LONDON, Sept. 18, 2023 /PRNewswire/ -- According to a comprehensive research report by Brandessence Market Research (BMRC), "Kidney Function Test Market Size, Share Outlook Growth By Top Company, Development, Application, Segmentation, Trends And Forecast 2022-2029."
Renal or kidney related diseases have become highly prevalent across the globe. It is very crucial for individuals to opt for kidney function tests so as to determine the onset of any renal disease at an early stage. Different types of urine and blood tests are conducted to check on whether the kidney is healthy and functioning well. Through early diagnosis of any underlying disorder, individuals can opt for efficient treatments and preventive measures before it gets too late.
The business intelligence report on this market offers a deep dive assessment of the top factors influencing the expansion trajectory of this industry. Growth drivers, restraints, challenges, and opportunities pertaining to this industry are well elaborated in this marketspace. It also offers a 360-degree outlook of the top market segments and geographical landscape with accurate growth projections of each region, country, and niche segments. Apart from that, it highlights each player operating in this industry with prime focus on their product portfolio, revenue, brand strategies, expansion, and other crucial aspects.
Key Takeaways:
- Growing prevalence of renal diseases, surge in the geriatric population base, and unhealthy lifestyle trends of the masses are aiding market expansion.
- By type, the urine tests segment is poised to amass notable gains due to the high accuracy and efficacy associated with these tests.
- MEA is projected to account for a substantial revenue share owing to the increased occurrence of kidney diseases and rapidly evolving healthcare infrastructure.
Kidney Function Test Market is reckoned to grow with a substantial CAGR over the assessment timeline of 2022-2029.
Kidney Function Test Market Report Scope:
Report Metric | Details |
Base Year | 2021 |
Study Period | 2022-2029 |
Key Players/Companies | Metabolic Solutions Development Company LLC, F. Hoffmann-La Roche Ltd., Baxter International Inc., Galectin Therapeutics, Inc., Otsuka Holdings Co., Ltd., Discovery Biomed, Inc., Ipsen S.A., Kadmon Corporation, LLC, Plexxikon Inc., Eli Lilly and Company, Endocyte, Inc., IC-Meditech, Inc., Pfizer Inc., ManRos Therapeutics, and others are the prominent players defining the competitive terrain of this business vertical. |
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Elaborating the key trends and dynamics of Kidney Function Test Market:
Growing prevalence of renal diseases, surge in the geriatric population base, and unhealthy lifestyle trends of the masses are aiding the expansion of this business sphere. Also, escalating demand for early disease diagnosis and treatment is another crucial growth propellant of this market space. The rapid increase in healthcare expenditure, growing medical research activities, and rising awareness about renal diseases are creating lucrative opportunities for this industry sphere to prosper.
Major growth drivers
Rising prevalence of renal diseases- Kidney related disorders are occurring at high rates across the globe. Unhealthy dietary habits, rising trends of alcohol consumption and smoking along with growing food adulteration are some of the primary factors leading to the onset of renal disorders. This has escalated the demand for kidney function tests worldwide.
Surge in the geriatric population base- There is a steep rise in the elderly populace worldwide. The aging individuals are highly susceptible to kidney disorders and require proper medical care. With age, kidney and other internal organs of our body weakens and become prone to various disorders. This in turn is creating an upward trend in this marketplace.
Challenges
Lack of awareness- A large part of the population is still unaware of various renal conditions. They are reluctant to opt for kidney function tests as they are ignorant of the outcomes of kidney-based diseases. This in turn is hindering the remuneration scope of this industry.
Competitive landscape of Kidney Function Test Market.
- Metabolic Solutions Development Company LLC
- F. Hoffmann-La Roche Ltd
- Baxter International Inc.
- Galectin Therapeutics, Inc.
- Otsuka Holdings Co., Ltd.
- Discovery Biomed, Inc.
- Ipsen S.A.
- Kadmon Corporation, LLC
- Plexxikon Inc.
- Eli Lilly and Company
- Endocyte, Inc.
- IC-Meditech, Inc.
- Pfizer Inc.
- ManRos Therapeutics
- others.
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Segmental Assessment:
By type, the urine tests segment is poised to amass notable gains over 2022-2029 due to the high accuracy and efficacy associated with these tests.
Based on end user, the hospitals segment is likely to generate significant returns over the stipulated timeline. This is ascribed to the establishment of well-equipped diagnostic set ups across hospitals.
Geographical analysis and landscape:
Middle East & Africa Kidney Function Test Market:
MEA is projected to account for a substantial revenue share over the estimated timeframe. This is credited to the increased occurrence of kidney diseases, rapidly evolving healthcare infrastructure, along with growing R&D activities in the field. Alongside, rising awareness about the target diseases coupled with the escalating demand for early diagnosis and treatment are fuelling the growth of this regional market.
Europe:
Europe is anticipated to register the fastest CAGR over 2022-2029. This is ascribed to the surge in the geriatric population base, presence of prominent players, and influx of advanced technologies in the healthcare sector. Moreover, growing health cognizance among the masses and existence of ideal medical reimbursement scenario are adding traction to the development of this industry.
Opportunities in this industry:
Increased prominent of point of testing-
POC testing is quite convenient for both patients and healthcare providers since they can be conducted outside laboratory settings, i.e. at the place of patients care. It reduces infrastructural costs for healthcare facilities and ensure real time results. This is positively swaying the dynamics of this business vertical.
Major developments in Kidney Function Test Market
Launches
In March 2022, Nova Max Pro Creatinine/eGFR Meter System, a kidney health screening tool was launched by Nova Biomedical.
Porter's Five Forces Analysis:
Threat of New Entrants:
The threat of new entrants in the Kidney Function Test Market is relatively low. The industry requires significant investments in research and development, regulatory approvals, and manufacturing capabilities to produce accurate and reliable kidney function tests. Established companies already have strong brand recognition and distribution channels, creating barriers for new players. Additionally, the industry may have specific regulatory requirements and quality standards that further deter new entrants.
Bargaining Power of Suppliers:
The bargaining power of suppliers in the Kidney Function Test Market can vary depending on the availability of key inputs and technology. Suppliers of raw materials, reagents, and advanced technologies used in kidney function tests may have some bargaining power, especially if they offer unique or specialized components. However, the market likely has multiple suppliers, reducing their overall influence. Companies in the industry may also invest in backward integration or maintain multiple supplier relationships to mitigate supplier power.
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Bargaining Power of Buyers:
The bargaining power of buyers in the Kidney Function Test Market can be moderate to high, especially for large buyers such as hospitals and healthcare facilities. Buyers can compare offerings from various diagnostic companies and negotiate prices based on volume purchasing. Moreover, healthcare providers may switch between different kidney function test providers if they offer better pricing or improved product performance. However, the critical nature of kidney function tests and the need for reliable and accurate results may limit buyers' willingness to compromise on quality for lower prices.
Threat of Substitutes:
The threat of substitutes in the Kidney Function Test Market is relatively low. Kidney function tests are essential for diagnosing and monitoring kidney diseases accurately. Although there are alternative tests and imaging methods to assess kidney health, kidney function tests remain the standard and most reliable option. As a result, the threat of substitution is limited, particularly in a clinical setting where precise measurements are crucial for patient management.
Competitive Rivalry:
The Kidney Function Test Market is likely to experience moderate to high competitive rivalry. Several established diagnostic companies and healthcare organizations are actively involved in the development and distribution of kidney function tests. Intense competition exists in terms of product performance, technology, pricing, and market share. The industry's relatively slow growth rate and the importance of differentiating products can lead to aggressive marketing and product innovation to gain a competitive advantage.
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