Global Blood Urea Nitrogen Diagnostics Market Highlights Over 2022 - 2031
The global blood urea nitrogen diagnostics market is estimated to garner a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to an increased number of patients with kidney diseases. The blood urea nitrogen diagnostics are extensively used to determine the functioning of blood by measuring urea in the blood. As per the statistics given by the International Society of Nephrology, more than 850 million people worldwide have kidney ailments. On account of this, the global blood urea nitrogen diagnostics market is anticipated to grow during the forecast period. Furthermore, rising government initiatives are also projected to augment the market growth. The International Society of Nephrology and the International Federation of Kidney Foundation promulgate World Kidney Day every 2nd Thursday in march. The global campaign is celebrated to raise awareness for the importance of kidneys’ overall health. People are becoming aware of kidney tests and are getting regular checkups, which is projected to boost the global blood urea nitrogen diagnostics market growth. Additionally, the soaring health expenditure is anticipated to fuel the market growth. The data released by the World Bank in 2019 states that 9.84% of the total world GDP is the current health expenditure. The growing geriatric population is also one of the prominent reasons which are expected to foster the global blood urea nitrogen diagnostics market growth during the forecast period.
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The market is segmented by application into hospitals, laboratories, clinics, and others. Out of which, the hospital sub-segment is anticipated to hold the largest share in the global blood urea nitrogen diagnostics market on account of the rising number of patients visiting the hospitals. With the increasing awareness amongst the people regarding health, they are becoming proactive and opting for regular health check-ups and doctor visits more frequently.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Blood Urea Nitrogen Diagnostics Market Regional Synopsis
Regionally, the global blood urea nitrogen diagnostics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness modest growth over the forecast period on the back of the presence of the trailblazing healthcare infrastructure. Furthermore, the rising cases of kidney diseases are also expected to boost the growth of global blood urea nitrogen diagnostics market. The data published by the Centers for Disease Control and Prevention show that 37 million adults in the USA are estimated to have chronic kidney diseases. Furthermore, the government expenditure in the healthcare sector is considerably high in the region, which is also estimated to uplift the global blood urea nitrogen diagnostics market growth.
Moreover, the Asia Pacific region is also projected to exhibit significant growth in the global blood urea nitrogen diagnostics market during the forecast period, owing to high population of older adults, accompanied with the overall increasing population in the region. The United Nations Population Fund states that the Asia and Pacific region has 60% of the world’s total population. The large population of the region is estimated to fuel the global blood urea nitrogen diagnostics market growth during the forecast period.
The global blood urea nitrogen diagnostics market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global blood urea nitrogen diagnostics market includes the following segments:
By Type
- ELISA
- Colorimetric
- Spectrophotometric
By Application
- Hospital
- Laboratory
- Clinic
- Others
Growth Drivers
- Increasing Cases of Kidney Ailments
- Rising Worldwide Government Initiatives
Challenges
- Lack of Awareness Amongst People
Top Featured Companies Dominating the Market
- Siemens Healthcare GmbH
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd
- Beacon Diagnostic Pvt. Ltd.
- Eagle Biosciences Inc.
- Express Biotech International
- Arkyne Technology S.L
- Abbott Healthcare Private Limited
- Arbor Assays Inc.
- PerkinElmer Inc.
