Clinical Chemistry Analyzers Market Insights, Competitive Landscape and, Market Forecast - 2027

Clinical Chemistry Analyzers Market Insights, Competitive Landscape and, Market Forecast - 2027

CLINICAL CHEMISTRY ANALYZERS MARKET BY PRODUCT TYPE (ANALYZERS, REAGENTS, AND OTHERS), BY TYPE OF TEST (LIVER PANELS, ELECTROLYTE PANELS, THYROID FUNCTION PANELS, LIPID PROFILES, AND OTHERS), BY TECHNOLOGY (FULLY-AUTOMATED AND SEMI- AUTOMATED), BY END USER (HOSPITAL, DIAGNOSTIC LABORATORIES, AND OTHERS), AND BY GEOGRAPHY IS EXPECTED TO ADVANCE AT A RESPECTABLE CAGR FORECAST TILL 2027 OWING TO THE INCREASING PREVALENCE OF VARIOUD CHORNIC DIESAES AND ESCALTING BURDEN OF GERATRIC POPULATION ACROSS THE GLOBE

The global clinical chemistry analyzers market was valued at USD 12.38 billion in 2021 and will grow at a CAGR of 4.82% during the forecast period from 2022 to 2027 in order to reach USD 16.39 billion by 2027. The clinical chemistry analyzers market is observing a remarkable market growth due to the factors such as the growing prevalence of chronic diseases and the rising burden of geriatric population. Furthermore, the surging demand of early diagnosis of disease, the increasing importance and awareness of point-of-care testing, surging technological advancements in the devices along with the increasing product launches and approvals, presence of key players in the market, and other factors will create a requisite for the clinical chemistry analyzers in the market. Therefore, the market for clinical chemistry analyzers is estimated to grow at a substantial CAGR during the forecast period from 2022 to 2027.

CLINICAL CHEMISTRY ANALYZERS MARKET DYNAMICS:

One of the key aspect for driving the clinical chemistry analyzers market is the rising number of various chronic disease such as cancers, urological, infectious diseases, and others across the globe.

For instance, according to the World Health Organization (WHO) 2022, chronic diseases kills nearly 41 million people each year, equivalent to 74% of all deaths globally. The main types of chronic diseases are cardiovascular diseases such as heart attacks and stroke, cancers, chronic respiratory diseases such as chronic obstructive pulmonary disease and asthma, diabetes, and others.

Also, the same source listed the incidence of cancer in 2020, globally. The most common form of cancers reported was of breast cancer with 2.26 million cases, lung cancer -2.21 million cases, colon and rectum cancer with 1.93 million cases, prostate cancer with 1.41 million cases, skin cancer 1.20 million cases, and stomach cancer with 1.09 million cases, globally. This increasing incidence of cancers will increase the demand of analyzers as these devices can be employed while diagnosis of the cancers, thereby leading to its increased demand in the market.

Moreover, the rising burden of geriatric population will increase the number of prevalence of various chronic disease, in turn increasing the demand of the clinical chemistry analyzers. As per the study concluded by WHO in 2021, it was clearly stated that by the year 2030, around 1 in 6 people will be over the age of 60. The same source revealed that the number of people over the age of 60 will reach 1.4 billion in the year 2030, up from 1 billion in 2020. The numbers are further projected to rise to 2.1 billion by 2050. The increasing elderly population is vulnerable to several chronic diseases, resulting in high demand for clinical tests. Thus, the clinical chemistry analyzers market is expected to witness high growth over the forecast period.

Moreover, rising product launches and approvals pertaining to the clinical chemistry analyzers will propel the demand of the device in the upcoming years. For instance, in July 2022, EDAN Instruments, Inc., a medical equipment provider that offers medical electronic equipment, launched its point-of-care (POC) fluorescence-based CO-OX blood gas and chemistry analysis system, i20, with the capacity to analyze over 45 parameters, covering everything from blood gases to electrolytes to CO-oximetry.

Therefore, the factors stated above collectively will drive the overall clinical chemistry analyzers market during the forecast period from 2022-2027.

However, lack of trained and skilled professionals, high cost of clinical chemistry analyzer devices, and others may prove to be challenging factors for clinical chemistry analyzers market growth.

The clinical chemistry analyzers market was moderately impacted during the period of COVID- 19 pandemic. In order to curb the spread of infection the government across the globe imposed strict lockdown rules, resulting in the shortage of supply chains, raw materials, and other resources in the market, leading to the decreased manufacturing of all the medical devices. Moreover, the patients and physicians postponed many elective surgeries, testing, and diagnosis of diseases in order to stop the spread of the infection, thereby decreasing the number of in-patient visits in hospitals and clinics. However, vaccine development of COVID-19 has initiated the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape, which has initiated the process of resumption of regular healthcare services such as regular out-patients visits for treatments, management, and diagnosis in hospitals and clinics, thereby bringing the demand for products on track in the clinical chemistry analyzers market.

