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.
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Due to rapid growth in the senior population, the prevalence of age-associated diseases such as diabetes, liver, and kidney diseases are expected to increase significantly. 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.
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.
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In particular, the markets in developing countries, which are price-sensitive, prefer instruments that are cheap and offer similar functionalities. In the absence of well-grounded regulatory frameworks, there may be an influx of low-quality and refurbished products into the economy.