Worldwide Clinical Chemistry Market Size was US$ 13 Billion in 2021:
The rise of the clinical chemistry business has recently been fuelled by the rising prevalence of chronic ailments such as cancer and diabetes, which has resulted in greater demand for speedier diagnosis, technical breakthroughs, and scientific research for further therapeutic usage. Effortless parameter monitoring, automatic data capture, and automatic variable changes are just a few of the advantages provided by the advancements. The total clinical chemistry market is predicted to grow in the future due to an increased desire for automated clinical chemistry techniques among healthcare and medical professionals. In addition, rising disposable incomes and increased awareness for the need of diagnostic examinations are driving demand in the clinical chemistry industry.
COVID-19 Impact on Global Clinical Chemistry Industry:
The COVID-19 epidemic harmed company sales around the world. Lockdowns stemming from the COVID-19 epidemic forced people to postpone medical appointments, reducing the number of tests performed and reagent sales. However, as governments increasingly relieve travel restrictions, there is a rebound in testing numbers. Aside from vaccinations and therapeutic medications, there is an increasing market for developing more precise and straightforward testing methods and the expansion of testing structures. Companies have made strategic decisions to implement COVID-19 rapid tests, maintain revenue, and mitigate COVID-19's impact on their operating capabilities. According to the publisher, Global clinical chemistry Industry is expected to expand with a CAGR of 4.7% during 2021-2027.
Reagents Segment will Gain Market Share during the Forecast Period:
The clinical chemistry market is divided into analyzers and reagents based on product. According to our analysis, the analyzer product segment is expected to contribute the most to the overall clinical chemistry market growth in the coming years since it is the first line of products utilized in several clinical chemistry tests. Despite this, the reagents sector would increase market share during the forecast period because of the high volume of reagents required compared to analyzers.
Basic Metabolic Panel Tests Segment Hold Lion's Share:
By Test Type, we have covered the market for Basic Metabolic Panel, Electrolyte Panel, Liver Panel, Lipid Profile, Renal Profile, Thyroid Function Panel, and Specialty Chemical tests. According to our research, the basic metabolic panel tests category will account for most of the market in 2021. Furthermore, the rising incidence of diabetes and other lifestyle and chronic diseases and the growing trend of preventive healthcare can be ascribed to the growth of basic metabolic panel tests.
End-User, the Hospitals' Segment dominates the Market:
Hospitals led the clinical chemistry industry in 2021, accounting for a significant market share. Increased market penetration and procedure volumes are to blame for hospital expansion worldwide. Expanded government programs to provide various services, such as funding for clinical chemistry, are another primary driver projected to drive the hospital industry. In addition, several hospitals work with laboratories to incorporate additional tests.
Regional Analysis of the Clinical Chemistry Market:
North America, Europe, Asia Pacific, Latin America, the Middle East & Africa are the five regions that make up the worldwide clinical chemistry market. Due to a predicted growth in the geriatric population in countries like the United States and Canada, the North American region is dominant in the worldwide clinical chemistry market. In addition, these countries may see a boost in demand for breakthrough medical technologies, which might aid the clinical chemistry market's expansion in North America.
Furthermore, Europe is predicted to trail North America in the global clinical chemistry market, owing to improved healthcare infrastructure in countries like Germany and the United Kingdom and a significant percentage of the population suffering from diabetes. In addition, the clinical chemistry market in the Asia Pacific is predicted to grow profitably, particularly in nations like Japan, which have advanced healthcare infrastructure. Further, due to the absence of solid healthcare infrastructure, other regions such as Latin America and, the Middle East & Africa are likely to see moderate growth in the total clinical chemistry market.
Clinical Chemistry Market's Competitive Landscape:
The worldwide clinical chemistry market is dominated by a small number of competitors, all of whom may pursue various growth strategies to stay competitive. Furthermore, to grow their market presence and increase their revenue share, the major players in the clinical chemistry market may choose to partner with smaller companies. Government and private-sector funds may be used to assist minor clinical chemistry industry participants in their long-term expansion. Abbott Laboratories, Danaher Corporation, EKF Diagnostics Holdings PLC, Hitachi, HORIBA, Ltd., Johnson & Johnson, Siemens Healthineers, Sysmex ADR, and Thermo Fisher Scientific are the main competitors in the clinical chemistry industry.
The publisher's latest report clinical chemistry Market, Global Forecast By product Type, (Reagents (Small (400-800 Test/H), Medium (800-1200 Tests/ H), Large (1200-2000 Test/ H), Very Large (2000 Test/H)),Analyzers (Liquid, Solid, Others), Others)) Test Type (Basic Metabolic Panel, Electrolyte Panel, Liver Panel, Lipid Profile, Renal Profile, Thyroid Function Panel, and Specialty Chemical tests). Technology (Semi-automated Clinical Chemistry, Fully Automated Clinical Chemistry), End User (Hospital, Academic Research Centers, Diagnostics Laboratories, Others), Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America), Companies (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 clinical chemistry Industry.
Product Type - Market we have covered the market from 3 viewpoints:
1. Reagents
- Small (400-800 Test/H)
- Medium (800-1200 Tests/ H)
- Large (1200-2000 Test/ H)
- Very Large (2000 Test/H)
- Liquid
- Solid
- Others
3. Others
Test Type - Market we have covered the market from 7 viewpoints:
1. Basic Metabolic Panel
2. Electrolyte Panel
3. Liver Panel
4. Lipid Profile
5. Renal Profile
6. Thyroid Function Panel
7. Specialty Chemical tests
Technology - Market we have covered the market from 2 viewpoints:
1. Semi-automated Clinical Chemistry
2. Fully Automated Clinical Chemistry
End User - Market we have covered the market from 4 viewpoints:
1. Hospital
2. Academic Research Centers
3. Diagnostics Laboratories
4. Others
Region - Market we have covered the market from 5 viewpoints:
1. North America
2. Europe
3. Asia Pacific
4. Middle East & Africa
5. Latin America
Company Insights:
- Overview
- Recent Development
- Revenue
Key Players:
1. Abbott Laboratories
2. Danaher Corporation
3. EKF Diagnostics Holdings PLC
4. Hitachi
5. HORIBA, Ltd.
6. Johnson & Johnson
7. Siemens Healthineers
8. Sysmex ADR
9. Thermo Fisher Scientific
What is the estimated value of the Global Clinical Chemistry Market?
What is the growth rate of the Global Clinical Chemistry Market?
What is the forecasted size of the Global Clinical Chemistry Market?
Who are the key companies in the Global Clinical Chemistry Market?
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | March 2022 |
Forecast Period | 2021 - 2027 |
Estimated Market Value ( USD | $ 13 Billion |
Forecasted Market Value ( USD | $ 17.1 Billion |
Compound Annual Growth Rate | 4.7% |
Regions Covered | Global |
No. of Companies Mentioned | 9 |
Table of Contents
Companies Mentioned
- Abbott Laboratories
- Danaher Corporation
- EKF Diagnostics Holdings PLC
- Hitachi
- HORIBA, Ltd.
- Johnson & Johnson
- Siemens Healthineers
- Sysmex ADR
- Thermo Fisher Scientific
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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