Kidney Function Tests Market Size is Predicted to Witness 6.2% CAGR till 2028

The global Kidney Function Tests Market size is expected to reach USD 1.25 billion by 2028 registering a CAGR of 6.2% from 2021 to 2028, according to a new report by Grand View Research, Inc. The introduction of innovative products, increasing R&D investments, and growing prevalence of kidney diseases are expected to propel market growth over the forecast period. Key players operating in the market are involved in extensive R&D initiatives for the development and launch of novel products to strengthen their position in the market.

For instance, in August 2020, RenalytixAI, a U.K.-based in vitro diagnostics company, submitted a 510(k) application to the FDA for its new KidneyIntelX assay. It is an Artificial Intelligence (AI)-enabled clinical diagnostic test designed to diagnose and enhance the clinical management of Type II diabetes patients with fast-progressing kidney disease. The emergence of such technologically advanced products is expected to impel market growth during the study period.

According to the data published by the CDC, in 2019, an estimated 15% of adults in the U.S. had Chronic Kidney Disease (CKD). The same source also stated that diabetes and high blood pressure are the major causes of CKD in adults, and CKD is more common in people aged 65 years or older. However, the low diagnosis rate of CKD is anticipated to be a major factor hampering the market growth. As per the data published by the National Kidney Foundation, approximately 90% of people suffering from CKD are not aware of it, leading to a limited number of diagnoses.

Related Press Release @ Kidney Function Tests Market Report

Kidney Function Tests Market Report Highlights

  • Clearance test emerged as the largest product segment as it is the gold standard for monitoring and measurement of glomerular filtration rate
  • Increased risk of diabetes and blood pressure due to the unhealthy lifestyle, especially during Covid-19 lockdowns, may lead to the high prevalence of CKD. Thus, creating high product demand in the near future
  • The hospitals end-use segment dominated the market in 2020 owing to the rising awareness about CKD and increasing hospital visits for its management
  • Diagnostic laboratories is estimated to be the fastest-growing end-use segment from 2021 to 2028 as these laboratories offer cost-effective services and fast & accurate results
  • North America led the market with the largest revenue share in 2020 due to well-established healthcare infrastructure, favorable reimbursement scenario, and the presence of major players in the region
  • Asia Pacific is projected to witness the fastest CAGR during the forecast period owing to the increasing incidence of CKD in emerging countries, such as China and India

Leave a Reply

Your email address will not be published. Required fields are marked *