Insights Into The Urinalysis Market’s Growth Potential 2024-2033
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What Growth Rate is Forecasted for the Urinalysis Market over the 2024-2033 Period?
The urinalysis market has seen a substantial increase in size over the past few years. From $3.3 billion in 2023, it’s predicted to reach $3.55 billion in 2024, which represents a compound annual growth rate (CAGR) of 7.5%. Factors contributing to the expansion during this historic period include escalating healthcare costs, the development of healthcare facilities, modifications in regulations and standardization, drug testing and forensics, as well as advancements in clinical laboratory protocols.
The market size for urinalysis is projected to experience a considerable surge in the coming years, reaching a value of $4.91 billion by 2028 with a compound annual growth rate (CAGR) of 8.5%. The expected growth during the projected period can be linked to factors such as point-of-care testing (POCT), management of chronic diseases, the aging populace, preventive healthcare, and the adoption of remote monitoring and telemedicine. The forecast period is also expected to see major trends like the approval of innovative drugs, advancements in technology, personalized medicine, and the monitoring of chronic diseases.
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Which Factors Are Stimulating Growth in the urinalysis Market?
Owing to the increasing aged populace, the urinalysis market is projected to surge. The term ‘geriatric population’ points towards people aged 65 or topping. As immunity decreases and age increases, the geriatric community is plagued by several ailments. Urinary tract infections (UTI) are an escalated risk within the geriatric crowd due to aging. A urinalysis is a comprehensive check of urine’s visual, chemical, and microscopic elements. The consequent findings aid in the detection and handling of numerous diseases such as diabetes, kidney issues, and urogenital infections. Citing an example, the World Health Organization, an international health-centric arm of the United Nations based in Switzerland, stated in October 2022 that by 2030, six individuals globally would be a minimum of 60 years old. At that juncture, there will be a rise from 1 billion in 2020 to 1.4 billion folks of at least 60 years of age. By 2050, the count of individuals 60 years or older will skyrocket to double, reaching 2.1 billion. Between 2020 and 2050, the world will observe a hike of 426 million more people aged 80 or more than the present number. Therefore, the escalating geriatric population is causing a boost in the urinalysis market.
What Key Segments Can Be Identified in the Urinalysis Market?
The urinalysis market covered in this report is segmented –
1) By Test Type: Pregnancy and Fertility Tests, Biochemical Urinalysis, Sediment Urinalysis
2) By Product: Consumables, Instruments
3) By Application: Urinary tract infections (UTI’s), Kidney Disease, Liver Disease, Diabetes, Hypertension, Other Applications
4) By End Users: Diagnostic Laboratories, Hospitals and Clinics, Home Care Settings, Research Laboratories and Institutes
What Innovative Trends Are Redefining the Urinalysis Landscape?
The adoption of high-tech instruments is a significant trend gaining traction in the urinalysis market. Leading companies in the industry are embracing the application of artificial intelligence in urine analysis devices. As an example, in February 2022, Olive Diagnostics, an Israeli health tech firm that provides diagnosis tools, introduced Olive KG, a urinalysis sensor device that offers real-time health notifications and early warning for disease progression. This device, powered by AI, offers real-time urine analysis, measuring aspects such as red blood cells, proteins, ketones, nitrites, pH, volume, pressure, color, and urine frequency, among others. Moreover, this device can be mounted on the toilet and is an IoMT (Internet of Medical Things) device that generates secure real-time personal data in compliance with GDPR and HIPPA act standards.
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Which Regions Are Key Players in the Growth of the Urinalysis Market?
North America was the largest region in the urinalysis market in 2023. The regions covered in the urinalysis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Urinalysis Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the urinalysis market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Urinalysis Market Include
1. Urinalysis Market Executive Summary
2. Urinalysis Market Segments
3. Urinalysis Market Size And Template Market Growth Rate
4. Key Urinalysis Market Trends
5. Major Urinalysis Market Drivers
……
25. Key Mergers And Acquisitions In The Urinalysis Market
26. Top Urinalysis Companies
27. Urinalysis Market Opportunities And Strategies
28. Urinalysis Market, Conclusions And Recommendations
29. Appendix
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