Clinical Chemistry Analyzers Market to Reach US$ 16.3 Billion by 2027: TMR Study

Posted on 2024-03-28 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-28 — /EPR Network/ — Transparency Market Research Inc. –

Transparency Market Research’s most recent report on the clinical chemistry analyzers market highlights the period spanning from 2017 to 2018 historically and projects trends from 2019 to 2027. The report underscores the expected surge in chronic disease prevalence and the growing adoption of point-of-care testing for diagnosing various ailments as key drivers propelling the global clinical chemistry analyzers market forward.

The global clinical chemistry analyzers market was valued at approximately US$ 11.3 billion in 2018, according to the report. Over the forecast period from 2019 to 2027, the market is anticipated to witness a steady expansion, with a compound annual growth rate (CAGR) of approximately 4% to reach a value of ~US$ 16.3 Bn.

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Over the past few decades, there has been a remarkable surge in the utilization of clinical chemistry analyzers, driven by notable technological advancements and the growing demands of the healthcare sector. Clinical chemistry plays a pivotal role in examining internal bodily fluids, providing precise diagnostic information. The traditional manual laboratory procedures have provided a robust framework for contemporary clinical chemistry practices. Nevertheless, with the evolution of technology, testing methodologies have undergone significant transformation. Today, sophisticated instruments like chemical analyzers enable the automation of various tests in laboratories, marking a substantial shift from manual processes to automated solutions.

Automation in Clinical Chemistry – A Growing Trend

Computer technology has revolutionized clinical chemistry, with a focus on informatics and automation. Automated processes in clinical chemistry have increased throughput, enhancing testing volumes and efficiency while reducing human error. Automated analyzers also mitigate cross-contamination risks and ensure high levels of biohazard safety. Consequently, there has been a significant surge in demand for automated chemistry analyzers, a trend expected to persist.

By 2027, fully automatic analyzers are projected to hold approximately 64% of the market share, reaching a value of about US$ 10.4 billion. This growth is propelled by favorable reimbursement policies and advancements in technology, resulting in the development of flexible instruments with superior performance compared to their predecessors.

Prominent players:

Ortho Clinical Diagnostics,F. Hoffmann-La Roche Ltd.,Danaher Corporation,Randox Laboratories Ltd,Siemens Healthineers,Abbott Laboratories,Thermo Fisher Scientific, Inc.,Mindray Medical International Limited

Clinical Chemistry Analyzers Market: Key Developments

In October 2017, Siemens Healthineers decided to expand its capacity in Shanghai. The new laboratory diagnostic plant is the firm’s first in-vitro diagnostic reagent plant in Asia Pacific, which is engaged in the production of clinical chemistry and immunoassay reagents.
In September 2019, Randox Laboratories Ltd. launched a new online store with exclusive discounts. The website offers customers reagents, dedicated RX series kits, and consumables online.
In November 2017, Ortho Clinical Diagnostics collaborated with EKF Diagnostics. The agreement allowed Ortho customers to access EKF’s Stanbio Chemistry LiquiColor assay for beta-hydroxybutyrate (BHB).

Segmentation:

Product

Panels & Reagents
Analyzers

Technology

Semi-automatic
Fully Automatic

Modality

Centralized
Decentralized

End User

Hospitals
Diagnostic Centers
Academic Research Institutes
Others

Market Drivers and Challenges:

Drivers: Technological advancements, increasing prevalence of chronic and infectious diseases, growing geriatric population, rising demand for point-of-care testing, and expanding healthcare infrastructure.
Challenges: High cost associated with advanced clinical chemistry analyzers, reimbursement challenges, and stringent regulatory requirements.

High Cost of Automated Instruments to Hamper Clinical Chemistry Analyzers Market

The integration of advanced technology into clinical chemistry analyzers comes with a substantial price tag, as the cost of these analyzers rises with increased automation and integration. This escalation in costs poses a significant challenge for laboratories, particularly in terms of affordability. Consequently, there is a growing demand for instruments that are not only cost-effective but also easy to use.

The high cost of instruments can potentially lead to an increase in testing expenditure, thereby acting as a restraint on the global clinical chemistry analyzers market during the forecast period. This financial burden may deter laboratories from investing in advanced analyzers, impacting the adoption rate and market growth. As a result, there is a pressing need for solutions that strike a balance between technological sophistication and affordability to ensure accessibility and sustainability within the healthcare industry.

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Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Market Trends:

Integration of artificial intelligence (AI) and machine learning (ML) algorithms for data analysis and interpretation.
Growing focus on personalized medicine and companion diagnostics.
Development of miniaturized and portable clinical chemistry analyzers for point-of-care testing.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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