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.
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.
The availability of refurbished instruments acts as a challenge in the growth of this market as these instruments offer the same functionalities as new equipment at a lower cost. Several end users, mainly small and medium-sized laboratories, opt for cost-effective and refurbished systems.
The global urinalysis market is segmented into North America, Europe, Asia Pacific rest of the World. In 2020, North America accounted for the largest share of the global urinalysis. 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.