Clinical Chemistry Analyzers Market - Growth, Trends, and Forecasts (2020 - 2025)
The major factors for the growth of the clinical chemistry analyzers market include the rising geriatric population and increasing prevalence of chronic diseases, increasing importance and awareness of point-of-care testing, and rising technological advancements in clinical chemistry analyzer.
The clinical chemistry analyzers run assays on clinical samples such as blood, plasma, urine, and cerebrospinal fluid in order to detect the presence of analytes relating to disease or drugs. The major factor driving the growth of the market includes rising geriatric population and increasing prevalence of chronic diseases. According to the United States Census Bureau’s Statistics, as of 2017, the total number of people aged 65 years and older exceeded 50 million, and between 2020 and 2030, the number of elderly people is projected to increase by almost 18 million. Although much smaller in total size, the number of people aged 85 years and older is expected to more than triple from an estimated 6 million, in the present scenario, to nearly 20 million by 2060. The rising geriatric population will lead to an increase in various diseases resulting in the high demand for clinical tests. Thus, the clinical chemistry analyzers market is expected to witness high growth over the forecast period.
Key Market Trends
Analyzers in Product Type Segment are Expected to Witness Fastest Growth over the Forecast Period
The analyzers are the instruments which analyze the sample such as blood serum and urine. The clinical chemistry analyzers are witnessing high growth owing to the rising technological advancements in the instruments. The market players are focusing on providing cost-effective equipment to end-user. The automation has become pervasive in clinical laboratories around the world. In order to reduce the healthcare costs, laboratories have relied on automation to maintain profitability as well.
Furthermore, in November 2018, the Primary Health Care has joined forces with Siemens Healthineers to deploy more than 70 Atellica Solution immunoassay and clinical chemistry analyzers. Thus, the rising technological advancements in the analyzers expected to propel the overall growth of the Clinical Chemistry Analyzers market.
North America is Expected to Dominate the Market
According to the Centers for Disease Control and Prevention, chronic diseases were the leading cause of death and disability in the United States. In addition, rising healthcare expenditure, along with the rapid adoption of point-of-care testing, is expected to boost the growth of the market. The major market players are launching new technologically advanced products in the market. For instance, recently in September 2019, one of the major market player Siemens Healthineers announced the global commercial availability of its Atellica Solution automation-ready immunoassay and chemistry analyzers and DynLife ( healthcare facility in Canada) was the first to adopt this solution. Thus, owing to the all above-mentioned factors North America is expected to hold largest share in the Clinical Chemistry Analyzers Market.
The market studied is a fragmented market owing to the presence of various market players. Some of the market players are Abbott Laboratories, Danaher Corporation (Beckman Coulter, Inc.), Elitech Group, F.Hoffmann-La Roche Ltd., Horiba, Ltd., Johnson & Johnson, Mindray Medical International Limited, Siemens Healthcare Private Limited, Sysmex Corporation, and Thermo Fisher Scientific Inc.
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