Clinical Chemistry Market Forecasts to 2030 – Global Analysis By Product Type (Reagents, Analyzers, Point of Care (POC) Test Kit and Other Product Types), Application (Basic Metabolic Panel, Electrolyte Panel, Thyroid Function Panel, Liver Panel, Specialt

Clinical Chemistry Market Forecasts to 2030 – Global Analysis By Product Type (Reagents, Analyzers, Point of Care (POC) Test Kit and Other Product Types), Application (Basic Metabolic Panel, Electrolyte Panel, Thyroid Function Panel, Liver Panel, Specialty Chemical tests, Lipid Profile and Other Applications), End User and By Geography

According to Stratistics MRC, the Global Clinical Chemistry Market is accounted for $14.9 billion in 2023 and is expected to reach $24.4 billion by 2030 growing at a CAGR of 7.3% during the forecast period. Clinical chemistry, commonly referred to as clinical biochemistry, is a field of medicine that focuses on examining physiological fluids to determine how well a patient is doing, it entails performing a variety of chemical and biological tests to determine the levels of elements such as enzymes, electrolytes, hormones, and metabolites in blood, urine, or other physiological fluids.

According to the American Cancer Society, in the U.S, 1,688,780 new cancer cases were diagnosed, and 600,920 cancer deaths occurred in 2017.

Market Dynamics:

Driver:

A rise in clinical chemistry

An increase in the prevalence of chronic diseases like cancer and diabetes has recently driven the growth of clinical chemistry by increasing demand for quicker diagnoses, technological advancements, and scientific study for potential therapeutic applications. Additionally, benefits from the improvements include, among others, simple parameter monitoring, automatic data collection, and automatic variable adjustments. Therefore, due to rising disposable incomes and improved knowledge of the value of diagnostic tests, the clinical chemistry industry is experiencing an upward trend in the market.

Restraint:

High cost

The high cost of clinical chemistry devices poses several significant drawbacks. Primarily it restricts access to cutting-edge diagnostic tools by placing a heavier financial burden on healthcare institutions and patients. Additionally, the price of equipment can also make it difficult for people to use cutting-edge diagnostic tools, delaying the creation and use of breakthrough testing. Thus, overall, the high expense of clinical chemistry equipment may contribute to imbalances in access to healthcare and outcomes.

Opportunity:

Innovative automated solutions in clinical laboratories

The automated solutions streamline the diagnostic testing process by using cutting-edge robotics and technology, which decreases human error and boosts efficiency. They make it possible to execute a lot of tests rapidly and with high throughput. Moreover, by delivering timely and accurate results, this not only improves patient care but also increases laboratory productivity. Additionally, automation makes it easier to integrate complicated tests, giving healthcare practitioners access to a greater range of diagnostics. Therefore, in general, clinical chemistry laboratories' automation has changed the profession, enabling quicker diagnosis, better patient outcomes, and expanded capacities for the healthcare sector.

Threat:

Lack of skilled professionals

A major disadvantage is the lack of qualified clinical chemistry practitioners. Moreover, for accurate and dependable test findings, well-trained laboratory staff is required, including clinical chemists, pathologists, and medical technologists. Additionally, diagnostic mistakes may result from a lack of qualified personnel, thereby threatening patient care. It may also have an impact on the application of cutting-edge diagnostic methods and research in the area. Hence, clinical chemistry faces hurdles in both patient treatment and medical research due to a shortage of qualified personnel in the discipline.

Covid-19 Impact

Clinical chemistry has suffered from the COVID-19 pandemic in a number of ways. Initially, because of the enormous demand for COVID-19 testing, laboratory resources had to be redistributed, taking focus away from standard clinical chemistry tests. Additionally, delays and shortages were brought on by supply chain problems that impacted the availability of supplies and tools for non-COVID testing. Therefore, the delay in receiving test results was impacted by the strain on hospital infrastructure and people, which gradually hampered the market expansion.

The point of care (POC) test kit segment is expected to be the largest during the forecast period

The point of care (POC) test kit segment is estimated to hold the largest share, due to the instant test results provided by these fast diagnostic kits enable healthcare practitioners to make decisions right away. Additionally, by making it possible to quickly diagnose ailments including infectious infections, diabetes, and cardiac biomarkers, point-of-care test kits (POC) have dramatically improved patient care, particularly in emergency situations and remote or resource-constrained settings. Therefore, POC test kits continue to be a driving force in clinical chemistry innovation, improving accessibility, diagnostic effectiveness, and, ultimately, patient outcomes.

The lipid profile segment is expected to have the highest CAGR during the forecast period

The lipid profile segment is anticipated to have highest CAGR during the forecast period, due to the crucial component of determining a person's cardiovascular health is the clinical chemistry lipid profile segment. Additionally, with diseases like atherosclerosis and coronary artery disease, abnormal lipid profiles are frequently linked. Therefore, the inclusion of these tests in standard health examinations has made them a crucial component of preventive healthcare programs and early disease diagnosis, which has helped to lower the incidence of cardiovascular diseases, which gradually propelled the market growth.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period owing to a number of government initiatives and programs. Moreover, such government programs seek to enhance healthcare outcomes, expand the clinical chemistry industry, and guarantee that more people have access to cutting-edge diagnostic tools, as these plans frequently center on advancing the healthcare sector's infrastructure, increasing accessibility to diagnostic services, and fostering innovation. This is due to Japan's advanced healthcare and insurance systems.

Region with highest CAGR:

North America is expected to witness highest CAGR over the projection period, owing to a lot of beneficial changes in the area of clinical chemistry. Modern diagnostic techniques and enhanced patient care have been made possible by robust research and development combined with significant financial investments in healthcare infrastructure. Additionally, with several pharmaceutical and biotechnology firms advancing diagnostic techniques, the area is also a hotspot for innovation. Hence, these elements work together to improve illness management, healthcare quality, and the steady expansion of the clinical chemistry market in North America.

Key players in the market

Some of the key players in the Clinical Chemistry Market include Abbott Laboratories, EKF Diagnostics Holdings PLC, Danaher Corporation, Hitachi, Horiba, Ltd., Johnson & Johnson, Siemens Healthineers, Sysmex ADR, Thermo Fisher Scientific, Diatron, Nova Biomedical, Hoffmann-La Roche Ltd, Alfa Wassermann Inc., Ortho-Clinical Diagnostics and ELITechGroup.

Key Developments:

In September 2023, Abbott and Bigfoot Biomedical announced a definitive agreement for Abbott to acquire Bigfoot, a leader in developing smart insulin management systems for people with diabetes.

In March 2023, Hamamatsu, a leading manufacturer of photonics devices, including whole slide scanners for digital pathology, announced a multi-year distribution agreement with Siemens Healthineers.

In February 2023, Abbott and Cardiovascular Systems, Inc. (CSI), announced a definitive agreement for Abbott to acquire CSI, a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease.

Product Types Covered:
• Reagents
• Analyzers
• Point of Care (POC) Test Kit
• Other Product Types

Applications Covered:
• Basic Metabolic Panel
• Electrolyte Panel
• Thyroid Function Panel
• Liver Panel
• Specialty Chemical tests
• Lipid Profile
• Other Applications

End Users Covered:
• Hospitals
• Maternity Centres
• Pathology Laboratories
• Outpatient Centres
• Clinics
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements