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Clinical Chemistry Market Segmented By Semi-Automated Chemistry Analyzers, Automated Chemistry Analyzers and Test Strips, Cassettes, Dipsticks, Clinical Chemistry Analyzer Kits and Reagents
The Clinical Chemistry Market is expected to grow steadily during the forecast period between 2022 and 2026. During the period from 2013 and 2021 the Clinical Chemistry Market had a CAGR of 5.5% and in 2022, the global Clinical Chemistry Market size stands at US$ 8,435.2 million. The Global Clinical Chemistry Market is expected witness a CAGR of 4.6% during the forecast period and is projected to reach US$ 10,097.6 million by the year 2026.
| Attribute | Key Insights |
|---|---|
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Clinical Chemistry Market Size (2022) |
US$ 8,435.2 Mn |
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Projected Market Value (2026) |
US$ 10,097.6 Mn |
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Global Market Growth Rate (2022-2026) |
4.6% CAGR |
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The Global Clinical Chemistry Market is projected to witness a CAGR of 4.6% during the forecast period due to the rapid rise in the elderly population and increase in the incidences of chronic illnesses along with the increasing adoption and awareness regarding point-of-care testing, and technological advancements.
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Get a Customized VersionThe increasing elderly population will drive the clinical chemistry market going forward due to the increasing incidences of age-related disorders such as hypertension, diabetes, cardiovascular, liver, and kidney problems. As the prevalence of chronic diseases rises, the demand for tests used in their diagnosis and treatment is also increasing significantly. These factors, along with the rising preventive care, are expected to drive the growth of the clinical chemistry market throughout the forecast period.
Point-of-care testing is useful for detecting analytes for improved diagnosis, treatment, and monitoring. It allows for the diagnosis of illnesses at an early stage. The increasing adoption of POCT kits and analyzers for the detection and treatment of diseases is one of the major factors driving the growth of the Clinical Chemistry Market.
Many healthcare institutions around the world are acquiring the fully-automated clinical chemistry systems with built-in quality-assurance capabilities. These fully automated systems can process many samples at a time and can also perform tasks like tube sampling, cap piercing, dilution, and much more. The increasing adoption of these systems is fostering improved healthcare diagnostic facilities and it is also expected to drive the growth of the Clinical Chemistry Market throughout the forecast period.
Due to the requirement of high capital investments, only big hospitals and labs with a huge capital budget can acquire the clinical chemistry analyzers. Many small laboratories and sole practitioners are not able to afford these analyzers due to the high-cost requirements. As such, the requirement for high capital investments is one of the major restraints to the growth of the global clinical chemistry market.
Another factor that can hinder market growth is the lack of skilled professionals in both - developed and emerging nations. There is a global scarcity of lab technicians due to the rising patient population and a small number of fresh graduates due to the low availability of clinical lab programs. The lack of skilled pathologists and lab technicians is projected to stifle market growth.
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“Decrease in revenue due to drop in the frequency of testing”
The COVID-19 pandemic destroyed the global economy and has had a significant impact on the Clinical Chemistry Market. Lockdowns caused by the COVID-19 outbreak forced patients to reschedule medical visits, lowering the number of tests conducted. However, as restrictions were relaxed in 2021, the number of people taking tests is getting back to normal. Apart from vaccines and therapeutic drugs, there is a growing demand for more precise and easy testing kits. Major market players are developing COVID-19 quick tests to recover from the impact of COVID-19.
The global clinical chemistry market comprises very few players and the major players in the market are focusing on growth strategies like mergers and acquisitions in order to remain competitive in the as the industry. Companies are making strategic decisions regarding organic as well as inorganic expansion in order to expand their product portfolios and market share.
| Attribute | Details |
|---|---|
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Forecast Period |
2022-2026 |
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Historical Data Available for |
2013-2021 |
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Market Analysis |
US$ Mn/Bn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
By End User |
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Key Companies Profiled |
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Customization & Pricing |
Available upon Request |
Clinical Chemistry Market by Product Type
Clinical Chemistry Market by End User
Clinical Chemistry Market by Region
In 2022, the Clinical Chemistry Market stands at USD 8,435.2 million, and it is expected to reach USD 10,097.6 million by 2026 at a CAGR of 4.6%.
Clinical Chemistry Market exhibited a 5.5% CAGR between 2013 and 2021.
High capital investments and lack of skilled professionals are the key restraints in the Clinical Chemistry Market.
Increasing elderly population and an increase in the incidences of chronic disorders are the key factors driving the growth of the market.
Danaher Corporation, Abbott, F.Hoffmann-La Roche Ltd, Siemens AG, and Thermo Fisher Scientific Inc. are among the top players in the market.
