Urinalysis Market Will Rise to US$1.5 Billion by the end of 2024, Says TMR

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Dec 18, 2018, 05:30 ET

ALBANY, New York, December 18, 2018 /PRNewswire/ --

A report by Transparency Market Research (TMR) finds that the global urinalysis market would expand at a steady CAGR of 5.40% over the period between 2016 and 2024. The total valuation of the global urinalysis market was US$929.9 Mn, and this figure is projected to reach a value of US$1.5 Bn by 2024-end. On the basis of instrument type, the demand for chemical analyzers has been rising at a robust rate in recent times. Based on geography, the market for urinalysis in North America has attained fruition in recent times.

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Rising Incidence of Diabetes to Propel Demand

The demand within the global market for urinalysis has been rising on account of the heavy incidence of diabetes across the globe. The primary screening for diabetes involves urinalysis, and this trend has been gaining momentum across the world. Furthermore, minor urinal infections can also have severe consequences if left untreated, and hence, there is a dire need to ensure swift treatment of such infections. This factor is also prognosticated to propel demand within the global urinalysis market in the years to come. Besides this, the increasing incidence of prostate cancer has also resulted in an increase in demand within the global urinalysis market. A number of market analysts predict that the emergence of better and quicker means for urinalysis would aid the growth of the global urinalysis market in the years to come.

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Cases of Faulty Analysis could Hamper Growth

Despite the indispensability of urinalysis for diagnosing several diseases and infections, the demand within the global urinalysis market is restrained by multiple factors. Several cases of faulty analysis of urine samples has placed a negative toll on the performance and competency of diagnostic centers. This factor is projected to substantially hamper the growth of the global market for urinalysis in the years to come. However, the need to conduct urine analysis is felt across several longitudes within medical sciences, and this factor shall kep enhancing the growth prospects of the global urinalysis market. Furthermore, the prescription of urine tests by various medical specialists shall also aid the growth of the global urinalysis market.

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The demand within the global market for urinalysis has been rising on account of the heavy incidence of urinal infections across the world, finds Transparency Market Research (TMR). The market players in the global market for urinalysis have been on a quest to expand their consumer base, and have resorted to a range of strategies to accomplish this goal. Research and development has become the catchphrase of the market players who are now focusing on providing errorless analysis and testing of urine. Furthermore, the market players in the global urinalysis market are also aiming to reduce the time taken for conducting analysis and delivering research. This factor is projected to offer extra utility to customers, thus, enhancing the growth dynamics of the market vendors.

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Since the global market for urinalysis is directly related to the medical and healthcare industries, the market vendors have been collaborating with hospitals and healthcare centers. Referrals from hospitals and healthcare centers have played a pivotal role in enhancing the growth prospects of the vendors. Furthermore, the market vendors have also incorporated safer and more hygienic standards for conducting urinalysis. It is projected that the global urinalysis market would witness multiple mergers, strategic partnerships, and acquisitions over the forthcoming years.

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The review is based on TMR's report 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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