Renal Function Tests Market Size, Share & Trends Analysis Report by Product (Clearance Tests, Urine Tests, Blood Tests, Dilution & Concentration Tests, Other Tests), By Use final, by region and segment forecast, 2023-2030
New York, Jan. 06, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Report Analyzing Kidney Function Test Market Size, Share, and Trends by Product, by End-Use.” , by Region and Segment Forecast, 2023 – 2030″ – https://www.reportlinker.com/p06377984/?utm_source=GNW
Kidney Function Tests Market Growth and Trends
The global kidney function test market size is expected to reach USD 1.39 billion by 2030, registering a CAGR of 6.50% from 2023 to 2030. Key factors such as high prevalence of kidney disease, increase in R&D activities, increase in investments by market players, and technological innovations are expected to significantly boost the growth of the market. Moreover, the increasing number of initiatives taken by the government to provide various facilities, such as the reimbursement of diagnostic tests, is a major factor likely to boost the market.
The introduction of innovative renal function tests in the market by operational players is increasing the adoption of these diagnostic tests. For example, in December 2022, Journey Biosciences, Inc. launched its flagship product, NaviDKD. It is a biomarker-based blood test that assesses the risk of kidney disease in people with diabetes years before symptoms appear. Along with its patented Compass reporting platform, the product provides actionable insights to manage and prevent complications before they occur. Such developments are expected to fuel the market over the forecast period.
Furthermore, increase in R&D initiatives for new product development is expected to fuel the market growth significantly over the forecast period. For example, in February 2021, researchers from Derby and Burton University Hospitals, the NHS Foundation Trust and the University of Nottingham received $2.32 million in funding to help improve disease treatment and diagnosis. kidneys. Researchers will use multiparametric MRI to assess patients with CKD. Similarly, Canada’s kidney research organization received a new investment of US$11.8 million to support its work through 2027. The Can-SOLVE Chronic Kidney Disease Network is the largest initiative of kidney research in Canada.
The COVID-19 pandemic has been associated with increased hospitalizations and infection hotspots across the country. There were at least three separate waves of COVID-19 around the world in June 2021 that strained hospital resources, particularly the workforce and the availability of dialysis equipment and supplies.
Additionally, the COVID-19 pandemic has affected healthcare services for patients with kidney failure. Social distancing and confinement were mandatory standards, globally, resulting in the temporary closure of other medical services.
The diagnosis of several kidney diseases has been postponed during the pandemic due to the suspension of elective visits and screening services.
Additionally, the increasing prevalence of kidney disease is expected to increase the demand for diagnostic tests over the study period. For example, according to the National Kidney Foundation, Inc., approximately 37 million people in the United States, or more than one in seven adults, live with some form of kidney disease. Similarly, according to data published by the FDA, approximately 10,000 children in the United States develop acute kidney infections (ARIs) each year. These children have a survival rate of about 38% to 43%. The mortality rate for newborns with ARI is approximately 60%. These factors are likely to drive the demand for neonatal hemodialysis, thereby driving the growth of the market.
On the other hand, the low awareness of kidney disease is expected to hamper the market growth. For example, in the United States, about 37 million adults suffer from kidney disease and about 90% are unaware of it. The main risk factors for the disease are high blood pressure and diabetes, as well as heart disease, obesity and a family history of kidney disease. However, various government agencies are launching kidney function testing awareness programs. For example, the Tamilnadu Kidney Research Foundation has conducted 1,279 outreach programs till March 2020.
Highlights of the Kidney Function Test Market Report
• By product, the clearance testing segment held the largest market share. These tests ensure minimal variation in performance due to their optimal sensitivity and accuracy. The low cost and easy availability of these products in the market lead to their increased adoption.
• By end-user, hospital segment accounted for the dominant market share in 2022, driven by growing demand for IVD testing due to rising prevalence of CKD.
• North America led the global market in 2022 owing to well-established healthcare infrastructure, favorable reimbursement policies, and government initiatives in the region.
• Asia-Pacific is expected to grow significantly in the future due to growing IRC awareness programs in emerging economies, such as China and India.
Read the full report: https://www.reportlinker.com/p06377984/?utm_source=GNW
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