by 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 refers to the use of biomarkers to detect and monitor kidney-related diseases and conditions. Biomarkers are measurable indicators that provide valuable information about the physiological or pathological state of an individual. In the case of renal biomarkers, they help in the early detection and diagnosis of kidney diseases, as well as monitoring the progress of treatment. They play a crucial role in improving patient outcomes and reducing healthcare costs. Renal biomarkers are used in various clinical settings, including hospitals, diagnostic laboratories, and research institutions.
Market Dynamics:
The growth of the Renal Biomarkers Market can be attributed to the increasing prevalence of chronic kidney diseases (CKD) worldwide. CKD is a major public health issue, with a significant burden on healthcare systems globally. The rising incidence of risk factors such as hypertension, diabetes, and obesity further contributes to the high demand for renal biomarkers. Additionally, the increasing adoption of point-of-care testing (POCT) for renal biomarkers is driving market growth. POCT allows for rapid and convenient testing at the patient’s bedside, resulting in faster diagnosis and treatment decisions. Furthermore, advancements in technology, such as the development of novel biomarkers and improved detection methods, are expected to propel the market forward.
Segment Analysis:
The renal biomarkers market can be segmented based on type, application, and end-user. By type, the market is dominated by functional biomarkers, which are further classified into serum creatinine, cystatin C, and urinary biomarkers. Among these, serum creatinine biomarkers hold the highest market share due to their widespread use in diagnosing and monitoring acute kidney injury and chronic kidney disease. Serum creatinine biomarkers are preferred by healthcare professionals due to their cost-effectiveness and ease of use.
PEST Analysis:
Political: The political factors influencing the renal biomarkers market include government regulations and policies related to healthcare and medical devices. For instance, regulatory bodies such as the FDA in the US and the European Medicines Agency in Europe impose strict guidelines for the approval and commercialization of renal biomarkers.
Economic: The economic factors impacting the market include healthcare expenditure, reimbursement policies, and economic stability. Rising healthcare expenditure, especially in developed countries, is driving the demand for renal biomarkers. Additionally, favorable reimbursement policies for diagnostic tests are further boosting market growth.
Social: The social factors influencing the market include an aging population, increasing prevalence of chronic kidney diseases, and growing awareness among patients about early diagnosis. The rise in geriatric population globally has led to a higher incidence of renal diseases, creating a significant demand for renal biomarkers.
Technological: Technological advancements in diagnostic techniques, such as the development of novel biomarkers and point-of-care testing, are driving the growth of the renal biomarkers market. These advancements have improved the accuracy and efficiency of diagnosing and monitoring kidney diseases.
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). This growth can be attributed to increasing awareness about kidney diseases, rising healthcare expenditure, and technological advancements in diagnostic techniques.
In terms of regional analysis, North America is the fastest growing and dominating region in the renal biomarkers market. This can be attributed to the high prevalence of kidney diseases, advanced healthcare infrastructure, and favorable reimbursement policies in the region.
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 key players play a significant role in driving market growth through product innovation, strategic collaborations, and mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
