Albany, NY -- (SBWire) -- 05/09/2018 --The global urinalysis market has been prophesied in a report by Transparency Market Research (TMR) to find top five companies staying dominant on the back of 'merger and acquisition' adopted as a leading business strategy. Market giants such as Sysmex Corporation, BAYER Healthcare, Siemens Healthcare, Beckman Coulter, Inc., and F. Hoffman-La Roche Ltd. could continue to showcase their prominence in the near future. These companies had put together a 41.7% share in 2016. Acquisition has been anticipated to help players produce a broader patient and client pool and bolster their service portfolio.
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TMR has projected the global urinalysis market to expand to US$1.5 bn by 2024 while registering a 5.4% CAGR during the completion of the forecast tenure 2016-2024. By product, although the market could witness the lead secured by consumables, instruments have been foreseen to come out as a more promising segment expected to post a 6.8% CAGR. Regionally, North America could take the command of the market, taking reference from approximately 35.0% share achieved in 2016.Benefits of POCT Reflect Positively on Adoption of Urinalysis Procedure
The world urinalysis market has been foretold to gain from the availability of excellent repayment options for urinary catheters. While this could develop the growth of the market, the progressive adoption of urinalysis on the global platform to evaluate endocrinological variations from the standard and metabolic or renal clutters has been anticipated to set the tone for a valuable rise in demand. Medicare installments usually secure urinalysis procedures when charged along with any other assessment. Furthermore, the growing interest in point-of-care testing (POCT) technologies and the accuracy they bring to the table could work as a leading growth factor for the market.
Since geriatrics are almost in constant need of healthcare and treatment for various diseases, their swelling population size has been predicted to bode well for the world urinalysis market. Even powerful organizations such as WHO have expected the demand for procedures such as urinalysis to grow heavily in the near future.
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Extortionate Cost of Advanced Analyzers Acts as Impediment to Growth
In developing countries, the expensive cost of technologically sophisticated analyzers has been prognosticated to take its toll on the demand for urinalysis. The use of advanced urinalysis procedures may not receive the right support from developing economies because of the lack of the required infrastructural or financial qualifications. The dearth of professional laboratory staff could be another deterrent of market growth. However, the growing prevalence of renal diseases and diabetes and aggressive development of medical technology could help the international urinalysis market to make a strong comeback in the coming years.
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Urinalysis Market to Surge at a CAGR of 5.4% by 2024