Clinical Chemistry Analyzers Market size was valued at $ 12.95Billion by 2019 and is anticipated to grow at a CAGR of 6.95% during the forecast period 2020-2025. The Clinical Chemistry Analyzers Market growth rate is attributed to Rapid growth in the diagnostics market, increase in healthcare spending, and increasing incidence in lifestyle disease is likely to accelerate the growth of the clinical chemistry analyzers market in the forecast period of 2020-2025. The computer-programmed instruments used to assess and evaluate sugar and protein levels found in the blood are clinical chemistry analyzers. These devices generate an accurate result within the least possible period as they have extremely advanced technology and are designed for that reason. To validate health conditions such as kidney function, nutritional status, and liver function, clinical chemistry tests are performed. The clinical chemistry analyzers run assays on clinical samples such as blood, plasma, urine, and cerebrospinal fluid in order to detect the presence of analytes relating to disease or drugs. The major factor driving the growth of the market includes rising geriatric population and increasing prevalence of chronic diseases. According to the United States Census Bureau’s Statistics, as of 2017, the total number of people aged 65 years and older exceeded 50 million, and between 2020 and 2030, the number of elderly people is projected to increase by almost 18 million. Although much smaller in total size, the number of people aged 85 years and older is expected to more than triple from an estimated 6 million, in the present scenario, to nearly 20 million by 2060. The rising geriatric population will lead to an increase in various diseases resulting in the high demand for clinical tests. Thus, the clinical chemistry analyzers market is expected to witness high growth over the forecast period 2020-2025.
Clinical Chemistry Analyzers Market Segment Analysis – By Product Types
On the basis of product type, reagent segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 6.5%. The reason behind robust growth is being attributed to the fact that there a wide array of reagents present in the market, catering to different requirements of clinicians. These reagents predominantly include enzymes, substrates, specific proteins, electrolytes, lipids, and others, which are imperative to obtain accurate results in analytical procedures. In addition, reagents are believed to be highly cost-efficient, possess optimum sensitivity, linearity, and precision, which thereby, ensures minimized performance variation. The aforementioned benefits are predicted to be highly responsible for encouraging clinicians to use reagents for accurate diagnosis.
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Clinical Chemistry Analyzers Market Segment Analysis – By Geography
North America dominated the Clinical Chemistry Analyzers Market with a share of 36.5% in 2019. The application of Clinical Chemistry Analyzers has grown rapidly over the last few years owing to the supportive government initiatives and high implementation of practice guidelines released by healthcare organizations present across this region are some of the key factors responsible for the high share registered by this region.
Furthermore, owing to increase in outsourcing of manufacture of these analyzers to Asia Pacific countries, such as India and China, this region is anticipated to grow at an exponential rate during the forecast period 2020-2025. Furthermore, high R&D investment by the global players and presence of unexplored opportunities in this region serve as high growth rendering drivers.
Clinical Chemistry Analyzers Market Drivers
Growing health care expenditure
Presently, the growing health care expenditure, rapid growth in the diagnostic market, and rising prevalence rates of lifestyle diseases, including diabetes and obesity, are the major factors contributing to the growth of the global market for clinical chemistry analyzers. In addition, few other factors driving the growth of the market are the increasing elderly population, the increasing need for laboratory automation, and increasing alertness to preventive healthcare.
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Clinical Chemistry Analyzers Market Challenges
High product cost and need of trained professionals
The high cost, the risk of outcome ambiguity, and the need of trained and qualified professionals are few of the factors that may impede market growth.
Clinical Chemistry Analyzers Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Clinical Chemistry Analyzers Market. In 2019, Clinical Chemistry Analyzers Market share is fragmented by the top ten players present in the market. Clinical Chemistry Analyzers Market top 10 companies are Abbott Diagnostics, Beckman Coulter, Elitech Group, Horiba Ltd., Johnson & Johnson, Mindray Medical International Ltd., Ortho-Clinical Diagnostics, Randox Laboratories Ltd., Roche Diagnostics, Siemens AG, Thermo Fisher Scientific and others.
In January 2017, Roche launched cobas m 511, integrated hematology analyzer, made available in many countries following the European approval system (CE mark). This product was launched to expand its hematology testing capabilities.
North America dominated the Clinical Chemistry Analyzers Market with a share of 36.5% in the year 2019.
The factors such as increasing prevalence of chronic diseases, such as diabetes, increasing prevalence of chronic diseases, such as diabetes are amongst the major factor projected to impel growth of Clinical Chemistry Analyzers Market.
Increasing awareness for preventative healthcare, increase in aging population, increase in reagent rental agreements and increasing demand for laboratory automation are the key factors owing to the growth in the segment during forecast period 2020-2025.
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