The Urinalysis Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Urinalysis Global Market Report 2024, The urinalysis market size has grown strongly in recent years. It will grow from $3.3 billion in 2023 to $3.55 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to rising healthcare expenditure, healthcare infrastructure, regulatory changes and standardization, drug screening and forensics, clinical laboratory practices..
The urinalysis market size is expected to see strong growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to point-of-care testing (poct), chronic disease management, aging population, preventive healthcare, remote monitoring and telemedicine.. Major trends in the forecast period include innovative drugs approvals, technological innovations, personalized medicine, chronic disease monitoring..
The rising geriatric population is expected to propel the urinalysis market going forward. The geriatric population refers to older adults 65 years and beyond. The geriatric population suffers from various diseases due to low immunity and age. Aging increases the risk of urinary tract infections (UTI) in the geriatric population. A urinalysis examines the visual, chemical, and microscopic components of urine. These results are used to identify and manage a variety of illnesses, including diabetes, kidney disease, and urogenital infections. For instance, October 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations responsible for international public health, six people in the world will be aged 60 years or older by 2030. At this point, there will be 1.4 billion people, up from 1 billion in 2020, who are 60 years of age or older. The number of individuals 60 and older in the world will double (to 2.1 billion) by the year 2050. Between 2020 and 2050, there will be 426 million more people who are 80 years of age or older than there are today. Thus, the rising geriatric population is driving the urinalysis market.
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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
Technologically advanced instruments are a key trend gaining popularity in the urinalysis market. Major companies operating in the market are advancing toward using artificial intelligence technology in urine analysis devices. For instance, in February 2022, Olive Diagnostics, an Israel-based health tech company providing diagnosis tools, launched Olive KG, a urinalysis sensor device that provides real-time health alerts and early detection for disease growth. This product is AI-powered and gives real-time urine analysis. The device measures red blood cells, proteins, ketones, nitrites, pH, volume, pressure, color, and urine frequency, among other things. The device has a toilet mountable IoMT (Internet of Medical Things) device, which creates real-time personal data safeguarded by GDPR and HIPPA act criteria.
The urinalysis market report table of contents includes:
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