October 19, 2022 05:47 ET | Source: Kenneth Research Kenneth Research
New York, New York, UNITED STATES
New York, Oct. 19, 2022 (GLOBE NEWSWIRE) — Kenneth Research has published a detailed market report on ‘Global Urinalysis Test Market’ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
Global Urinalysis Test Market Size:
The global urinalysis test market is estimated to garner a notable by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated significant revenue in the year 2022. The growth of the market can majorly be attributed to the increasing incidence of death rates followed by a rise in the number of diabetes patients. According to the World Health Organization, between 2000 and 2019, there was a 3 percent increase in diabetes mortality rates by age. In 2019, diabetes and kidney disease due to diabetes caused an estimated 2 million deaths. The global market is further expected to be propelled by factors, such as surging chronic kidney diseases, rising geriatric population, surge in liver disease cases, and increasing pregnancy test across the globe over the forecast period.
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Global Urinalysis Test Market: Key Takeaways
Increasing Prevalence of Diabetes around the World to Boost Market Growth
A urinalysis test refers to urine analysis. It is used to detect and treat a wide range of conditions, including urinary tract infections, kidney disease, and diabetes. The primary testing types are divided into biochemical urinalysis, pregnancy & fertility tests, sediment urinalysis, and others. More, the high prevalence of urinary infections, and diabetes is projected to boost the growth of the global urinalysis test market. According to the data by the International Diabetes Federation (IDF), in 2021, approximately 537 million adults are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Three in four adults with diabetes live in low- and middle-income countries. Hence, growing number of diabetes patients around the world is expected to be a prime factor to drive the growth of the global market.
In addition to this, increasing cases of chronic diseases across the globe is estimated to be another major factor to add to the market growth. As per the World Health Organization (WHO), chronic diseases (NCDs) kill 41 million people each year, equivalent to 71% of all deaths globally. Each year, more than 15 million people die from a chronic disease between the ages of 30 and 69 years; 85% of these premature deaths occur in low- and middle-income countries. Moreover, the rising investments in R&D activities to continuously bring up more feasible solutions for medical procedures along with the launch of new products are predicted to propel the global urinalysis test market over the projection period.
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Global Urinalysis Test Market: Regional Overview
The global urinalysis test market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Governmental Initiatives to Spread Awareness Expected to Fuel Market Growth in the Asia Pacific Region
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 on the back of its high population base, and a rise in the cases of chronic diseases. Moreover, the role of government in spreading awareness about the tests are expected to boost the growth of the market in this region. Additionally, increasing number of CVD patients, increasing funding in healthcare infrastructure, and inactive lifestyles followed by unhealthy diets are expected to influence the growth of the urinalysis test market in the region. As per the American College of Cardiology, 58% of the total deaths caused by CVD in 2019 were reported from the Asia Pacific region.
Increasing Cardiovascular Diseases to Favor Market Growth in the North America Region
On the other hand, the market in the North America region is anticipated to witness a notable growth in the urinalysis test market on the account of extensive advancements in the healthcare infrastructure. Moreover, the high prevalence of cardiovascular disease is expected to surge the growth of the urinalysis test market in the region. As per the Centers for Disease Control and Prevention, in every 34 seconds, one person dies owing to cardiovascular disease in the U.S. Additionally, about 697,000 people in the United States died from heart disease in 2020, which was 1 in every 5 deaths. Further, the easy availability of better medical facilities, backed by the favorable medical policies are estimated to elevate the market growth in the region.
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The study further incorporates Y-O-Y growth, demand & supply, and forecast future opportunities in:
Global Urinalysis Test Market, Segmentation by End User
The hospitals & clinics segment is estimated to hold the largest share in the global urinalysis test market over the forecast period. The growth of this segment can be attributed to the existence of a huge patient pool in a hospital facility that requires treatment for diabetes and other chronic diseases. Moreover, rising healthcare expenditure per capita on healthcare is also estimated to propel the growth of the market. According to the data by The World Bank, as of 2019, the current health expenditure per capita among the global population was USD 1,121.97.
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Global Urinalysis Test Market, Segmentation by Application
The pregnancy & fertility sub-segment is estimated to have a modest growth over the forecast period. This segmental growth can be accredited to the increasing pregnancy rates. It was noted that, as of 2019, an estimated 21 million girls aged 15–19 years in low and middle-income countries became pregnant.
Global Urinalysis Test Market, Segmentation by Testing Type
Few of the well-known market leaders in the global urinalysis test market that are profiled by Kenneth Research are Abbott, Thermo Fisher Scientific, Bio-Rad Laboratories Inc., General Electric Company, Cardinal Health, Sysmex Corporation, F.Hoffmann-La Roche Ltd, BioMaxima SA, ACON Laboratories, Inc., Quidel Corporation, and others.
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Recent Developments in the Global Urinalysis Test Market
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