Alkaline Phosphatase Kits Market Witness Highest Growth in near future
The alkaline phosphatase kits market is expected to grow at a subdued rate over the 2018-2027 forecast period. With the ability of alkaline phosphatase kits to facilitate identification and prognosis of a wide spectrum of diseases, it has become a popular diagnostic tool in the medical fraternity. The factor has resulted in the medical sector accounting for 59.8% of the market share in 2018.
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Demands for alkaline phosphatase kits with pack sizes ranging from 101-500 have continued to remain rampant on account of its substantial cost difference with pack sizes ranging from 501-1000 and a modest value disparity with pack sizes up to 100. The difference between the average costs of pack sizes ranging from 501-1000 and pack sizes falling in the range of 101-500 was found to be over US $700 in 2018 while the difference in the cost of the latter and alkaline phosphate kits with pack sizes of 100 and below was under US $110.
Changing lifestyle and increased consumption of alcohol around the world is putting the global population at a higher risk of developing liver cancer. The per capita consumption of alcohol in the population aged over 15 was recorded as 6.4 liters in 2016 and over half of the populace in Europe, North America, and Western Pacific were found to consume alcohol. Increased alcohol consumption can cause scarring of liver cells which raises the risk of developing lung cancer.
Alkaline phosphatase kit is an effective diagnostic tool that aids in identifying any abnormality in liver cells. Rising health consciousness and increasing awareness regarding the negative impact of alcohol has resulted in a growth in the number of people opting for routine diagnosis. These factors coupled with the rise in the average disposable income is driving the demand for alkaline phosphatase kits in the medical diagnostics sector.
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Asia Pacific Excluding Japan will lead the way in terms of the alkaline phosphatase kits market growth rate. The Asian Pacific region is a hotbed of growing economies that are continuously revamping their infrastructures to serve people better. The region’s affinity for dairy products has soared high in recent times. With numerous companies expanding across the region and a high demand for premium dairy products, the sales of alkaline phosphatase kits for detecting the quality of pasteurized milk is expected to rise.
Further, increasing investments in healthcare in the developing economies in the region is further expected to fuel the sales of alkaline phosphatase kits in the region. After APEJ, Latin America is the next most promising region that is expected to contribute towards the alkaline phosphatase market growth. Numerous hospitals are investing generously to expand their count of medical devices and equipment. With the backing of government policies in various countries, the healthcare sector is making great strides in improving healthcare in the region. The developing healthcare ecosystem in the Latin American region has propelled the growth of alkaline phosphatase kits market and is expected to continue to do so.
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