Albany, NY -- (SBWIRE) -- 09/28/2017 -- Expanding at a steady 5.4% CAGR from 2016 to 2024, the global urinalysis market is projected to grow from a valuation of US$929.9 mn in 2015 to US$1.5 bn by 2024.

Consumables was the leading product segment in 2015, accounting for a 71.0% share that year. Plastic consumables was the dominant sub-segment, accounting for approximately 53.0% share of the consumables segment in the same year. The instrument segment is likely to expand at a CAGR of 6.8% from 2016 to 2024, emerging as one of the most promising product segments. By type of test, the urinalysis biochemical test held a large share at the start of the forecast period, while the microscopic and sediments urinalysis segment will register a high growth rate. On the basis of test settings, the laboratory-based testing segment will hold the lion's share of the market throughout the forecast period. Point-of-care testing, on the other hand, will exhibit strong growth from 2016 to 2024.

Based on end use, hospital laboratories held the leading share of the urinalysis market in terms of both test volume and revenue in 2014. The others segment, which includes industrial institutions, home testing, and nursing facilities, will witness impressive growth in the coming years. Accounting for a 35% share of the global urinalysis market in 2016, North America holds the lead position. The market in Asia Pacific, on the other hand, offers the highest growth potential.

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Point-of-care testing (POCT) technologies have played a vital role in the transformation of the healthcare industry. When implemented accurately, point-of-care testing can have a positive impact on patient care as well as operational efficiency. "With a rising focus on providing cost-effective and timely medical care for ambulatory patients, POC laboratory testing has become one of the fastest growing areas in the medical field," the author of the study notes. The benefits of point-of-care testing are also reflected in urinalysis, wherein the segment is poised to witness strong growth in the coming years.

The rise in geriatric population, rapid advancement in medical technology, and the rising incidence of diabetes and renal diseases also contribute to the global urinalysis market.

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The global urinalysis market is highly fragment, with the top five companies accounting for a share of 41.7% in 2016. Transparency Market Research finds that these companies, namely F. Hoffman-La Roche Ltd., Beckman Coulter, Inc., Siemens Healthcare, BAYER Healthcare, and Sysmex Corporation, have been dominating the scene owing to various business strategies. Acquisition is one of the most successful and widely chosen growth strategies adopted by players to strengthen their position in the urinalysis market. A case in point would be F. Hoffmann-La Roche Ltd.'s acquisition of GeneWEAVE BioSciences, Inc. in 2015.

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