Urinalysis Market Valuation to Reach US$ 1.5 Billion by the Completion of 2024
The global urinalysis market is foreseen in a report by Transparency Market Research (TMR) to find top companies strengthening their position with the help of strategic mergers and acquisitions. By making appropriate improvement in their service portfolio, companies could expand their consumer base. In 2016, five leading players of the market scored a 41.0% share, indicates the report. Analysts authoring the report identify BAYER Healthcare, F. Hoffman-La Roche Ltd., and Siemens Healthcare as some of the prominent names of the market.
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TMR prognosticates the global urinalysis market to rise at a 5.4% CAGR between 2016 and 2024 to be valued at a US$1.5 bn by the completion of 2024. In terms of product, the market could testify the dominance of consumables in the near term. On the basis of region, North America is anticipated to continue taking a larger share of the market from its 35.0% attained in 2016.
The world urinalysis market is predicted to gain impetus with opportunities being created on the back of high unmet medical requirements and colossal target population base in underdeveloped regions. However, in order to cash in on these prospects, it is necessary to respond to the unmet medical needs with research and development of novel diagnostic tools. Epidemics in several regions are observed to be fueled due to rise in the practice of sedentary lifestyle.
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Until the end of the forecast tenure, companies dealing with urinalysis are foretold to receive pampering from promising reimbursement scenarios for urinary catheter users, aggressive technological development, and swelling demand for effective treatment techniques. Use of urinalysis tests for diagnosing endocrinological abnormalities and metabolic or renal disorders could improve adoption on the global platform.
Demand in the international urinalysis market is projected to slump in emerging economies due to exorbitant cost of advanced analyzers. Lack of laboratory professionals could also dent the growth of the market in the coming years. Furthermore, emerging economies lacking financial or infrastructural qualifications are forecasted to deter growth in the near future.
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Nonetheless, players could take advantage of rapid advancement of medical technology and aggressively rising incidence of diabetes and renal disorders to improve their shares in the international urinalysis market. Medicare payments covering urinalysis tests when billed in synchrony with management and evaluation services could bode well for the market. Adoption of urinalysis tests could be supported by current procedural terminology (CPT) description and code for reimbursements. One of the important tactics adopted by players could be allowing accurate and rapid diagnosis with increased ease of use.
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