Luton, Bedfordshire, United Kingdom, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Albumin and Creatinine Tests market.
The global albumin and creatinine tests market is projected to reach USD 14.61 million by 2029 from USD 8.34 million in 2022, at a CAGR of 6.1% from 2023 to 2029.
The growth of the global albumin & creatinine tests market is driven by factors such as the growing prevalence of kidney disorders, the rising adoption of POC diagnostics, and the increasing prevalence of chronic conditions. However, factors like unfavourable healthcare reforms in the US and the high cost of automated analysers are hampering the growth of the albumin & creatinine tests market during the forecasted period.
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North America Accounted Largest Growth of Market
North America is accounted to mention high growth in Albumin and Creatinine Tests Market in 2022. Large healthcare expenditure, increasing prevalence of various kidney disorders, large presence of market players, and use of advance technology in new product development are some factors that bolster the growth of Albumin and Creatinine Tests Market in this region.
High cost of automated analysers is a challenge for market growth.
Most small hospitals and clinics still favour semi-automated technology or manual analysis due to smaller workloads. Large hospitals with heavy workloads are more likely to adopt automated instruments; therefore, the revenue generated can justify the expenditures of implementing automated analysers. This makes it difficult for automated analysers to break into the market, particularly in emerging economies, posing a significant barrier to industry expansion.
An integrated and automated system for overall urine analysis is an opportunity for market growth.
Urine analysis is quick and simple because to the integration of automated urine sediment and urine biochemical analysis in one device. At the moment, standalone automated urine sediment analyzers help standardise sediment and biochemical analysis with minimal operator interference and allow for rapid urine sample analysis. In the automated devices market, such integrated systems have a lot of potential, and they may help large hospitals and diagnostic labs handle their workloads more efficiently. As a result, this sector has been highlighted as a market potential.
Albumin and Creatinine Tests Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 8.34 million in 2022 |
| Revenue forecast in 2029 | USD 14.61 million by 2029 |
| Growth rate | CAGR of 6.1% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | The major players operating in the global albumin and creatinine tests industry include Thermo Fisher Scientific, Inc., Roche Diagnostics, PromoCell GmbH, Abbott Laboratories, Siemens Healthineers, Danaher Corporation, Sysmex Corporation, Ortho Clinical Diagnostics, Randox Laboratories, Abbexa Ltd., ACON Laboratories, Inc., Arbor Assays Inc., ARKRAY Global Business Inc., Aviva Systems Biology, Axxora, LLC, BioAssay Systems. |
| Key Market Opportunities | The rising acceptance of POC diagnostics, and the rising frequency of chronic ailments are driving the growth of the global albumin & creatinine testing market. |
| Key Market Drivers | The advent of integrated systems might lead to lucrative growth for the albumin and creatinine testing market. These integrated systems are used by large hospitals and diagnostic laboratories to manage their work. |
| Customization scope | To serve the growing demand for AI-based solutions, key players are devising their partnerships, mergers & acquisitions, technological collaborations, and product development strategies to broaden their product portfolios and expand their business footprint |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
The presence of large industry players carrying out strategic initiatives will drive market share.
The major players operating in the global albumin and creatinine tests industry include Thermo Fisher Scientific, Inc., Roche Diagnostics, PromoCell GmbH, Abbott Laboratories, Siemens Healthineers, Danaher Corporation, Sysmex Corporation, Ortho Clinical Diagnostics, Randox Laboratories, Abbexa Ltd., ACON Laboratories, Inc., Arbor Assays Inc., ARKRAY Global Business Inc., Aviva Systems Biology, Axxora, LLC, BioAssay Systems. The presence of established industry players and is characterized by mergers and acquisitions, joint ventures, capacity expansions, substantial distribution, and branding decisions to improve market share and regional presence. Also, they are involved in continuous R&D activities to develop new products as well as are focused on expanding the product portfolio. This is expected to intensify competition and pose a potential threat to the new players entering the market.
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Key Market Segments: Albumin and Creatinine Tests Market
Albumin and Creatinine Tests Market by Product, 2023-2029, (USD Million)
- Dipsticks & Kits
- Analyzers
- Cartridges
- Reagents & Other Consumables
Albumin and Creatinine Tests Market by Type, 2023-2029, (USD Million)
- Urine Tests
- Blood & Serum Creatinine Tests
Market Dynamics
The high prevalence of kidney disorders is driving the demand for albumin and creatinine tests. Biochemical urine analysis enables clinicians to access the level of compounds that involve creatinine, urobilinogen, bilirubin, ketones, and glucose in the urine drives the demand for ACR tests resulting in the growth of the global market. Therefore, rising cases of kidney diseases are the primary growth factor that enables the demand for the albumin and creatinine tests market.
- Increasing Prevalence of Kidney Disorders
Kidney disorders and diseases are accelerating in terms of the prevalence rate, primarily among a young chunk of the populace. This aspect may serve as a vital growth indicator for the albumin & creatinine tests market during the forecast period. The escalating rate of hypoalbuminemia caused due to the novel coronavirus will further encourage individuals to undertake albumin & creatinine tests, eventually increasing the growth rate.
- Increased use of integrated systems
The emergence of integrated systems may invite profitable growth for the albumin & creatinine tests market during the assessment period. Large hospitals and diagnostic laboratories are making use of these integrated systems for managing their work. Thus, the heightening utilization of integrated devices to allow quick analysis of urine samples will invite good growth opportunities for the albumin & creatinine tests market.
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