Kidney Function Tests Market is propelled by Increasing R&D Investments

San Francisco, Calif., USA, Nov 16, 2022 — /EPR Network/ —

Kidney Function Tests Industry Overview

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.

Kidney Function Tests Market Segmentation

Grand View Research has segmented the global kidney function tests market on the basis of product, end-use, and region:

Based on the Product Insights, the market is segmented into Clearance Tests, Urine Tests, Blood Tests, Dilution and Concentration Tests, and Other Tests

• In 2020, the clearance tests segment accounted for the major market share of 28.73% and is expected to hold its dominance during the study period.
• The urine tests segment is expected to register the fastest CAGR over the forecast period. This can be attributed to the wide array of applications of these products including detection of Urinary Tract Infections (UTIs), diabetes, high blood pressure, kidney stones, pregnancy, etc.

Based on the End-use Insights, the market is segmented into Hospitals, Diagnostic Laboratories, Research Laboratories and Institutes, and Others

• The hospitals segment held the largest market share of 53.89% in 2020 and is projected to retain the leading position throughout the forecast period.
• The diagnostic laboratories segment is also anticipated to account for a significant market share by 2028 as these labs are cost-effective, can conduct a large number of tests, and provide accurate results.
• The research laboratories and institutes segment is expected to register the fastest CAGR over the forecast period owing to increasing R&D activities in regions, such as North America and Europe.

Kidney Function Tests Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Companies Profile & Market Share Insights

The key players operating in the market are adopting growth strategies, such as collaborations and partnerships, to expand their geographical reach.

Some prominent players in the global Kidney Function Tests market include:

• Abbott Laboratories
• Danaher Corporation (Beckman Coulter, Inc.)
• Hoffmann-La Roche
• Sysmex Corporation
• Siemens Healthineers
• Randox Laboratories
• Quest Diagnostics
• Acon Laboratories
• Nova Biomedical
• Laboratory Corporation of America Holdings (LabCorp)

Order a free sample PDF of the Kidney Function Tests Market Intelligence Study, published by Grand View Research.