Roche Ltd
- F. Hoffmann-La Roche Ltd
- ACON Laboratories Inc
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
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For instance, in September 2022, Olive Diagnostics, an Israeli medical device company, announced the launch of an innovative AI-powered urinalysis device. This medical device is designed to conduct real-time urinalysis which is expected to speed up the medical diagnosis process as far as urine testing is concerned. This product launch is, thus, expected to prove to be a game changer in the field of medical testing.
Finally, this comprehensive report also summarizes many crucial aspects of the urinalysis market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Urinalysis Market:
- The Future of Urinalysis: How Digital Technology is Revolutionizing Urine Testing
- Global Urinalysis Market to Generate $5,719.3 Million by 2031, Owing to the Growing Prevalence of Urinary Tract Infections (UTI)
