Clinical Chemistry Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Clinical Chemistry Market is segmented By Product Type (Analyzers, Reagents), By Application (General Chemistry Tests, Special Chemistry, Clinical Endocrinology, Toxicology, Therapeutic Drug Monitoring, Urinalysis, Others Biochemical tests), By End User (Hospitals, Diagnostic Centers, Clinical Laboratories, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Clinical Chemistry Market Overview

The Clinical Chemistry Market is expected to grow at a high CAGR during the forecast period (2024-2031). 

Clinical chemistry uses chemical processes to measure levels of chemical components in body fluids. It is a part of biochemistry that deals with the examination of body fluids for diagnostic purposes. Clinical Chemistry is used for the detection of analyte concentration by testing serum, blood, cerebrospinal fluids, plasma, and urine samples to diagnose a disease or find out metabolic function or assess the presence of drugs.

Clinical Chemistry Market Summary

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Clinical Chemistry Market Dynamics

The global clinical chemistry market growth is driven by the rising prevalence rates of lifestyle diseases such as diabetes and obesity, the growing health care expenditure, and the fast-growing diagnostic market. Furthermore, the rise in the geriatric population, increasing the need for laboratory automation, and increasing awareness of preventive healthcare are a few other factors that fuel the growth of the clinical chemistry market.

The rising geriatric population and the increasing prevalence of chronic & lifestyle diseases drive the market growth   

The rising geriatric population in developed and developing regions will positively influence the growth of the clinical chemistry market. Due to rapid growth in the senior population, the prevalence of age-associated diseases such as hypertension, diabetes, Special Chemistry, liver, and kidney diseases are expected to increase significantly. The diagnosis and management of such diseases are responsible for the increasing number of prescriptions for tests such as basic metabolic panel, lipid profile, and liver & renal panel. The rise 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, are expected to drive the demand for clinical chemistry during the forecast period. These tests are performed by clinical chemistry analyzers, hence, it is expected to have a positive impact on this market.

According to the United States Census Bureau’s Statistics, as of 2017, the total number of people aged 65 years and older exceeded 50 million, and between 2020 and 2030, the number of elderly people is projected to increase by almost 18 million. Although much smaller in total size, the number of people aged 85 years and older is expected to more than triple from an estimated 6 million, in the present scenario, to nearly 20 million by 2060. The rising geriatric population will lead to an increase in various diseases resulting in high demand for clinical tests.

The requirement for high capital investments and a shortage of skilled laboratory technicians will hamper the growth of the market

The high-volume clinical chemistry analyzers may be affordable only for large hospitals and reference laboratories with good 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. Thus, the high fixed-cost requirements limit the growth of the clinical chemistry analyzers market.

COVID-19 Impact Analysis on Clinical Chemistry Market

The COVID-19 pandemic negatively affected the sales of the companies. Lockdowns resulting from the COVID-19 pandemic caused people to delay undergoing health checkups, thus affecting the number of tests being performed and sales of reagents. However, a resurgence in testing numbers is seen as countries gradually ease restrictions on movement. With the COVID-19 pandemic, responding to infectious diseases has become a pressing medical issue worldwide. In addition to the development of vaccines and therapeutic drugs, there is a growing call for the development of more precise and simple testing technologies and the expansion of testing structures.​

Clinical Chemistry Market Segmentation Analysis

The analyzers segment is expected to grow at the fastest CAGR during the forecast period (2024-2031)        

The analyzers are the instruments that analyze the sample such as blood serum and urine. Clinical chemistry analyzers are witnessing high growth owing to the rising technological advancements in instruments. The market players are focusing on providing cost-effective equipment to end-user. Automation has become pervasive in clinical laboratories around the world. In order to reduce care costs, laboratories have relied on automation to maintain profitability as well.

Furthermore, in November 2018, the Primary Health Care joined forces with Siemens Healthineers to deploy more than 70 Atellica Solution immunoassay and clinical chemistry analyzers. Thus, the rising technological advancements in the analyzers are expected to propel the overall growth of the clinical chemistry market.

Clinical Chemistry Market Geographical Share

North America region holds the largest market share of the global clinical chemistry market

The North American region is expected to dominate the clinical chemistry market. According to the Centers for Disease Control and Prevention, chronic diseases were the leading cause of death and disability in the United States. In addition, rising healthcare expenditure, along with the rapid adoption of point-of-care testing, is expected to boost the growth of the market. The major market players are launching new technologically advanced products in the market. For instance, recently in September 2019, one of the major market player Siemens Healthineers announced the global commercial availability of its Atellica Solution automation-ready immunoassay and chemistry analyzers and DynLife (a healthcare facility in Canada) was the first to adopt this solution. Thus, owing to the all above-mentioned factors North America is expected to hold the largest share in the clinical chemistry market.

Clinical Chemistry Companies and Competitive Landscape

The clinical chemistry market is a moderately competitive presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market include Abbott Laboratories, Danaher Corporation (Beckman Coulter, Inc.), Elitech Group, F. Hoffmann-La Roche Ltd., Horiba, Ltd., Johnson & Johnson, Siemens Healthcare Private Limited, Sysmex Corporation, Thermo Fisher Scientific Inc, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the clinical chemistry market globally. For instance, in November 2018, the Primary Health Care joined forces with Siemens Healthineers to deploy more than 70 Atellica Solution immunoassay and clinical chemistry analyzers.

Abbott Laboratories  

Overview:

Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments, established pharmaceutical products, nutritional products, diagnostic products, and medical devices.     

Product Portfolio:

ARCHITECT c4000:  The ARCHITECT c4000 clinical chemistry analyzer demonstrates high-quality testing results and rapid STAT turnaround time. The ARCHITECT c4000 enhances laboratory productivity and provides users with high confidence in clinical results.