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Global Urinalysis Market Receives Impetus from Rising Geriatric Population

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A large section of the global population is suffering from diabetes. It is one of the key contributors to the growth of the urinalysis market. Kidney failure and end-stage renal disease (ESRD) are a few of the common diseases caused by diabetes. As per the WHO, diabetes accounted for an estimated 422 million deaths globally in 2014. Urinalysis is nothing but a thorough examination of urine to diagnose and treat certain diseases in which various physical and chemical parameters are observed. It is also efficient in detecting various other common diseases such as liver problems, kidney disorders, and urinary tract infections.

Browse the full Global Urinalysis Market Report:http://www.mrrse.com/urinalysis-market

According to a report by Transparency Market Research (TMR), the global urinalysis market is projected to exhibit a CAGR of 5.4%. At this pace, the market is expected to reach US$1.5 bn by 2024 from its initial value of US$929.9 mn in 2015.

Demand for Laboratory-based Urinalysis to Stimulate Market Growth

Based on test setting, the laboratory-based segment led the urinalysis market in 2015 and is projected to rise in the forecast period as well. Factors driving the demand for laboratory-based urinalysis include the growing incidence of lifestyle diseases, increasing prevalence of infectious diseases in developing countries, rising geriatric population, and various technological advancements to develop faster and easy-to-use devices.

  • The consumables segment based on products is the key contributor to the market for global urinalysis. Increase in preference toward sterile, rigid, and single-use disposable products are factors positively impacting the market growth
  • On the basis of type of test, the biochemical segment accounted for a large share in the overall urinalysis market in 2015. Extensive usage of reagent strips (dipsticks) is chiefly responsible for the growth of this segment.

North America Continue to Dominate Urinalysis Market

The global urinalysis market is geographically segmented into Europe, North America, Asia Pacific, Latin America, and Rest of the World. North America accounted for over 30% of the global market in 2015. According to the National Kidney Foundation, an estimated 26 million people in the U.S. are living with kidney disease. This is one of the major factors impacting the urinalysis market in this region. In addition, the escalating geriatric population, increased investment in research and development, and rapid innovation in technology are some of the factors driving the growth of the urinalysis market.

There are a few regional contributors to the global market growth of urinalysis, they are:

  • In 2015, due to rise in the geriatric population, Asia Pacific accounted for a major share in the global urinalysis market. A significant rise in point-of-care testing, increasing number of laboratory diagnosis tests, infrastructure development, rapid industrialization, and growing awareness about product quality and safety in countries such as India and China are some of the factors driving the urinalysis market.
  • The urinalysis market in Latin America is exhibiting lucrative opportunities due to an increase in government initiatives to provide better healthcare facilities, large population base, and a high-target patient pool. It is estimated that the market in Latin America will grow at steady CAGR during the forecast period from 2016 to 2024.

Browse the full Press Release of Global Urinalysis Market at :http://www.mrrse.com/global-urinalysis-market

Bio-Rad Laboratories, Inc., ARKRAY, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche Ltd., Siemens Healthineers, Sysmex Corporation, Mindray Medical International Limited, and 77 Elektronika Kft are a few of the prominent players in the market that are profiting from the expansion of  global urinalysis.