Urinalysis Market Anticipated to Garner $5,719.3 Million, Growing at a 6.4% CAGR in the 2022-2031 Timeframe [280-Pages] | Explained by Research Dive

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Research Dive

May 29, 2023, 06:59 ET

The global urinalysis market is expected to grow primarily due to the expansion of the healthcare system. Disease screening sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.

NEW YORK, May 29, 2023 /PRNewswire/ -- Global Urinalysis Market Forecast Analysis:

As per the report published by Research Dive, the global urinalysis market is expected to register a revenue of $5.719.3 million by 2031 at a CAGR of 6.4% during the forecast period 2022-2031.

Segments of the Urinalysis Market

The report has divided the urinalysis market into the following segments:

  • Product Type: instruments and consumables
    • Consumables– Highest market share in 2021
      The growing awareness of the necessity for early disease detection and prevention has boosted the use of urinalysis testing in routine health check-ups, which is expected to boost the sub-segment in the 2022–2031 timeframe.
  • Application: disease screening and pregnancy & fertility testing
    • Disease Screening – Most profitable in 2021
      The rising emphasis on preventive healthcare as well as awareness of the significance of early disease detection are expected to propel the sub-segment forward.
  • End-user: diagnostic laboratories, hospitals & clinics, home care, and others
    • Diagnostic Laboratories – Most lucrative in 2021
      Diagnostic laboratories utilize advanced diagnostic equipment and techniques to analyze urine samples and deliver accurate results to medical professionals for the diagnosis and treatment of various diseases. This is anticipated to push the sub-segment forward.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • North America – Significant market share in 2021
      The increased frequency of chronic diseases such as kidney and diabetes diseases, the growing elderly population, and the growing demand for point-of-care testing are predicted to propel the market in the forecast period.

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Dynamics of the Global Urinalysis Market

The growing adoption of automated and advanced UTI testing methods is expected to make the urinalysis market a highly profitable one in the forecast period. Additionally, the high disease occurrence, growing disposable income, large patient population, and increasing medical tourism in developing countries are predicted to propel the market forward. However, a lack of standardization in tests across different laboratories might become a restraint in the growth of the market.

The growing use of urinalysis in pregnancy testing and drug testing is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the increasing use of point-of-care testing equipment and home urine kits is expected to propel the urinalysis market forward in the coming period.

COVID-19 Impact on the Global Urinalysis Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The COVID-19 outbreak had a moderate impact on the growth of the urinalysis market. Growing number of coronavirus cases mostly affect the elderly and people with chronic illnesses. Many people died because of a lack of proper medical treatment, insufficient testing equipment, and high market demand. As a result, investigations were being done to thoroughly study the changing biochemical characteristics. These factors had a significant impact on the growth of the urinalysis market.

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Key Players of the Global Urinalysis Market

The major players of the market include

  • Abbott
  • Siemens Healthcare Gmbh
  • Sysmex Corporation
  • ACON Laboratories Inc.
  • Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
  • F. Hoffmann-La Roche Ltd
  • ARKRAY Inc
  • Quidel Corporation
  • Teco Diagnostics
  • Bio-Rad Laboratories Inc.

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

For instance, in September 2022, Sysmex Corporation, a Japanese enterprise involved in the healthcare industry, announced the UF-1500 Fully Automated Urine Particle Analyzer, a brand-new tool for urine sediment testing.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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SOURCE Research Dive

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