Growing Incidence of Urinary Tract Infections
Rising urinary diseases in urinary tract of children and adults are initiating the demand for Voiding Cystourethrogram market sturdily. The growing healthcare expenditure and rising disposable income of the people has encouraged regular clinical visits which helps in better detection of diseases at an early stage through the help of Voiding Cystourethrogram. Additionally, high prevalence of infection among children are probable to project the growth of the market at a high space during the forecast period. Growing population in developing countries coupled with increasing healthcare insurances have also triggered the demand for Voiding Cystourethrogram.
Rising Imaging Procedures
Latest technological advancements and investments in research and development by healthcare centers have influenced increasing the number of imaging centers in developed and developing countries across the globe. Additionally, the growing population and increasing urinary diseases are escalating the imaging procedures and thus impacting the market positively. Moreover, high consumer awareness for health and regular diagnosis has incorporated high investment by private associations to set up imaging centers in numerous countries round the world. Growing awareness in urban areas have also facilitated the growth in number of imaging centers and thus escalating the growth of Voiding Cystourethrogram market during the forecast period.
High cost for voiding cystourethrogram examination can obstruct the market growth during the forecast period. Additionally, the technology is out of affordability state of people in rural areas where prevalence of urinary diseases are high enough to diagnose.
The global voiding cystourethrogram market is observing prominent growth on account of increasing healthcare concerns and awareness among people for check-ups. Advancement in healthcare industry in the past few years and growing research and development has encouraged disease detections easy and affordable which is projected to drive Voiding Cystourethrogram market along with growing population and rise in per capita income. The growth in healthcare department accompanied by insurance policies for refund in treatment is expected to propel the growth of the market during the forecast period.
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According to American Urological Association, there are 150 million patients with UTIs occurring worldwide latest by Feb, 2019 and U.S is experiencing 1 million UTIs every year which is expected to project the growth of the voiding cystourethrogram in the market during the forecast period.
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.