Osmometers Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Osmometers Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Osmometers Market size is expected to grow from USD 129.80 million in 2023 to USD 264.38 million by 2028, at a CAGR of 15.29% during the forecast period (2023-2028).

In recent times, countries have faced a huge setback due to the pandemic. The COVID-19 pandemic had a significant impact on the market studied. According to the data from the National Institute of Health published in March 2020, COVID-19 was associated with electrolyte disorders, including hyponatremia. Early diagnosis and etiologic determination in any hyponatremic patient are critical to ensuring proper treatment and avoiding potential harm to the patient. As osmometers are useful in the diagnosis of hyponatremia, there has been positive growth in the market. However, the COVID-19 pandemic halted clinical studies, which negatively impacted the market to some extent.

The rise in demand for osmometers is primarily due to the increase in research and development activities and the number of clinical and biopharmaceutical labs. Growing disease burdens all over the world and increasing demand for advanced and well-equipped clinical laboratories for better clinical outcomes are some of the factors that are accelerating the market's growth. For instance, according to the International Agency for Research on Cancer 2021, globally 1 in 5 people develop cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease. As the number of people with cancer rises around the world, there is more demand for clinical laboratories, which is helping the market grow.

In addition, growing healthcare spending and demand for advanced laboratory equipment for accurate analysis and results for better clinical outcomes are a few other factors that are positively impacting market growth. For instance, as per the OECD data published in November 2022, healthcare spending as a percent of GDP during the year 2021 was around 9.6% in OECD countries, which was higher than that of previous years. With the high expenditure on healthcare, it is believed that there will be growing research and development in the field of osmometers. Hence, high healthcare spending is augmenting the growth of the market studied.

But the growth of the market is likely to be slowed by the limitations of different osmometry methods and the lack of skilled professionals.

Osmometers Market Trends

Freezing Point Osmometers are Expected to have Healthy Growth Rate

The freezing point osmometer is a type of osmometer used to determine the osmotic strength of a solution as its osmotically active aspects depress its freezing point. A freezing point osmometer measures changes in a solvent's freezing point as a function of the total number of solutes. The distinct nature of freezing point osmometers is very important, as there is a precise linear correlation between osmolality and the freezing point of a solution. Freezing point osmometers are the most preferred osmometers due to factors such as ease of control and simple calibration.

Furthermore, the major market players are focusing on R&D activities to bring new and reliable products to the market, and they are also focusing on product launches. For instance, in July 2022, Advanced Instruments announced the newest addition to its clinical line of freezing point osmometers, the OsmoPRO MAX Automated Osmometer. As the leading authority in osmometry, Advanced Instruments designed the OsmoPRO MAX for clinical laboratories of all sizes seeking higher productivity through automation. Thus, owing to the aforementioned factors, the market studied is expected to grow significantly.

Additionally, in July 2021, ELITechGroup, a manufacturer of global vapor pressure osmometer technology, acquired GONOTEC, a leading market player in freezing point osmometer technology, to help physicians rapidly and accurately diagnose disease and determine the proper course of patient treatment. With the key companies taking such strategic steps, the segment is likely to grow quickly in the coming years.

North America is Projected to Grow at a Significant Rate

The North American region is expected to have significant market growth over the forecast period. High healthcare costs, the growing use of automated medical equipment in clinical labs and hospitals, and technological advances in the region are all things that are likely to help the region grow.

Spending on research and development has increased over time. According to an article by the National Center for Science and Engineering Statistics published in December 2021, the 42 federally funded research and development centers (FFRDCs) in the United States spent USD 23.5 billion on research and development in FY 2021, an annual increase of 3.4%. This increase in expenditure is largely driven by the focus on having a competitive edge over their competitors and high returns on the newly developed product.

Additionally, the number of deaths attributed to diarrheal diseases has increased substantially as well. According to the journal American Family Physician published in June 2022, approximately 179 million acute diarrhea cases occur each year in the United States, which is likely to increase the demand for osmometer usage in the accurate and proper diagnosis of the underlying causes of diarrhea.

There are also key players in the United States and a well-established medical device industry in North America, both of which are good for the growth of the market that was studied in the region.

Osmometers Industry Overview

The osmometer market is moderately competitive, with a majority of local or regional players. Market players are focusing on innovative product launches and geographical expansions. The market players operating are Advanced Instruments LLC, Precision Systems Inc., ELITechGroup, and ARKRAY Inc., among others.

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