Northbrook, IL 60062 -- (SBWIRE) -- 12/05/2023 -- 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 according to a new report by MarketsandMarkets™. The clinical chemistry analyzers market is witnessing growth due to several factors, including the rise in the elderly population and the higher occurrence of chronic and lifestyle diseases. The increasing adoption of point-of-care testing devices and the growing demand for laboratory automation are also contributing to this growth. Additionally, emerging economies like China and Japan are offering profitable prospects for companies involved in the clinical chemistry analyzers market.

The clinical chemistry analyzers industry is poised for significant advancements and growth in the near future. As healthcare systems around the world become more focused on delivering efficient and accurate diagnostic services, clinical chemistry analyzers play a crucial role in providing timely and reliable clinical laboratory test results. With ongoing technological innovations and automation, the industry is witnessing the development of more sophisticated analyzers capable of handling a wider range of tests with higher precision and throughput. Integration of artificial intelligence and machine learning algorithms is also revolutionizing data analysis, interpretation, and result reporting, enhancing the overall efficiency and accuracy of diagnostic processes. Moreover, there is a growing demand for point-of-care testing, driving the development of compact, portable, and user-friendly analyzers that can deliver rapid results in various healthcare settings. The industry's future is characterized by increased connectivity and interoperability, allowing seamless integration with laboratory information systems and electronic health records. With a focus on improving patient outcomes, reducing turnaround times, and increasing laboratory efficiency, the clinical chemistry analyzers industry is well-positioned to meet the evolving needs of healthcare providers and contribute to enhanced diagnostic capabilities in the near future.

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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.

Reagents segment accounted for the largest share of the clinical chemistry analyzers market, by product segment, in 2022

The clinical chemistry analyzers market is categorized into reagents, analyzers, and other products based on the product type. In 2022, the reagents segment held the largest market share in the clinical chemistry analyzers market. The primary driver for the growth of this segment is the consistent and high demand for reagents, which surpasses the demand for analyzers.

Lipid profile tests segment to register the highest growth rate during the forecast period
Segmented by test type, the clinical chemistry analyzers market includes basic metabolic panels, electrolyte panels, liver panels, lipid profiles, renal profiles, thyroid function panels, and specialty chemical tests. In 2022, the lipid profile tests segment exhibited the highest growth rate in the market. This growth can be attributed to the rapid increase in obesity rates and the rising prevalence of diseases associated with obesity.
The hospitals and clinics segment accounted for the largest share of the clinical chemistry analyzers market, by end user segment, in 2022

The clinical chemistry analyzers market is divided into hospitals and clinics, diagnostic laboratories, research laboratories and institutes, and other end users based on end-users. In 2022, hospitals and clinics held the largest market share in the clinical chemistry analyzers market. The growth of this segment is primarily driven by factors such as the rising global incidence of diseases and disorders, the growing adoption of analyzers in healthcare settings, and continuous technological advancements.

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

The clinical chemistry analyzers market is categorized into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the largest market share in the clinical chemistry analyzers market. The dominant position of this region can be attributed to various factors, including the growing geriatric population, rising incidence of chronic and lifestyle diseases, favorable government initiatives, increased healthcare expenditure, improved healthcare infrastructure, and the presence of technologically advanced instruments.

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Clinical Chemistry Analyzers Market Dynamics:

Drivers:
1. Expanding geriatric population and the increasing prevalence of chronic & lifestyle diseases

Restraints:

1. The requirement of high capital investments and a shortage of skilled laboratory technicians

Opportunities:

1. Clinical chemistry analyzers are constantly evolving

Challenges:

1. Increasing Regulatory Requirements

Key Market Players:

The major players operating in this 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).

Recent Developments:
- 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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