Agreements, Acquisitions, and Expansions Accounted for the Largest Share of the Overall Growth Strategies Followed by Key Players in the Creatinine Assay Kits Market Between 2014 and 2017.
The global creatinine assay kits market is expected to reach USD 245.4 Million by 2022 from USD 189.6 Million in 2017, at a CAGR of 5.3%. Increasing incidence of renal disorders, growing incidence of other chronic disorders impacting renal function, rising awareness and adoption of preventive healthcare approaches, implementation of favorable government initiatives to promote renal health, rapid growth in the geriatric population, and advancements in biomedical research pertaining to kidney disorders are driving the growth of the global creatinine assay kits market
Agreements, acquisitions, and expansions accounted for the largest share of the overall growth strategies followed by key players between 2014 and 2017. Some of the companies that adopted this strategy include Thermo Fisher Scientific (US), Merck (Germany), Abcam (UK), Abbott Laboratories (US), and Cayman Chemical (US).
The creatinine assay kits market is highly fragmented in nature with many big and small players. Thermo Fisher Scientific was the leading player in the creatinine assay kits market in 2016. The leading position of the company can be attributed to its strong brand recognition, customer loyalty, and extensive product portfolio. The company has a strong geographic presence and a keen focus on increasing its reach and enhancing its distribution network. Along with its wide distribution network, the company also adopts strategies like collaborations and agreements to retain its market position. For instance, in 2016, Thermo Fisher Scientific extended its collaboration with the University of Birmingham (UK) to support the metabolomic research undertaken in the University’s new Phenome Centre. Under the collaboration, Thermo Fisher provided scientists with products for understanding biochemical mechanisms, targets, and biomarkers associated with metabolic disorders.
Merck KGaA ranked second in the creatinine assay kits market in 2016. The company has strong brand recognition and a wide geographical presence. The company prominently focuses on inorganic growth strategies such as agreements, collaborations, and acquisitions to strengthen its market position. It acquired Sigma-Aldrich (US), a multinational chemical, life science, and biotechnology company, for USD 17 billion. This acquisition made the company one of the leaders in the science and technology industry and helped it enhance its product portfolio, capabilities, and geographical presence. Merck also focuses on organic growth strategies such as expansions to enhance its capabilities and market presence, for example, the company set up a Life Science Center in Burlington, Massachusetts in 2017.
Related Reports:
Creatinine Assay Kits Market by Type (Jaffe's Kinetic Test, Creatinine-PAP, and ELISA), Sample (Blood, Serum, Urine, Saliva, CSF, Tissue Homogenate, Sweat) and Region (North America, Europe, Asia and RoW) - Global Forecast to 2022
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