According to Vision Research Reports, the global clinical chemistry analyzers market size is projected to surpass around US$ 16.5 Bn by 2028 with a CAGR of 4.3% during the forecast period 2020 to 2028.
Rise in prevalence of chronic diseases and adoption of point-of-care testing in diagnosis of various diseases are anticipated to drive the global clinical chemistry analyzers market.
Clinical chemistry analyzers are devices that carry out assays on clinical samples, such as plasma, blood, serum, urine, and cerebrospinal fluid to determine the presence of analytes relating to drugs and diseases. Clinical chemistry analyzers are used in a range of settings, including research laboratories, small clinics, and high-throughput hospital labs. Most of the clinical chemistry analyzers being launched in the market are highly automated in order to generate maximized throughput, improve user safety from biohazards, and diminish the risk of cross-contamination. Once the tests are programmed by the user, samples are introduced into machines and tests are carried out.
Rise in demand for medical devices in diagnosing various conditions (such as cardiac or neurological) results in increased preference for clinical chemistry analyzers, especially in hospitals and other healthcare centers and thus, these factors are driving the clinical chemistry analyzers market. Moreover, increased automation in clinical chemistry analyzers has propelled the global clinical chemistry analyzers market, owing to faster results and multiple tests at the same time.
Increase in Demand for Portable Devices and Point-of-Care Testing to Accelerate Clinical Chemistry Analyzers Market Growth
Large Target Patient Pool
High Cost of Automated Instruments to Hamper Clinical Chemistry Analyzers Market
In terms of product, the panels & reagents segment held a major share of the global clinical chemistry analyzers market in 2020. This segment is likely to maintain its dominance during the forecast period. The panels and reagents segment is anticipated to grow at a rapid pace during the forecast period, due to increase in prevalence of lifestyle diseases. Moreover, rise in awareness about preventive healthcare augments the number of tests performed across the globe. The analyzers segment held a significant share of the clinical chemistry analyzers market and it is likely to expand at a moderate CAGR between 2019 and 2027. The expansion of this segment can be attributed to technological advancements in clinical chemistry analyzers and high unmet need in diagnostics.
Based on end user, the hospitals segment accounted for a significant share of the global clinical chemistry analyzers market. This segment is projected to grow at a moderate CAGR during the forecast period. The growth of this segment can be attributed to increase in healthcare expenditure and rise in the number of hospitals in emerging economies, such as India and China. The diagnostic centers segment held a significant share of the global clinical chemistry analyzers market and is anticipated to grow at a moderate CAGR during the forecast period. Rise in patient preference for these outpatient settings due to quick access to test results and high efficiency of clinical workflow are expected to boost the segment growth.
Clinical Chemistry Analyzers Market Players Engage in Product Development
As the clinical chemistry analyzers market enters the automation era, manufacturers in the market are expected to focus on expanding their product portfolio by developing cutting-edge products according to current lab requirements. For instance, Trivitron Healthcare, an Indian health-tech company, launched a fully automated chemistry analyzer – ‘Nanolab 200’ in July 2019. The newly launched product is an automated benchtop chemistry analyzer that has a throughput of around 200 tests per hour. Integrated with cutting-edge liquid level detection technology, the newly launched product is expected to improve efficiency levels across clinical laboratories.
Companies are also focusing on opportunities in mid-sized laboratories wherein the integration of automated systems is a major challenge. Several manufacturers are launching compact analyzers with improved turn-around-time (TAT). For instance, in August 2019, the ERBA Group launched a new range of clinical chemistry analyzers, including XL 200 and XL 640 that are easier to operate and integrate with the advanced software version.
Future of Clinical Chemistry Analyzers Market Hinges on R&D Activities
The clinical chemistry analyzers market has continually witnessed innovations predominantly driven by the evolution of technology. Ongoing R&D activities, coupled with integration of advanced software technologies in clinical laboratories are expected to shape the future of clinical chemistry analyzers. Furthermore, stakeholders are likely to develop new products that are in-sync with the requirements of laboratories. Participants operating in the clinical chemistry analyzers market are engaged in the development of customized analyzers for small-scale laboratories. Additionally, manufacturers in the clinical chemistry analyzers market are increasingly developing downsized clinical chemistry analyzers that open the floodgates for improved testing capabilities. The next generation of clinical chemistry analyzers will further improve the workflow efficiencies in hospitals, point-of-care diagnostic centers, and research laboratories. Significant efforts are in store to integrate molecular diagnostics instruments and mass spectrometry with clinical chemistry systems.