CLINICAL CHEMISTRY ANALYZERS MARKET SEGMENT ANALYSIS:

Clinical Chemistry Analyzers Market by Product Type (Analyzers, Reagents, and Others), Type of Test (Liver Panels, Electrolyte Panels, Thyroid Function Panels, Lipid Profiles, and Others), Technology (Fully-Automated and Semi- Automated), End User (Hospital, Diagnostic Laboratories, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product type segment of the clinical chemistry analyzers market, the analyzers segment is expected to have a significant revenue share in the year 2021. This was primarily owing to the rising number of chronic disease, availability of technological advanced products in the market, rising product launches and approvals in the market, and other advantages offered by the segment.

The analyzers are the instruments that examine the samples, such as blood serum and urine. The automation in analyzers has become universal in clinical laboratories around the world. This advancement will aid in reducing healthcare costs, provides accuracy and reliability. Thus, the hospitals and laboratories rely on automated analyzers in order to maintain profitability as well.

Moreover, the presence of technological advanced products in the market will in-turn increase the demand of analyzers. For instance, Atellica CH 930 Analyzer from Siemens Healthineers is an apt example of a technologically improved Clinical Chemistry analyzer. Atellica Solution integrates immunoassay and clinical chemistry analyzer. With Potentiometric, Photometric, and Turbidimetric Assay Technologies, Atellica CH 930 comes with a feature of auto reflex testing, which means it will perform additional tests based on the first test result. It’s a mid-volume clinical chemistry analyzer, capable of running a maximum of 1800 tests per hour.

Furthermore, the increasing product launches in the market will bolster the demand of analyzers in the market. For instance, in September 2021, Roche Diagnostics India launched the Cobas pure integrated solutions analyzer with a smarter system that is particularly suitable for numerous laboratories and hospitals in India. The analyzer allows for better utilization of space and increased delivery of high-medical-value tests for greater patient benefits.

Therefore, owing to the above-mentioned factors, the demand of the analyzers will rises, thereby the category is expected to witness a considerable growth eventually contributing to the overall growth of the global clinical chemistry analyzers market during the forecast period.

NORTH AMERICA IS EXPECTED TO DOMINATE THE OVERALL CLINICAL CHEMISTRY ANALYZERS MARKET:

Among all the regions, North America is expected to dominate the global clinical chemistry analyzers in the year 2021 and is expected to do the same during the forecast period from 2022-2027.

This can be ascribed to the increasing prevalence of chronic diseases, rising importance of diagnosis and specifically point-of care testing, surging geriatric population in the region, and the presence of key market players in the region, and other factors contribute to the growth of the clinical chemistry analyzers market in North America.

For instance, according to the Centers for Disease Control and Prevention (CDC) 2022, it was stated that the chronic diseases are the leading cause of death and disability every year in the United States. The rising number of chronic diseases in the nation enhances to the growth of clinical chemistry analyzers in the North American region. Thus, the high burden of the target and chronic diseases in the region and increasing demand for early diagnostics are the other major factors that are driving the growth of the studied market in the North American region.

Additionally, according to the Canadian Cancer Society 2021 report, about 229,200 new cancer cases were diagnosed in Canada in 2021, and on average, 628 Canadians were diagnosed with cancer every day, which is further expected to increase in the future. Also, as per the same report, lung, breast, colorectal, and prostate cancer were the most diagnosed types of cancer in Canada. Thus, the increasing prevalence of chronic diseases will increase the demand of clinical chemistry analyzers in the upcoming years as these analyzers are used to conduct assays on the clinical samples such as blood, plasma, urine, and cerebrospinal fluid in order to detect the presence of analytes relating to any disease.

Furthermore, the increasing product launches of technological advanced products in the local market, rising investments by the key players in the region, and other activities by the key players in the region will drive the demand of clinical chemistry analyzers in the North America during the forecast period of 2022 - 2027. For instance, in February 2021, Thermo Fisher Scientific partnered with Mindray to provide customers in the United States and Canada with two clinical chemistry analyzers for drug screening in clinical and forensic laboratories. Thermo Fisher and Mindray entered into an agreement to offer the FDA-cleared and Health Canada-approved BS-480 (400 tests/hour) and BA-800M (800 tests/hour) analyzers to toxicology labs.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the clinical chemistry analyzers market.

