The global Renal Biomarkers Market is estimated to be valued at US$ 1,476.2 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Renal biomarkers are biological indicators of kidney-related conditions or disease. They can be measured through urine, serum, and tissues testing and aid in detecting acute kidney injury and chronic kidney disease.
Market key trends:
One of the key trends in the renal biomarkers market is the growing usage of multiplex testing. Multiplex testing aids in measuring multiple renal biomarkers simultaneously. This reduces the testing time and cost involved in individual biomarker analysis. Besides, it provides a comprehensive picture of kidney function and health assessment. For example, a multiplex renal panel can analyze 20 different renal biomarkers in one blood or urine sample analysis. This trend is expected to continue in the forecast period with ongoing research related to identifying and validating new renal biomarkers for multiplex testing panels.
SWOT Analysis
Strengths: Multiplex assays allow detection of multiple biomarkers simultaneously, improving diagnostic efficiency. Emerging novel biomarkers are enhancing early detection capabilities.
Weaknesses: Limited clinical validation trails for some novel biomarkers hinders widespread adoption. High costs associated with biomarker tests limits market penetration.
Opportunities: Rising incidence of renal diseases worldwide presents major market potential. Ongoing research on disease-specific renal biomarkers is expanding application scope.
Threats: stringent regulations for new biomarker approvals delay market introduction. Reimbursement issues challenge revenues in some regions.
Key Takeaways
The global Renal Biomarkers Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing prevalence of chronic kidney diseases and growing adoption of multiplex detection assays.
Regional analysis: North America dominates the market and is estimated to continue its dominance over the forecast period, owing to presence of major players, high awareness about diagnostics tests, and rising focus on early disease detection. However, Asia Pacific is expected to witness fastest growth over the coming years, due to increasing burden of renal diseases amid growing geriatric population.
Key players operating in the Renal Biomarkers Market are 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 are focusing on developing innovative multiplex assays and novel renal injury biomarkers to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
