The Global Urinalysis Market Anticipated to Register a Revenue of $4,776.9 Million, Growing at a CAGR of 6.3% from 2021 to 2028Download Sample Reports Overview
According to the urinalysis market forecast, the global market size is estimated to cross $4,776.9 million by 2028, growing from $2,944.0 million in 2020, at a healthy CAGR of 6.3%.
COVID-19 Impact on Urinalysis Market
COVID-19 is an infectious disease mainly caused by the recently discovered coronavirus. The pandemic of COVID-19 moved from a regional outbreak to the international crisis within a few months. The COVID-19 infection severely affected the overall sales of most of the industries such as retail, hospitality tourism, and others. The global urinalysis market also witnessed the negative impact, throughout the COVID-19 pandemic. Majority of the developed as well as developing countries have imposed the lockdown, caused people to delay undergoing health checkups, thereby negatively impacting sales of reagents and the number of tests being performed.
However, the companies operating in the urinalysis industry are coming up with novel strategies in order to sustain in the pandemic period. For example, in June 2020, Healthy.io, an Israel-based wound-care and smartphone urine analysis venture, announced the purchasing of Inui Health, a consumer medical diagnostics company, in an around $9 million cash deal. The acquisition is a consolidation of 2 well-known startups in the smartphone-based urinalysis test to make a strong case for the companies' digital diagnostics platforms, throughout the COVID-19 crisis. Such companies’ initiatives may further help uplift the market, in the pandemic period.
Global Urinalysis Market Analysis
UTI is the most common bacterial infections that affect the kidneys and further cause complications during labor and delivery in pregnant women. For example, as per publication of World Health Organization (WHO), a specialized agency of the United Nations (UN) responsible for international public health, it is estimated that 50% of women worldwide had a UTI during their lifetime. Thus, it is expected that, urinalysis market will have exponential industry growth as it is commonly used as a diagnostic procedure to evaluate the urinary tract infection.
Contrary to this, availability of refurbished urine analyzers is one of the major reasons hampering the global urinalysis industry, during the analysis period. In addition to this, changing regulatory landscape along with lack of skilled personnel in the urinalysis market is also restraining growth.
Emerging countries namely South Korea, India, Mexico, and Brazil are projected to offer potential growth opportunities for prominent companies working in the urinalysis industry. This can be attributed to the large patient population, high disease prevalence, increasing disposable income, improvisation in healthcare facilities, and increasing medical tourism in these nations. All these urinalysis market trends in developing region are further expected to create novel opportunities in the global urinalysis market, in the coming years.
Global Urinalysis Market, Segmentation
The global urinalysis market is segmented based on product, application, end-user, and region.
The product type segment is further classified into instruments and consumables. Among these, the instruments sub-segment is predicted to have the significant growth and cross $1,528.4 million by 2028, with the rise from $918.5 million in 2020.
The growth of instruments sub-segment of urinalysis market is mainly attributed to the extensive surge in the public awareness, rising incidence of diabetes, and kidney & liver diseases particularly in the Middle East and Latin American economies along with massive growth in healthcare expenditure worldwide. Moreover, notable upsurge in the investments in the sector of medical devices is creating significant opportunities for the sub-segment’s growth, in the forecasted years.
The application segment is further classified into UTIs, kidney disease, liver disease, diabetes, hypertension, and others. Among these, the UTIs sub-segment is expected to have the dominating share, and is projected to surpass $1,933.0 million by 2028, with the increase from $1,155.9 million in 2020.
Extensively increasing prevalence of UTIs across the globe is one of the foremost reasons propelling the sub-segment’s growth. In addition to this, increase in awareness about UTIs conditions in developing region, along with notable R&D fundings are some of the crucial factors that are propelling the sub-segment’s growth. Furthermore, improvisation of healthcare infrastructure and availability of proper diagnostic facilities for treatment of the disease are likely to boost the sub-segment’s growth, in the forecast period.
The end-user segment is further classified into hospitals, clinical laboratories, home healthcare, and others. Among these, the hospitals sub-segment is projected to have the highest share of the urinalysis market size and register a revenue of $2,640.3 million by 2028. Strategic collaborations between government authorities and hospitals in order to fulfill rising need for diagnostics procedures may boost the hospital sub-segment’s growth. Also, growing adoption of high-end hospitals with the department of liver and kidney care specifically in the Asia-pacific economies is creating significant impact on the hospitals sub-segment.
Urinalysis market for Asia-Pacific region is extremely competitive and prominent players in the industry are adopting several strategies to gain largest APAC urinalysis market share. Asia-Pacific urinalysis market accounted $524.0 million in 2020 and is expected to register a revenue of $902.8 million by 2028.
The increasing geriatric population along with awareness programs initiated by government as well as non-governmental bodies is contributing to the growth of the urinalysis market in Asia-pacific region. In addition, massively increased prevalence of UTIs, hypertension, and kidney diseases has also accelerated the APAC urinalysis market growth. In addition to this, growing emphasis on technologically advanced instruments mainly in Japan, India, South-Korea, and Singapore can be major factors driving the Asia-Pacific urinalysis market.
Key Players in the Global Urinalysis Market
Some of the leading global urinalysis market players are
- Siemens Healthineers AG
- F. Hoffmann-La Roche Ltd.
- Cardinal Health, Inc.
- Abbott Laboratories
- Danaher Corporation
- Sysmex Corporation
- Dickinson and Company
- Bio-Rad Laboratories, Inc.
- Thermo Fisher Scientific Inc.
- ARKRAY, Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Urinalysis Market
- Bargaining Power of Suppliers: The suppliers of global urinalysis market are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of suppliers of urinalysis products decreases.
Hence, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, mainly because of increasing buyers’ demand for advanced urinalysis at lower cost. Thus, multiple suppliers are providing best yet cost-efficient urinalysis. Hence, the buyers can select the product that best fits their preferences.
The bargaining power of the buyers is high.
- Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There is no alternative equipment available.
Therefore, the threat of substitute is low.
- Competitive Rivalry in the Market: The ventures operating in the global urinalysis industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like Siemens Healthineers AG and F. Hoffmann-La Roche Ltd. are investing heavily to provide advanced urinalysis products to the customers.
Therefore, competitive rivalry in the market is high.