Automation in Clinical Chemistry – A Growing Trend
Computer technology has played a pivotal role in transforming the clinical chemistry segment, which, at present, is adopting informatics and automation. Automation in clinical chemistry has improved throughput to enable significantly higher testing volumes and efficiency, and minimizing human error. Moreover, automated clinical chemistry analyzers have proven their efficacy in minimizing cross-contamination and offer a high degree of safety from biohazard. The demand for automated chemistry analyzers has thus witnessed substantial growth in recent years and the trend is anticipated to continue during the forecast period. Fully automatic clinical chemistry analyzers are projected to account for ~64% share of the clinical chemistry analyzers market. This technology segment is expected to reach a value of ~US$ 10.4 Bn by 2027. The adoption of automated chemistry analyzers is expected to grow, as stakeholders in the clinical chemistry analyzers market value chain are leveraging favorable reimbursement policies and technologies to develop flexible instruments that offer superior performance than previous product types.
North America held a major share of the global clinical chemistry analyzers market in 2020. It is primarily driven by factors, such as presence of key market players, a highly structured healthcare industry in the region, and key developments by market players, including product launch approvals, key mergers, and acquisitions.
For instance, in October 2016, Ortho Clinical Diagnostics received the U.S. FDA’s approval for its VITROS automation solutions for use in facilitation of the integration of laboratory automation in clinical chemistry, immunodiagnostics, and other modalities. Moreover, awareness about various chronic diseases among people is leading to adoption of various point-of-care testing devices, which is anticipated to drive the clinical chemistry analyzers market in the region. Europe held the second largest share of the global clinical chemistry analyzers market in 2020. The growth of the clinical chemistry analyzers market in the region can be attributed to increase in prevalence of chronic diseases in Europe and rise in geriatric population. As a result of which, diagnostic test procedures are increasing annually.
Asia Pacific accounted for a significant share of the global clinical chemistry analyzers market in 2020 and the market in the region is expected to grow at a rapid pace during the forecast period. Increase in the number of people with chronic diseases, product approvals, and rise in awareness about various diagnostic techniques are factors anticipated to fuel the growth of the clinical chemistry analyzers market in the region. According to an article published in a leading Indian newspaper, Indian Express, with over three million deaths owing to cardiovascular diseases every year, India is set to be the 'heart disease capital of the world in forthcoming years’. According to the report by International Diabetes Federation Diabetes Atlas, around 415 million adults suffer from diabetes globally. Moreover, 318 million adults have impaired glucose regulation and are at a high risk for developing diabetes in the future. China ranks number one, with the highest number of people with diabetes, which is anticipated to drive the clinical chemistry analyzers market in the region.
Key players are expanding their footprints to strengthen their position in the global clinical chemistry analyzers market. Increase in the number of patient population, and development of new effective diagnostic and therapeutic devices offer lucrative opportunities to key players to increase their share in the clinical chemistry analyzers market. Manufacturers are engaging in strategic acquisitions, collaborations, and distribution to expand their market share in the clinical chemistry analyzers market. For instance, Siemens Healthineers has installed base of more than 600,000 devices worldwide that enables them to draw a massive pool of data that is utilized to augment medical care. The company has relied for years on building partnerships with universities, research institutes, and healthcare providers. Currently, Siemens Healthineers has partnerships with 90 of the world’s top 100 healthcare providers.
Prominent players operating in the global clinical chemistry analyzers market are Ortho Clinical Diagnostics, F. Hoffmann-La Roche Ltd., Danaher Corporation, Randox Laboratories Ltd, Siemens Healthineers, Abbott Laboratories, Thermo Fisher Scientific, Inc., and Mindray Medical International Limited.
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The Clinical chemistry analyzers market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Clinical chemistry analyzers market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Clinical chemistry analyzers market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Clinical chemistry analyzers market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Clinical chemistry analyzers market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Clinical chemistry analyzers capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Clinical chemistry analyzers by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Clinical chemistry analyzers market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Clinical chemistry analyzers market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Clinical chemistry analyzers market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Clinical chemistry analyzers industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Clinical chemistry analyzers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Clinical chemistry analyzers market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Clinical chemistry analyzers market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Clinical chemistry analyzers market. These factors have benefited the growth of the global market for Clinical chemistry analyzers. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Clinical chemistry analyzers. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Clinical chemistry analyzers are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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