The Global Kidney Function Tests Market is projected to reach $1412.99 million by 2028, from a value of $837.90 million in 2022, by registering a CAGR of 9.1% during the forecast period. Factors such as the growing geriatric population, increasing prevalence of diabetes, and rising awareness regarding kidney diseases are driving the growth of the market. However, unfavourable healthcare reforms in various countries are hampering the growth of the market. Moreover, high investments by the leading market players, a growing number of R&D activities, high occurrences of kidney diseases, and an increasing number of supportive government initiatives are creating ample opportunities across the globe.
Recent Developments
In Mach 2021, Roche signed a merger agreement with GenMark Diagnostics. Under this agreement, GenMark’s syndromic panel testing portfolio would support Roche’s existing molecular diagnostics portfolio and the Roche global network would help in expanding the reach for GenMark’s products.
In November 2020, Quest Diagnostics came into partnership with two hospital health systems. This partnership aims to improve the quality and value of diagnostic services to patients and their doctors. Under this partnership, Quest would offer laboratory management services for Montefiore Nyack Hospital & its renal physician practice Highland Medical Rockland Renal Associates in Rockland County New York and also include the daily management of the hospital laboratories, esoteric reference testing and laboratory supply chain management.
In April 2020, Nova Biomedical announced the addition of PT/INR testing to its Allegro capillary blood analyzer for point-of-care testing in primary care settings. This update enables the company to supervise patient coagulation therapy along with the testing for glycemic control, anaemia, kidney function, gout, and cardiac risk with a full lipids panel.
In October 2019, LabCorp teamed up with HealthEC and the New Jersey Primary Care Association (NJPCA). Together, these entities would develop a database and information exchange platform that support participating NJPCA health centres. This project would assist NJPCA members to gain value-based care goals by offering combined lab and clinical data in a better accessible, comprehensive and secure manner, with the aim of enhancing the results for patients with chronic conditions like diabetes and chronic kidney disease.
Competitive Landscape
F. Hoffmann-La Roche, Siemens Healthineers, Danaher Corporation (Beckman Coulter, Inc), Nova Biomedical, Abbott, Cook Medical, Baxter International Inc, Quest Diagnostics, Laboratory Corporation of America Holdings (LabCorp), Sysmex, Randox Laboratories, Opti Medical, Acon Laboratories, Urit Medical, and Arkray are some of the major players in the global Kidney Function Tests market.
