(Newswire.net — November 18, 2022) —
According to a new research study by Global Insight Services (GIS), the clinical chemistry analyzers market is expected to grow rapidly over the next 10 years to reach a value of more than the US $19.7 billion by 2031.
Clinical chemistry analyzers are used to calculate the concentration of certain electrolytes, metabolites, and drugs in serum, cerebrospinal fluid, and other body fluids among others. It creates an accurate result within the lease period and is planned for extremely advanced technology. It is used to validate health conditions like nutritional status, liver functions, and kidney functions among others. Different types of tests such as lipid profile, liver panel, and a renal panel comprising therapeutic drugs are used to enhance metabolic functions. Rising demand for clinical tests and the increasing prevalence of endocrine diseases are the major factors driving the growth of the market.
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Global Clinical Chemistry Analyzers Market: Key Drivers
The key factor propelling the growth of the market is the rising geriatric population coupled with the increasing prevalence of chronic and lifestyle diseases. The increasing geriatric population in developed and developing regions will positively influence the growth of the clinical chemistry analyzers market. Owing to rapid growth in the elderly population, the prevalence of age-associated diseases like hypertension, diabetes, cardiovascular, liver, and kidney diseases are anticipated to increase significantly. The diagnosis and management of such diseases are responsible for the rising number of prescriptions for tests like basic metabolic panel, lipid profile, and liver & renal panel. The growth in chronic illnesses will increase the demand for tests prescribed for the prevention, diagnosis, and treatment of the same. These factors, alongside the growing trend for preventive medicine, is expected to drive the demand for clinical chemistry analyzers during the projection period. These tests are performed by clinical chemistry analyzers; so, it is expected to have a positive impact on this market.
Report Findings
The reagents segment is likely to dominate the market during the forecast period
The recurrent requirement of reagents in large numbers as compared to analyzers is the primary factor boosting the growth of this segment.
The basic metabolic panel tests segment accounted for the largest share during the forecast period
This can be attributed to the increasing incidence of diabetes and other lifestyle and chronic diseases and the increasing trend of preventive healthcare.
The hospitals & clinics segment is likely to dominate the market during the forecast period
The key factors such as growing adoption of point of care testing devices coupled with increasing demand for laboratory automation is propelling the market growth.
Market Restraints and Challenges
The major factor hindering the growth of the market is the requirement of high capital investment and a shortage of skilled laboratory technicians. The high-volume clinical chemistry analyzers may be affordable only for large hospitals and reference laboratories with high capital budgets. Most small laboratories, physician’s offices, and sole practitioners have no capital budgets and may not be able to afford a large or very large-sized analyzer. So, the high fixed-cost requirements limit the growth of the clinical chemistry analyzers market.
Currently, there is a significant shortage of laboratory technicians in both developed and developing nations. This is primarily attributed to the increasing patient population base, the retirement of elderly technicians, and the rising number of cash-strapped colleges closing their clinical lab programs. So, there is a gap between the supply and demand of pathologists and lab technicians worldwide, therefore expecting to restrain the market growth.
Competitive Landscape
The key players in the global clinical chemistry analyzers market are F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific Inc. (US), Siemens AG (Germany), HORIBA Ltd. (Japan), Sysmex Corporation (Japan), HITACHI (Japan), EKF Diagnostics (UK), Ortho Clinical Diagnostics (US), ELITech Group (France), Mindray Medical International Ltd. (China), BIOBASE Group (China), SFRI Medical Diagnostics (France), Trivitron Healthcare Pvt. Ltd. (India), Randox Laboratories Ltd. (UK), Medica Corporation (US), Meril Life Sciences Pvt. Ltd. (India), Erba Mannheim (UK), Genrui Biotech Inc. (China), DIRUI Industrial Co. Ltd. (China), Teco Diagnostics (US), Balio Diagnostics (France), Snibe Co. Ltd. (China), and AMS Alliance (Italy).