The global urinalysis market size is projected to reach USD 4.9 billion by 2026 from USD 3.5 billion in 2021, at a CAGR of 7.2%. Market growth is driven by the increasing burden of UTIs, diabetes, and kidney & liver diseases; rising geriatric population and the subsequent increase in age-associated diseases and increasing adoption of POC diagnostic tests.
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 moved from a regional crisis to a global pandemic in just a matter of a few weeks. The COVID-19 pandemic negatively affected the overall sales of most of the companies Lockdowns resulting from the COVID-19 pandemic caused people to delay undergoing health checkups, thus affecting the number of tests being performed and sales of reagents.
With the COVID-19 pandemic, in addition to the development of vaccines and therapeutic drugs, there is a growing call for the development of more precise and simple testing technologies and the expansion of testing structures. COVID-19 has also impacted the regulatory environment and practices, as governments and healthcare providers face unprecedented challenges. Regulatory authorities utilized methods to speed approval of diagnostic products. Companies have taken strategic developments to introduce COVID-19 rapid tests, sustain their revenues, and nullify the impact of COVID-19 on their operational capabilities.
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The diagnosis and management of such diseases are responsible for the increasing number of prescriptions for tests such as creatinine, albumin, glucose, ketones, and bilirubin, etc. These tests are performed by urinalysis; hence, it is expected to have a positive impact on this market.
In addition to the factors mentioned above, the Asia Pacific has emerged as an adaptive and business-friendly hub due to relatively less stringent regulations and data requirements. Moreover, as markets in the US and Europe are maturing, most players are shifting their focus to emerging markets. The high investments in healthcare and life sciences research in emerging markets play an essential role in upgrading laboratory infrastructure in these countries. This, in turn, supports the installation of diagnostic systems in laboratories and leads to the growth of the urinalysis market.
Considering these factors, the demand for refurbished analyzers can be expected to increase in the coming years, as these systems offer the same functionalities at a lower cost. This is expected to hamper the revenue of companies offering branded analyzers, and thus restraining the overall growth of the market.
The global urinalysis market is segmented into North America, Europe, Asia PacificRest of the World. In 2020, North America accounted for the largest share of the global urinalysis market. The North American urinalysis market’s growth can be attributed to the growing geriatric population, implementation of favorable government initiatives, increasing healthcare expenditure, improved healthcare infrastructure, and the availability of technologically advanced instruments.