ID: MRFR/LS/3865-HCR | 206 Pages | Published By Rahul Gotadki on March 2023
Market Synopsis of the Microalbumin Test Market
The Microalbumin Test Market is expected to reach USD 5,449.34 Million by 2030 at 6.40% CAGR during the forecast period 2022-2030.Microalbumin test is a type of urine test that is used to diagnose kidney diseases. It is also used to evaluate the risk of kidney diseases among the patients diagnosed with diabetes or diabetic retinopathy. Microalbumin test, urine protein tests, and creatinine clearance tests are most widely used urine tests in hospitals and diagnostic centers. Various instruments and devices are used during the microalbumin tests such as urine analyzers, reagent kit, control kit, micro-cuvettes, and test strips.
Technology advancement in the medical device industry, increasing prevalence of diabetes, and rising demand for diagnostic and treatment services for chronic diseases is fuelling the growth of the market across the globe. Additionally, increasing geriatric population with diabetes is further accelerating the market growth. However, there are various factors restraining the market such as high cost of diagnostic medical devices and accuracy of the test.
Key Players in the Global Microalbumin Test Market
Some of the key players in this Microalbumin Test Market are Beckman Coulter (U.S.), Siemens (Germany), Nova Biomedical (U.S.), Roche (Switzerland), Abbott (U.S.), URIT Medical (China), ARKRAY (Japan), OPTI Medical (U.S.), ACON Laboratories (US), Sysmex (Japan), 77 Elektronika (Hungary), and Randox Laboratories (U.K)FIGURE 1: Microalbumin Test Market by Region, 2016 (%)
Source: World Health Organization, Centers for Disease Control and Prevention, European Society of Clinical Microbiology and Infectious Diseases, U.S. National Library of Medicine, National Organization for Rare Disorders, The American Autoimmune Related Diseases Association, The International Society for Human and Animal Mycology, Expert Interview Market Research Future Analysis, Annual report, White paper, Company Presentation.
The microalbumin test market is segmented on the basis of product, indication, and end user.
On the basis of the product, the market is segmented into the analyzer, reagent kit, control kit, micro-cuvettes, test strips, and others.
On the basis of the indication, the market is segmented into kidney disease, diabetes, high blood pressure, and others.
On the basis of the end user, the market is segmented into hospitals, diagnostics laboratories, research laboratories, and others.
Regional Analysis of the Global Microalbumin Test Market
The microalbumin test market is expected to have a steady but positive growth, with the Americas holding the largest share in the market. The growth of the market in America is attributed to the extensive use of medical devices for the diagnosis of chronic diseases such as kidney diseases, cardiovascular diseases, and diabetes. Additionally, the presence of key players manufacturing diagnostic devices, instruments, and consumables is fuelling the growth of the market in the Americas. In North America, the U.S. holds the largest market share followed by Canada. The growth of the market in the U.S. is attributed to the increasing demand for technologically advanced devices, and flourishing growth of medical device industry. Moreover, diagnostic services have become an integral part of chronic disease management in the healthcare sector in the U.S. and Canada.
Europe holds the second largest market share in microalbumin test market whose growth is attributed to extensive research and development activities in the field of cardiology and urology. Additionally, increasing number of patients with cardiovascular diseases and diabetes are also influencing the market growth. Germany holds the largest market share in the European region followed by France and the U.K. In Germany, key players such as Siemens are engaged in strategic approaches such as product launch, acquisition, and partnership to achieve growth in the market. Tapping new market is another important strategy of key players in the microalbumin test market.
In Asia Pacific, the market is exhibiting high exponential growth due to increasing number of specialty care services in healthcare and growth of medical device sector. There is an increasing demand for automated devices such as analyzers and imaging devices which further fuel the market growth. India and China are the largest contributors to the market growth. Rising geriatric population with cardiovascular disease and diabetes and availability of skilled healthcare professionals such as urologists is also driving the market.
In the Middle East & Africa, the market is driven by the availability of tertiary care centers such as diabetes clinics, cardiology centers, and emergency care centers. Additionally, increase in demand for new diagnostics and imaging devices fuel the market growth in the United Arab Emirates (UAE), and Saudi Arabia. In Africa, there is an increasing demand for primary healthcare as the prevalence of non-communicable diseases is increasing along with the communicable diseases. The urge of improving the healthcare system and rising government support further induce Microalbumin Test Market growth in this region.
Global microalbumin test market is expected to showcase growth at 6.40% CAGR from 2022 to 2030.
Early detection of kidney disease at a preventive stage is the primary driver of the global microalbumin test market.
High costs of diagnostic devices and concerns regarding test accuracy are factors restraining the global microalbumin test market growth.
The Americas is expected to lead in the global microalbumin test market till 2030.
Abbott, ARKRAY, Siemens, URIT Medical, 77 Elektronika, Sysmex, Randox Laboratories, Nova Biomedical, OPTI Medical, Beckman Coulter, Roche, and ACON Laboratories are prominent players of the global microalbumin test market.