Organ function tests are carried out primarily in hospitals and diagnostic centers, but modern tests can also be performed in home care settings. Organ function assays are performed specifically to check effectiveness of a drug and also to check organ functioning by measuring marker concentration of an organ.
Increasing incidence of chronic lifestyle related disorders and chronic diseases are major factors boosting growth of the global organ function assays market. Additionally, increasing number of organ transplant procedures, especially in developed economies is another major factor expected to fuel growth of the global market over the forecast period. But, lack of proper reimbursement policies and infrastructure in emerging economies are major factors hampering growth of the global market.
On the basis of end user, the global organ function assays market is segmented into hospitals, point-of-care diagnostic centers, and home care. The point-of-care diagnostic centers segment is anticipated to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. Also, the hospitals segment is projected to witness moderate growth over the forecast period.
The global organ function assays market report has been segmented on the basis of test type, end user, and region. On the basis of region, the global organ function assays market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America accounted for highest share in terms of revenue in the global market, and is projected to maintain its dominance over the forecast period. This can be attributed to presence of proper medical infrastructure in countries in the region. Moreover, high adoption of technologically advanced equipment coupled with increasing organ transplantation procedures are other major factors anticipated to propel growth of the North America market over the forecast period. Revenue from the market in Europe accounted for second-highest revenue share and is closely followed by the markets in Asia Pacific, Latin America, and Middle East & Africa respectively. This is attributed to high disposable income and increasing government initiatives for spreading awareness about organ donation in the region. Furthermore, the market in Asia Pacific is projected to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. This can be attributed to rising demand for proper medical infrastructure and treatment in emerging economies in the region. Also, the markets in Latin America and Middle East & Africa are projected to witness moderate growth over the forecast period.
Prominent players in the global organ function assays market include Alpha Laboratories, Horiba Medical, Laboratory Corporation of America Holdings, F. Hoffmann-La Roche Ltd., Randox Laboratories Ltd., Thermo Fisher Scientific Inc., Cylex, Inc., LXN Corporation, Biobase Group, and Otsuka Holdings Co., Ltd.