Clinical Chemistry Market, Size, Global Forecast 2023-2027, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis
Globally, Clinical Chemistry Market is expected to reach US$ 17.1 Billion by 2027. Clinical chemistry, commonly referred to as medical or clinical biochemistry, is a globally active sector that is rapidly growing. It is a branch of clinical pathology that frequently raises concerns when bodily fluids are analyzed for therapeutic and diagnostic purposes. Blood and urine are a couple of the most common body fluids analyzed in clinical chemistry. Clinical chemistry for enzymes frequently reveals information about these things when it comes to disorders like pancreatic cancer or damage to the body's organs. Moreover, for diagnosing cardiac and cancer problems, clinical chemistry also contains assays that serve as heart and tumour markers.
Global Clinical Chemistry Market will grow with a significant CAGR of 4.69% during the forecast period 2022 - 2027:
The market for clinical chemistry will be driven by the rising incidence of infectious and chronic diseases, such as cancer and diabetes, which create a need for prompt and precise diagnosis. Furthermore, the clinical chemistry industry is also being driven by factors such as an unhealthy diet, the rising geriatric population, a sedentary lifestyle, and a lack of exercise that can result in lifestyle illnesses. In addition, the market will continue to expand during the forecast period because of technological advancements, rising disposable incomes driving up demand for improved diagnostics, and the life-threatening nature of diseases and disorders.
By Product Type, Reagents dominate the Market:
Over the coming years, the market for clinical chemistry reagents is expected to expand as more industries use these tools to diagnose various diseases. In addition, clinical chemistry chemicals are utilized in preclinical research to track the progression of the disease and medication development. Furthermore, reagents are beneficial for numerous scientific studies that aim to comprehend the mode of action and interactions between various product cycle stages.
COVID-19 Helped the Clinical Chemistry Industry to Grow:
The COVID-19 epidemic caused significant hurdles for the healthcare sector. But when the COVID-19 infection spread, more clinical chemistry testing for SARS-CoV-2 virus carriers was carried out. Tests including procalcitonin, albumin, lactate dehydrogenase, and the C-reactive protein (CRP), as well as less common ones like lactate dehydrogenase and procalcitonin, were used to assess organ involvement and disease severity and to estimate the probability of morbidity and mortality.
Moreover, during the pandemic, the clinical chemistry tests and the serological testing assisted in keeping track of the affected people's general health. Therefore, the COVID-19 pandemic increased the use of these tests, which contributed significantly to the market's expansion and had a favorable effect on that market's growth. As a result, the global Clinical Chemistry market was US$ 13.6 Billion in 2022.
Basic Metabolic Panel holds the Largest Share by Test Type:
A basic metabolic panel evaluates kidney function, fluid and electrolyte balance, and blood sugar levels through a blood test. According to WHO estimates, there are 422 million diabetics worldwide, the majority of whom reside in low- and middle-income nations. Additionally, diabetes is directly responsible for 1.5 million deaths annually. Over the past few decades, diabetes diagnoses and prevalence have been continuously increasing. Hence, the ageing population and rise in chronic diseases, including diabetes, renal disease, and liver disease, are anticipated to fuel basic metabolic panel testing during the forecast period.
By Technology, Fully Automated will grow during the Forecast Period:
Fully Automated Clinical chemistry testing is becoming popular due to increased testing volume and quicker processing times provided by them. Additionally, with advanced processing, automated clinical chemistry testing boosts user protection from biohazards and decreases the possibility of cross-contamination, due to which fully automated clinical chemistry testing will continue to expand during the forecast period.
The hospital segment holds the lion's share:
Due to the rising patient load and frequent readmissions, hospitals held a substantial market share in the clinical chemistry market. Additionally, growing government initiatives to support adequate diagnostic facilities that produce speedy results and enhance overall efficiency also plays a significant role in the market expansion for this segment.
By Region, North America dominates the Market:
North America has a major market share in the clinical chemistry market. The presence of highly developed healthcare facilities, rising incidence of chronic disease, and increasing R&D and product developments by North America's leading market participants are the significant drivers of market growth in the region. As updated by Centres for Disease Control and Prevention in July 2022, chronic diseases are the primary cause of mortality in the United States every year. Furthermore, the Asia Pacific region will also expand its market share over the forecast period because of the rising healthcare expenditure, chronic disease prevalence, and technological advancement.
Key Players Analysis:
Abbott Laboratories, Danaher Corporation, EKF Diagnostics Holdings PLC, Hitachi, HORIBA, Ltd, Johnson & Johnson, Siemens Healthineers, Sysmex ADR, and Thermo Fisher Scientific are the leading players in the clinical chemistry market. To maintain their industrial position, these companies are concentrating on expansion strategies, including mergers and acquisitions.
Renub Research latest report “Global Clinical Chemistry Market Forecast by Product Type (Analyzers, Reagents and Others), By Test Type (Basic Metabolic Panel, Electrolyte Panel, Liver Panel, Liver Profile, Renal Profile, Thyroid Functional Panel and specialty chemical tests), by Technology (Semi-Automated and Fully-Automated), By End Users (Hospitals, Academic Research Centers, Diagnostic Laboratories and Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Key Players Analysis (Abbott Laboratories, Danaher Corporation, EKF Diagnostics Holdings PLC, Hitachi, HORIBA, Ltd, Johnson & Johnson, Siemens Healthineers, Sysmex ADR and Thermo Fisher Scientific)"" provides a detailed analysis of Global Clinical Chemistry Industry.
1. Basic Metabolic Panel
2. Electrolyte Panel
3. Liver Panel
4. Lipid Profile
5. Renal Profile
6. Thyroid Function Panel
7. Specialty Chemical tests
2. Academic Research Centers
3. Diagnostic Laboratories
1. North America
3. Asia Pacific
4. Latin America
5. Middle East & Africa
1. Abbott Laboratories
2. Danaher Corporation
3. EKF Diagnostics Holdings PLC
5. HORIBA, Ltd
6. Johnson & Johnson
7. Siemens Healthineers
8. Sysmex ADR
9. Thermo Fisher Scientific
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