Global Clinical Chemistry Analyzers Market to Reach USD 18.6 Billion by 2028
Published | 01 September 2022
Global Clinical Chemistry Analyzers Market is flourishing owing to the rising elderly population and chronic illness prevalence, increasing importance and awareness of point-of-care testing, and rising technology improvements in clinical chemistry analyzers.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Clinical Chemistry Analyzers Market was worth USD 11.79 billion in the year 2021. The market is projected to grow at a CAGR of 7.0%, earning revenues of around USD 18.63 billion by the end of 2028. The Global Clinical Chemistry Analyzers Market is booming because the worldwide clinical analyzers market is being driven by technical breakthroughs such as the StaRRsed Inversa automated erythrocyte sedimentation rate (ESR) analyzer, as well as increased awareness about personal health and the benefits associated with these devices. Furthermore, constant efforts by public and private healthcare organizations to improve data dependability drive demand for clinical analyzers. However, the high cost of clinical analysis, a scarcity of experienced and educated specialists, and the danger of result uncertainty limit market expansion.
Growing Prevalence of Chronic and Lifestyle Disorders and the Aging Population
The market for clinical chemistry analyzers will advance due to the rising geriatric population in both developed and emerging nations. As the senior population grows, it is anticipated that age-related illnesses such as hypertension, diabetes, cardiovascular, liver, and kidney disease would become much more common. The diagnosis and treatment of such problems is the cause of the rising number of prescriptions for tests like the basic metabolic panel, lipid profile, and liver & renal panel. The demand for tests used in chronic illness prevention, diagnosis, and treatment will increase as their prevalence does. These factors are expected to increase demand for clinical chemistry analyzers, together with the trend toward preventative healthcare.
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Technological Advances
CTCs can be efficiently separated from whole blood using next-generation microfluidic technology, for example. These devices require few chemicals and samples and offer a short analysis turnaround time. Because of technological advancements in point-of-care testing devices, clinical chemistry analyzers have gained in popularity. The increased global burden of chronic diseases, particularly in developed countries, has resulted in the widespread use of portable clinical chemistry analyzers. As a result, increased demand for portable or benchtop clinical chemistry analyzers is expected to result in lower healthcare costs and faster diagnosis and treatment, boosting the global clinical chemistry analyzers market.
Challenge: Increasing Demand for Large Capital Investments and a Scarcity of Laboratory Technicians with the Required Skills
High-volume clinical chemistry analyzers may be purchased only by major hospitals and reference labs with healthy capital budgets. The majority of small labs, medical offices, and solo practitioners may not be able to purchase a large or exceptionally large-sized analyzer with no capital expenses. As a result, the high fixed-cost requirements limit the growth of the clinical chemistry analyzer market. Both developed and developing countries are currently suffering from a serious shortage of laboratory workers. This is primarily due to an increasing patient base, retiring technicians, and financially strapped colleges abandoning clinical lab programs. Consequently, there is a global mismatch between supply and demand for pathologists and lab technicians, which is anticipated to restrain the market growth.
Segmental Coverage
Global Clinical Chemistry Analyzers Market - By End-User
Based on end-user, the Global Clinical Chemistry Analyzers Market is segmented into Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others. In 2020, hospitals and clinics accounted for the greatest market share. This situation can be attributed to expanding healthcare facilities around the world, technological developments, and an increase in hospital visits before the COVID era. All these factors boost the growth of the Global Clinical Chemistry Analyzers Market during the forecast period (2022-2028).
Impact of COVID-19 on Global Clinical Chemistry Analyzers Market
The infectious sickness caused by the newest novel coronavirus, COVID-19. COVID-19 was mainly unknown before the outbreak in Wuhan, China, in December 2019. It escalated from a local problem to a worldwide pandemic in just a few weeks. The COVID-19 outbreak hampered business revenues. Lockdowns caused by the COVID-19 epidemic delayed people undergoing health checkups, reducing the volume of tests done and reagent sales. However, as nations gradually relax travel restrictions, testing numbers are projected to rise once more. Due to the COVID-19 pandemic, responding to infectious diseases has emerged as a key medical priority worldwide. In addition to the production of vaccinations and medicinal drugs, there is an increasing demand for the development of more accurate and user-friendly testing procedures, as well as the expansion of testing structures.
Competitive Landscape
The leading market players in the Global Clinical Chemistry Analyzers Market are F. Hoffmann-La Roche Ltd, Danaher Corporation, Abbott Laboratories, Thermo Fisher Scientific Inc, Siemens AG, Horiba Ltd, Sysmex Corporation, Hitachi, EKF Diagnostics, Ortho Clinical Diagnostics, ELI tech Group, Mindray Medical International Ltd, and other prominent players. The Global Clinical Chemistry Analyzers Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Clinical Chemistry Analyzers Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Clinical Chemistry Analyzers Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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