What's driving the Urinalysis Market Size? | Key Players are Danaher Corporation, Siemens, Sysmex Corporation, Bio-Rad Laboratories, Mindray, ACON Laboratories, ARKRAY,Inc.

The global urinalysis market is witnessing considerable growth due to increasing prevalence of diabetes, increasing geriatric population, increasing prevalence of kidney diseases and growing urinary tract infections (UTI). Moreover, increasing healthcare expenditure increases the affordability of patients leading to the increased sales of urinalysis products, supporting the growth of the market. Based on product, the consumables segment is expected to grow at a faster rate during the forecast period, compared to instrument segment. The increasing adoption of dipsticks across the globe owing to their ease of use, cheaper price and easy availability over the counter (OTC) is driving the growth of this segment.

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The rapid growth in emerging economies and technological development in the in vitro diagnostics industry with the advent of portable and battery operated urinalysis device is expected to create revenue generation opportunities for the manufacturers of urinalysis products. However, high cost of urinalysis equipment and stringent regulatory requirements are the key factors hampering the growth of the global market.

Increase in diabetic cases leads to increased sales of urinalysis dipsticks, disposables and devices across the globe. For instance, according to the World Health Organization (WHO) the global diabetes prevalence has increased from 4.7% to 8.5% from 1980 to 2014, respectively. As per International Diabetes Federation (IDF), Western Pacific (WP) region consists of maximum diabetes cases; its prevalence was 138 million cases in 2014, which is expected to reach 202 million in 2035. Similarly, according to IDF, the prevalence of diabetes in South-East Asia (SEA) is expected to increase from 75 million in 2014 to 123 million in 2035.

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Geographically, North America has been the largest market for urinalysis, owing to increased awareness, growth of aged pool, established healthcare industry, and easy accessibility to advanced technologies. The U.S. contributed largest revenue to the North American as well as global urinalysis market. The presence of large pool of patients undergoing pregnancy test and wide acceptance of point of care diagnostic devices are the key growth driving factor for the U.S. urinalysis market.

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The key players operating in the global urinalysis market are:
1- Danaher Corporation
2- Siemens
3- Sysmex Corporation
4- Bio-Rad Laboratories
5- Mindray
6- ACON Laboratories
7- ARKRAY,Inc.

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This release was published on openPR.