Global Renal Biomarkers Market Is Estimated To Witness High Growth Owing To Increasing Incidence of Kidney Diseases and Growing Demand for Non-invasive Diagnostic Techniques
The Renal Biomarkers Market is estimated to be valued at US$ 1,476.2 million in 2021 and is expected to exhibit a CAGR of 8.2% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Renal Biomarkers Market focuses on the development and commercialization of biomarkers that can be used for the early detection and diagnosis of kidney diseases. These biomarkers, such as creatinine, cystatin C, and NGAL, can provide valuable information about the functioning of the kidneys and help in the diagnosis and monitoring of various kidney disorders. The market offers a wide range of products, including immunoassays, clinical chemistry analyzers, and point-of-care testing devices, which are used by healthcare professionals for effective diagnosis and prognosis of kidney diseases.
Market Dynamics:
The Renal Biomarkers Market is driven by two major factors. Firstly, the increasing incidence of kidney diseases, such as chronic kidney disease (CKD) and acute kidney injury (AKI), is fueling the demand for renal biomarkers. Additionally, the growing demand for non-invasive diagnostic techniques, which offer convenience and cost-effectiveness compared to traditional methods, is further propelling market growth. The use of renal biomarkers in research studies and clinical trials to evaluate the safety and efficacy of new drug candidates is also contributing to market expansion. With the advancements in technology and increasing investments in healthcare infrastructure, the market is expected to witness significant growth during the forecast period.
SWOT Analysis:
Strength: The Renal Biomarkers market is expected to witness high growth due to the rising prevalence of chronic kidney diseases globally. Factors such as the increasing aging population, sedentary lifestyle, and the growing number of patients with diabetes and hypertension are driving the demand for renal biomarkers.
Weakness: One of the weaknesses in the Renal Biomarkers market is the high cost associated with the development and commercialization of biomarker tests. Additionally, the lack of awareness among patients and healthcare professionals about the benefits of renal biomarkers hinders their adoption in clinical practice.
Opportunity: There are two opportunities in the Renal Biomarkers market. First, the integration of renal biomarkers in point-of-care testing devices provides convenience and quick results, which can improve patient outcomes and reduce healthcare costs. Second, the increasing focus on personalized medicine and targeted therapies creates a significant opportunity for biomarker-based diagnostic tests in the field of renal diseases.
Threats: The Renal Biomarkers market faces the threat of stringent regulatory requirements for biomarker tests, which can delay the approval and commercialization process. Moreover, the presence of alternative diagnostic techniques and treatments for renal diseases, such as imaging techniques and renal biopsy, poses a threat to the adoption of renal biomarkers.
Key Takeaways:
The Global Renal Biomarkers Market Size is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period (2023-2030), due to increasing prevalence of chronic kidney diseases. The market is dominated by North America, which accounted for the largest market share in 2021, driven by the presence of advanced healthcare infrastructure, high healthcare expenditure, and a large patient pool. However, the Asia Pacific region is expected to be the fastest-growing region during the forecast period, attributed to the rising geriatric population, increasing healthcare awareness, and growing investment in healthcare infrastructure.
Key players operating in the Renal Biomarkers market include Beckman Coulter, Inc., Thermo Fisher Scientific Inc., Abbott Laboratories, Bioporto Diagnostics A/S, Astute Medical, Inc., Randox Laboratories, Sphingo Tec GmbH, Siemens Healthineers AG, Eli Lilly and Company, and Novartis AG. These companies are focusing on strategic collaborations, mergers and acquisitions, and product launches to strengthen their market position and expand their product portfolio.
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