Blood Urea Nitrogen Diagnostics Market Segmentation by Type (ELISA, Colorimetric, and Spectrophotometric); and by Application (Hospital, Laboratory, Clinic, and Others) – Global Demand Analysis & Opportunity Outlook 2031
Buy Now Report ID: 4147 | Published Date: Feb 15, 2023
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:
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.
Our in-depth analysis of the global blood urea nitrogen diagnostics market includes the following segments:
By Type
By Application
Growth Drivers
Challenges
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The rising cases of chronic kidney disorder are estimated to be the major factors driving the growth of the global blood urea nitrogen diagnostics market during the forecast period.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
Ans: Lack of awareness amongst people is estimated to hamper the market growth.
Ans: The North America region is estimated to provide more business opportunities for the growth of the global blood urea nitrogen diagnostics market in the future owing to the presence of developed healthcare infrastructure.
Ans: The major players in the market are Beacon Diagnostic Pvt. Ltd., Eagle Biosciences Inc., Express Biotech International, and Arkyne Technology S.L.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, and by region.
Ans: The hospital sub-segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
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