ALBANY, New York, May 2, 2019 /PRNewswire/ -- TMR's analysts' prediction reveals that the global urinalysis market to attain a valuation of US$1.5 bn by 2024-end. Experts further project that the growth of the market is expected to occur at a promising 5.4% CAGR during the assessment period from 2016-2024.
Among several test settings, the laboratory based segment is emerging as the leading shareholder in the global urinalysis market. Along with mushrooming private healthcare facilities in both developed and developing economies, the demand for private laboratories is also rising. Region wise, Asia Pacific is predicted to dominate in the global urinalysis market with the increasing focus on healthcare in countries like China and India.
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Growing Prevalence of Kidney Diseases Worldwide to Boost Market
Urinalysis is a type of test which is mainly conducted to analyze urine samples. This test assists detection of a wide array of disorders include kidney diseases, diabetes, and urinary tract infection. Urinalysis is basically carried out as pre-surgery preparation, and forms of a part of routine medical check-up in hospitals, upon admission of patients afflicted with disorders. Moreover, it helps in identifying the cause of various symptoms such as abdominal pain and painful urination. Such facilities are majorly fueling growth in the global urinalysis market. Along with these, increasing prevalence of several types of kidney diseases and rapid implementation of PPACA are also providing impetus to the growth of the global urinalysis market.
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Furthermore, the urinalysis needs various products during the test which include urine analyzer, dipstick, POC, and reagent. However, the two key product types are consumables and instruments. Rising incidences of chronic diseases due to the rapid change in lifestyle as well as environment has resulted in the need for advanced tests. Such factors are also propelling expansion in the global urinalysis market. However, another factor majorly fueling demand in the global urinalysis market include increasing number of surgeries and rising awareness about healthcare to receive treatment at early stages.
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High Cost of Tests May Deter Market's Growth
While there are numerous factors supporting the growth of the global urinalysis market, a few challenges exist as major market restraints. High cost of tests and equipment are a couple of these restraining factors. Such expenses make it difficult for economically unstable people to afford the test procedures. Nonetheless, rising governments' supports and availability of several health insurances are believed to underpin the growth momentum in the global urinalysis market.
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The global urinalysis market is noticed by fierce competition between several players, says Transparency Market Research (TMR). Therefore, the nature of the competitive landscape is fairly fragmented. An ample number of leading players in the market are focusing on constantly improving their products. This factor is maintaining a high competitive spirit in the global urinalysis market.
Other than the players, most companies in the market are keen to develop new technologies for improving the test results' efficiency and reduction in operational time as well. Moreover, these companies are also investing in research and development to invent such advanced technology, which can help in reducing cost. These strategies are intensifying the competitive level among several renowned companies in the global urinalysis market. However, key brands are merging with smaller and regional vendors with patented products in order to expand their footprint at global level. A few prominent names of the companies in the global urinalysis market include BAYER Healthcare, Siemens Healthcare, and F.Hoffman- La Roche Ltd.
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The review is based on a market research report by TMR, titled, "Urinalysis Market (Product Type - Instruments (Chemistry Analyzer, Microscopy Analyzer/Sediment Analyzer, Integrated Chemistry and Sediment Analyzer, and Portable Analyzers) and Consumables (Plastic Consumables, Reagent Strips, and Chemical Agents); Test Type - Macroscopic, Biochemical, and Sediment/Microscopic; Test Setting - Point-of-care and Laboratory-based; End User - Hospitals, Independent Laboratories, and Physician Practices) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024".
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