The global urinalysis market is foreseen in a report by Transparency Market Research (TMR) to find top companies strengthening their position with the help of strategic mergers and acquisitions. By making appropriate improvement in their service portfolio, companies could expand their consumer base. In 2016, five leading players of the market scored a 41.0% share, indicates the report. Analysts authoring the report identify BAYER Healthcare, F. Hoffman-La Roche Ltd., and Siemens Healthcare as some of the prominent names of the market.
TMR prognosticates the global urinalysis market to rise at a 5.4% CAGR between 2016 and 2024 to be valued at a US$1.5 bn by the completion of 2024. In terms of product, the market could testify the dominance of consumables in the near term. On the basis of region, North America is anticipated to continue taking a larger share of the market from its 35.0% attained in 2016.
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Underdeveloped Regions Offer Massive Base of Target Population
The world urinalysis market is predicted to gain impetus with opportunities being created on the back of high unmet medical requirements and colossal target population base in underdeveloped regions. However, in order to cash in on these prospects, it is necessary to respond to the unmet medical needs with research and development of novel diagnostic tools. Epidemics in several regions are observed to be fueled due to rise in the practice of sedentary lifestyle.