(PharmaNewsWire.Com, May 20, 2021 ) The report "Kidney Function Test Market by Product (Dipsticks, Reagents, Disposables), Type (Urine Test (Urine Protein, Microalbumin, Creatinine Clearance), Blood Test (Serum Creatinine, BUN)), End User -Global Forecast", the global renal function test market is expected to reach USD 790.1 Million, at a CAGR of 6.1%.
The Growth in the kidney function test market can primarily be attributed to factors such as the rising prevalence of kidney disease, growing prevalence of diabetes and hypertension, rapid growth in the geriatric population, and the rise in alcohol consumption are driving the growth of the market.
Objectives of the Study:
- To define, describe, segment, and forecast the global kidney function test market by product, type, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to the individual growth trends, prospects, and contributions to the overall Kidney /Renal Function Test Market.
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To profile the key players and comprehensively analyze their product portfolios, market shares, and core competencies in the global kidney function test market
The dipsticks segment is expected to dominate the market in 2017
By product, categorized into dipsticks, reagents, and disposables. Dipsticks are expected to account for the largest share of the market in 2017, they are also expected to grow at the highest CAGR during the forecast period. The large share and high growth rate of this segment can be attributed to factors such as the cost-effectiveness of dipstick testing and its widespread applications across specializations.
Geographical View in-detailed:
North America is estimated to account for the largest share of the market, followed by Europe. This large share can be attributed to factors such as the increasing incidence of chronic diseases, rising prevalence of hypertension, growing incidence of diabetes in the US, and increasing initiatives by the Canadian government for the awareness and treatment of kidney diseases. However, the Asia Pacific region is expected to register the highest CAGR during the forecast period.
Global Key Leaders:
The prominent players in the global renal function test market are Siemens (Germany), Beckman Coulter (US), Sysmex (Japan), Roche (Switzerland), Abbott(US), Nova Biomedical (US), URIT Medical (China), ARKRAY (Japan), OPTI Medical (US), ACON Laboratories (US), 77 Elektronika (Hungary), and Randox Laboratories (UK).
Companies also adopted other strategies such as acquisitions and agreements to strengthen their existing market position and enhance their market share. Abbott (US) was the major player that adopted this strategy.
Few of the instances of the strategies followed by the players have been discussed below:
- In February 2017, ARKRAY (Japan) launched the Uriflet S 11UA-the urine strip measure 11 qualitative test, including albumin/creatinine ratio and protein/creatinine ratio.
- In September 2016, Nova Biomedical (US) opened a new subsidiary in Brazil. With this expansion, the company aims to provide sale and service support to its customers in the country.
- In February 2016, Abbott (US) acquired Alere (US) to strengthen and expand its diagnostics presence across the globe.
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