Clinical Chemistry Analyzers Market

Updated on : Aug 22, 2024

The global clinical chemistry analyzers market in terms of revenue was estimated to be worth $13.0 billion in 2023 and is poised to reach $16.5 billion by 2028, growing at a CAGR of 4.9% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The market's progress is propelled by factors such as the increasing number of elderly individuals, the rise in chronic and lifestyle diseases, the growing utilization of Point-of-Care testing devices, and the surging demand for laboratory automation. Nonetheless, the lack of adequately trained professionals and the high expenses associated with clinical chemistry analyzers are anticipated to impede the market's advancement throughout the forecast period.

Attractive Opportunities in the Clinical Chemistry Analyzers Market

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Clinical Chemistry Analyzers Market Dynamics

Driver: Expanding geriatric population and the increasing prevalence of chronic & lifestyle diseases

Both developed and developing regions are experiencing a significant increase in the elderly population, leading to a higher incidence of age-related ailments such as hypertension, diabetes, cardiovascular diseases, as well as liver and kidney disorders. Consequently, there is a greater need for diagnostic and management tools, including various tests like basic metabolic panel, lipid profile, and liver and renal panel. The demand for these tests, which are essential for prevention, diagnosis, and treatment of chronic diseases, is on the rise. Additionally, the growing emphasis on preventive medicine further contributes to the demand for clinical chemistry analyzers. As these tests are conducted using clinical chemistry analyzers, the market is expected to benefit from these factors, driving its growth in the forecast period.

Restraint: The requirement of high capital investments and a shortage of skilled laboratory technicians

The growth of the clinical chemistry analyzers market is hindered by several factors. Firstly, the affordability of high-volume clinical chemistry analyzers is limited to larger hospitals and reference laboratories with substantial capital budgets. Small laboratories, physician's offices, and sole practitioners often lack the financial resources to invest in large or very large-sized analyzers, which hampers their ability to adopt advanced equipment. The high fixed-cost requirements associated with these analyzers pose a barrier to market growth, particularly among smaller healthcare facilities.

Secondly, there is a significant shortage of laboratory technicians in both developed and developing nations. This shortage is primarily driven by factors such as the expanding patient population, the retirement of experienced technicians, and the closure of clinical lab programs in financially strained colleges. As a result, there exists a gap between the supply and demand of pathologists and lab technicians on a global scale. This shortage of skilled professionals hampers the effective utilization of clinical chemistry analyzers and acts as a constraint on the growth of the market.

Taken together, the limited affordability of high-volume analyzers for smaller healthcare facilities and the shortage of laboratory technicians globally contribute to restraining the market growth of clinical chemistry analyzers.

Opportunity: Clinical chemistry analyzers are constantly evolving

During the forecast period, the clinical chemistry analyzers market is expected to benefit from advancements in technology, presenting numerous lucrative opportunities for expansion. An example of this is Transasia's exhibition of improved in-vitro diagnostic (IVD) products at the Medical Fair 2022, including the Erba XL 640, a clinical chemistry analyzer equipped with an autoloader. This advanced equipment enhances productivity, reduces manual labor for staff members, and enables faster turnaround time (TAT), thereby improving overall client experience.

Furthermore, the market is anticipated to receive a boost from government initiatives, programs, and financial support aimed at promoting the growth of laboratories and diagnostics. These beneficial measures create favorable prospects for businesses operating in the clinical chemistry analyzers market. Considering these factors, the market is expected to witness significant expansion opportunities during the forecast period, leading to an increase in market size.

Challenge: Increasing Regulatory Requirements

Clinical chemistry analyzers must comply with stringent regulatory guidelines and quality standards to ensure accurate and reliable test results. Adhering to evolving regulations can be a significant challenge for manufacturers, as it requires continuous updates to software, hardware, and processes. Clinical chemistry analyzer manufacturers are often required to establish and maintain a quality management system (QMS) to ensure compliance with regulatory standards. This includes implementing processes and procedures for design, development, manufacturing, installation, servicing, and post-market surveillance of the analyzers. Manufacturers must carefully navigate the regulatory landscape and comply with the applicable regulations to gain market approval for their clinical chemistry analyzers.

In 2022, reagents segment accounted for the largest share of the clinical chemistry analyzers industry, by product

The clinical chemistry analyzers market is categorized into analyzers, reagents, and other products based on product segmentation. In 2022, the reagents segment held the largest share in the market. This can be attributed to the recurring demand for reagents in larger quantities compared to analyzers. The continuous need for reagents for performing clinical chemistry tests and analysis is a significant factor driving the growth of this segment. Reagents play a crucial role in facilitating accurate and reliable laboratory testing, making them an essential component in clinical chemistry analyzers

In 2022, basic metabolic panel tests segment accounted for the largest share in the clinical chemistry analyzers industry, by test type

The clinical chemistry analyzers market is segmented based on test type into various categories, including basic metabolic panels, electrolyte panels, liver panels, lipid profiles, renal profiles, thyroid function panels, and specialty chemical tests. In 2022, the basic metabolic panel tests segment held the largest share in the market. This can be attributed to several factors. Overall, the rising incidence of diabetes and other lifestyle and chronic diseases, as well as the growing emphasis on preventive healthcare, have played significant roles in propelling the growth of the basic metabolic panel tests segment in the clinical chemistry analyzers market.

North America is the largest regional market for clinical chemistry analyzers industry

The global clinical chemistry analyzers market is segmented into different regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America emerged as the leading region in terms of market share in the clinical chemistry analyzers market. Several factors contributed to the growth of the North American market. Factors, such as the growing geriatric population, increasing prevalence of chronic conditions, favourable government initiatives, healthcare expenditure, well-developed healthcare infrastructure, and availability of advanced instruments, North America has attained a significant market share in the global clinical chemistry analyzers market.

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The major players in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific Inc. (US) and Siemens Healthineers AG (Germany). These players lead the market because of their extensive product portfolios and wide geographic presence. These dominant market players also have numerous advantages, such as more robust marketing and distribution networks, larger budgets for R&D, and better brand recognition.

Scope of the Clinical Chemistry Analyzers Industry

This report categorizes the clinical chemistry analyzers market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• Reagents
• Analyzers
• Other Products

By Test Type

• Basic Metabolic Panels
• Liver Panels
• Renal Panels
• Lipid Profiles
• Thyroid Function Panels
• Electrolyte Panels
• Specialty Chemical Tests

By End User

• Hospitals and Clinics
• Diagnostic Laboratories
• Research Laboratories & Institutes
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe (RoE)
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific (RoAPAC)
• Latin America
• Middle East & Africa

Recent Developments of Clinical Chemistry Analyzers Industry

• In May 2023, Siemens Healthineers AG(Germany) launched two new solutions for high-volume hematology testing, the Atellica HEMA 570 and 580 Analyzer.
• In May 2022, Mindray Medical International Ltd. (China) launched the BS-600M, a powerful, efficient chemistry analyzer that is designed to empower medium-volume laboratories with increased productivity, efficiency, and reliability.
• In February 2021, Thermo Fisher Scientific Inc. (US) partnered with Mindray Medical International ltd. (China) to provide customers in the United States and Canada with two clinical chemistry analyzers for drug screening in clinical and forensic laboratories.

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