April 12, 2024
Renal Biomarkers Market

The Rapid Adoption Of Renal Biomarkers To Improve Kidney Disease Diagnosis And Management Is Driven By Healthcare Cost Cutting

Renal biomarkers are biochemical markers that indicate the presence of kidney damage and help to detect acute kidney injury at an early stage. They help monitor disease progression and treatment responses in chronic kidney diseases. The global renal biomarkers market offers solutions to reduce hospital visits and unwanted testing procedures, thereby lowering healthcare costs significantly. The use of renal biomarkers helps detect complications sooner and allows for timely intervention which can prevent further damage to the kidneys. The global renal biomarkers market provides quantitative and qualitative data that assists clinicians in improving the effectiveness of diagnosis and clinical decision making.

The global renal biomarkers market is estimated to be valued at US$ 1700.59 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the renal biomarkers market is the continuous development of novel and improved biomarkers. Researchers are investigating new biomarkers and biomarker panels that can help detect kidney disease at an earlier stage and predict disease progression more accurately. For example, some of the novel biomarkers that are being researched include tissue inhibitor of metalloproteinase-2 (TIMP-2) and insulin-like growth factor-binding protein 7 (IGFBP7), which together form a biomarker panel to detect acute kidney injury. Similarly, neutrophil gelatinase-associated lipocalin (NGAL) is another emerging renal biomarker. Continuous efforts to discover and validate novel biomarkers will support the growth of the renal biomarkers market.

Porter’s Analysis

Threat of new entrants: The renal biomarkers market requires high R&D investments, which acts as a barrier for new players. However, large companies are focusing on new product launches, which can increase competition.

Bargaining power of buyers: The bargaining power of buyers is moderate as the market has the presence of several diagnostic players providing renal biomarkers. However, customized solutions as per demands help buyers in gaining bargaining power.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of multiple solution providers. Suppliers depend on innovations and quality services for business growth.

Threat of new substitutes: Low, as other emerging alternatives still need FDA approvals and validations.

Competitive rivalry: High competition owing to customizability, technological advancements, and new market entrants.

Key Takeaways

The Global Renal Biomarkers Market Demand is expected to witness high growth over the forecast period due to the growing prevalence of kidney diseases. The global renal biomarkers market is estimated to be valued at US$ 1700.59 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031.

Regional analysis: North America dominates the market due to favorable reimbursement policies, increasing healthcare expenditure, and growing elderly population. Asia Pacific shows promising growth opportunities owing to growing awareness and increasing healthcare expenditure.

Key players: Key players operating in the renal biomarkers market are Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, BioPorto Diagnostics, and Astute Medical.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it