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Urinalysis Market 2024 - Size, Trends, Key Insights & Competitive Landscape
Urinalysis Market
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According to The Business Research Company's, The urinalysis market size has grown strongly in recent years. It will grow from $3.3 billion in 2023 to $3.55 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to rising healthcare expenditure, healthcare infrastructure, regulatory changes and standardization, drug screening and forensics, clinical laboratory practices.
The urinalysis market size is expected to see strong growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to point-of-care testing (poct), chronic disease management, aging population, preventive healthcare, remote monitoring and telemedicine. Major trends in the forecast period include innovative drugs approvals, technological innovations, personalized medicine, chronic disease monitoring.
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Market Drivers and Trends:
The growing prevalence of chronic kidney disease is expected to propel the growth of the urinalysis market going forward. Chronic kidney disease is a condition marked by the kidney's inability to filter blood as effectively as they should due to gradual damage and loss of function. Urinalysis is used in the diagnosis, monitoring, and management of chronic kidney disease (CKD that provides valuable insights into the health of the kidneys and the overall functioning of the body. For instance, in May 2023, according to the Centers for Disease Control and Prevention, a US-based national public health agency, it is estimated that in the US, around 35.3 million people have chronic kidney disease, and about 130,522 people in the US have started the treatment for end-stage kidney disease (ESKD) in 2020. Further, it is estimated that around 786,800 people in the US are living with end-stage renal disease (ESRD), and 71% are expected to be on dialysis treatment in 2021. Therefore, the growing prevalence of chronic kidney disease is driving the growth of the urinalysis market.
Technologically advanced instruments are a key trend gaining popularity in the urinalysis market. Major companies operating in the market are advancing toward using artificial intelligence technology in urine analysis devices. For instance, in February 2022, Olive Diagnostics, an Israel-based health tech company providing diagnosis tools, launched Olive KG, a urinalysis sensor device that provides real-time health alerts and early detection for disease growth. This product is AI-powered and gives real-time urine analysis. The device measures red blood cells, proteins, nitrites, pH, volume, pressure, color, and urine frequency, among other things. The device has a toilet mountable IoMT (Internet of Medical Things) device, which creates real-time personal data safeguarded by GDPR and HIPPA act criteria.
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Major Key Players of the Market:
Siemens Healthineers AG, F. Hoffmann-La Roche Ltd., Cardinal Health Inc., Abbott Laboratories, Danaher Corporation, Beckman Coulter Inc., Sysmex Corporation, ARKRAY Inc., ACON Laboratories Inc., Bio-Rad Laboratories Inc., URIT Medical Electronic Group Co Ltd., 77 Elektronika Kft, Thermo Fisher Scientific Inc., Teco Diagnostics, Mindray Medical International Limited, Quidel Corporation, Becton Dickinson and Company, EKF Diagnostics, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Guangzhou Wondfo Biotech Co. Ltd., Chembio Diagnostic Systems Inc, Immunostics Inc., Inova Diagnostics Inc., Meridian Bioscience Inc., Fapon Biotech Inc., Nanjing Norman Biological Technology Co. Ltd., OraSure Technologies Inc., Hologic Inc., Randox Laboratories Ltd., Qiagen N.V
Urinalysis Market 2024 Key Insights:
• The urinalysis market size is expected to see strong growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Geriatric Population Surge Fuels Growth In The Urinalysis Market
• Integration Of Artificial Intelligence In Urinalysis Devices For Technological Advancements
• North America was the largest region in the urinalysis market in 2023
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