May 19, 2020
As per the report titled ‘Global Clinical Chemistry Analyzers Market Size study, by Product (Analyzers, Reagents, Others), by Test Type (Basic Metabolic Panels, Electrolyte Panels, Liver Panels, Lipid Profiles, Others), by End-Users (Academic Research Centers, Diagnostic Laboratories, Hospitals, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global clinical chemistry analyzers market share was worth USD 11,730 million in 2019 and is projected to expand at 5.6% CAGR during 2020-2026.
Clinical chemistry is the area of chemistry that is concerned with the evaluation and analysis of body fluids, which aids in the diagnosis and therapeutics of various diseases. Clinical chemistry analyzers find their application in mechanisms such as ion-selective potentiometry, photometric & colorimetric testing, and latex agglutination assay to analyze the body fluids namely, blood serum, urine, and plasma.
The primary function of clinical chemistry analyzers is testing metabolic functions to determine drug abuse and lifestyle diseases such as diabetes in a patient’s body. There are various kinds of the clinical analyzers such as benchtop analyzers and compact bedside models, which usually comprise of fewer test options and high-input floor-based units.
Global clinical chemistry analyzers market is primarily driven by rising prevalence of lifestyle diseases such as diabetes across the globe. According to International Diabetic Federation (IDF), in 2015, approximately 415 million adults suffered from diabetes globally and it is estimated that this number will reach 578 million by the year 2030. This factor along with increasing healthcare expenditure and rise in number of reagent rental agreements are enhancing the market growth.
On the contrary, high capital investment and stringent regulatory policies for medical devices may limit the market growth during the forecast period.
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As per the regional analysis, the market is divided into North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America holds significant share in global clinical chemistry analyzers market, owing to favorable government initiatives for clinical chemistry and widespread observation of strict practice guidelines by healthcare organizations present in the region.
Meanwhile, Asia Pacific clinical chemistry analyzers market is slated to show strong growth over the forecast timeline, due to the presence of major manufacturers and suppliers in emerging economies such as India and China.
Prominent players in clinical chemistry analyzers market are Danaher Corporation, Abbott Laboratories, F. Hoffmann-La Roche Ltd., Siemens AG, Johnson & Johnson, ELITech Group, Mindray Medical International Limited, Horiba, Ltd., Thermo Fisher Scientific Inc., and Randox Laboratories Ltd.