CLINICAL CHEMISTRY ANALYZERS MARKET KEY PLAYERS:

Some of the key market players operating in the clinical chemistry analyzers market includes Abbott, Beckman Coulter, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthcare Private Limited, Thermo Fisher Scientific Inc., Sysmex Europe SE., ELITechGroup, F. Hoffmann-La Roche Ltd., HORIBA Medical, Johnson & Johnson Services, Inc., Randox Laboratories Ltd., Ortho Clinical Diagnostics., Nova Biomedical, BioSystems Diagnostics Pvt. Ltd., DiaSys Diagnostic Systems GmbH, Diatron., EKF Diagnostics Holdings plc, Medica Corporation., Trivitron Healthcare, Shenzhen New Industries Biomedical Engineering Co., Ltd., and others.

RECENT DEVELOPMENTAL ACTIVITIES IN CLINICAL CHEMISTRY ANALYZERS MARKET:

In May 2022, Mindray launched the BS-600M, a powerful, efficient chemistry analyzer that is designed to empower medium-volume laboratories with increased productivity, efficiency, and reliability.

In April 2022, Sysmex Europe launched its new three-part differential system, the XQ-320 XQ-Series Automated Hematology Analyzer. With reliable technology and a new level of usability, the XQ-320 brings excellence in quality to a diverse range of clinical laboratory environments.

In January 2020, Sysmex invested in Astrego Diagnostics for the development of urinalysis solutions.

KEY TAKEAWAYS FROM THE CLINICAL CHEMISTRY ANALYZERS MARKET REPORT STUDY

Market size analysis for current clinical chemistry analyzers market size (2020), and market forecast for 5 years (2021-2027)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the clinical chemistry analyzers market.

Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years

Key companies dominating the global clinical chemistry analyzers market.

Various opportunities available for the other competitor in the clinical chemistry analyzers market space.

What are the top performing segments in 2020? How these segments will perform in 2027.

Which is the top-performing regions and countries in the current clinical chemistry analyzers market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for clinical chemistry analyzers market growth in the coming future?

TARGET AUDIENCE WHO CAN BE BENEFITED FROM THIS CLINICAL CHEMISTRY ANALYZERS MARKET REPORT STUDY

Clinical chemistry analyzers products providers

Research organizations and consulting companies

Clinical chemistry analyzers -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in clinical chemistry analyzers

Various end users who want to know more about the clinical chemistry analyzers market and latest technological developments in the clinical chemistry analyzers market.

FREQUENTLY ASKED QUESTIONS FOR CLINICAL CHEMISTRY ANALYZERS MARKET:

1. What are clinical chemistry analyzers?

The clinical chemistry analyzers are the devices which run assays on the clinical samples such as blood, plasma, urine, and cerebrospinal fluid in order to detect the presence of analytes relating to disease or drugs.

2. What is the global market for Clinical Chemistry Analyzers?

The global clinical chemistry analyzers market was valued at USD 12.38 billion in 2021 and will grow at a CAGR of 4.82% during the forecast period from 2022 to 2027 in order to reach USD 16.39 billion by 2027.

3. What are the drivers for global clinical chemistry analyzers market?

The clinical chemistry analyzers market is witnessing a positive market growth owing to the factors such as the growing prevalence of chronic diseases, rising burden of geriatric population, increasing importance and awareness of point-of-care testing, surging technological advancements in the devices, increasing product launches and approvals, presence of key players in the market, and others will create an exigency for the clinical chemistry analyzers market.

4. Who are the key players operating in the global clinical chemistry analyzers market?

Some of the key market players operating in the clinical chemistry analyzers market includes Abbott, Beckman Coulter, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthcare Private Limited, Thermo Fisher Scientific Inc., Sysmex Europe SE., ELITechGroup, F. Hoffmann-La Roche Ltd., HORIBA Medical, Johnson & Johnson Services, Inc., Randox Laboratories Ltd., Ortho Clinical Diagnostics., Nova Biomedical, BioSystems Diagnostics Pvt. Ltd., DiaSys Diagnostic Systems GmbH, Diatron., EKF Diagnostics Holdings plc, Medica Corporation., Trivitron Healthcare, Shenzhen New Industries Biomedical Engineering Co., Ltd., and others.

5. Which region has the highest share in clinical chemistry analyzers market?

Among all the regions, North America is estimated to amass the significant revenue share in the global clinical chemistry analyzers market. This can be ascribed to the increasing prevalence of chronic diseases, rising importance of diagnosis and specifically point-of care testing, and the presence of key market players in the region are the reasons which acts as a supportive factor for the North America clinical chemistry analyzers market growth.

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