Clinical Chemistry Analyzers Market Size, Share to Reach A Valuation of USD 10.9 Billion By 2027

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[150+ Pages Research Report] According to the recent analysis research report; the global Clinical Chemistry Analyzers Market in 2020 was approximately USD 10.9 Billion . The market is expected to grow at a CAGR of 5.1% and is anticipated to reach around USD 17.0 Billion by 2027. Top market players are..

Overview of Clinical Chemistry Analyzers Market Study

Clinical Chemistry Analyzers market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

Market growth is driven by the rising geriatric population and the increasing prevalence of chronic & lifestyle diseases, growing adoption of Point-of-Care testing devices and rising demand for laboratory automation.

The rising geriatric population in developed and developing regions will positively influence the growth of the clinical chemistry analyzers market. Due to rapid growth in the senior population, the prevalence of age-associated diseases such as hypertension, diabetes, cardiovascular, 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 for the same. These factors, alongside the growing trend for preventive medicine, is expected to drive the demand for clinical chemistry analyzers during the forecast period. These tests are performed by clinical chemistry analyzers; hence, it is expected to have a positive impact on this market.

Market Dynamics

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

The rising geriatric population in developed and developing regions will positively influence the growth of the clinical chemistry analyzers market. Due to rapid growth in the senior population, the prevalence of age-associated diseases such as hypertension, diabetes, cardiovascular, 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 for the same. These factors, alongside the growing trend for preventive medicine, is expected to drive the demand for clinical chemistry analyzers during the forecast period. These tests are performed by clinical chemistry analyzers; hence, it is expected to have a positive impact on this market.

Opportunity: Increasing government initiatives and funding for preventive care

The government initiatives, schemes, or funding that supports and promotes the innovation and development of the diagnostics market provides growth opportunities in the clinical chemical analyzers market.

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

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.

At present, there is a significant shortage of laboratory technicians in both developed and developing nations. This is mainly attributed to the increasing patient population base, the retirement of elderly technicians, and the increasing number of cash-strapped colleges closing their clinical lab programs. Thus, there is a gap between the supply and demand of pathologists and lab technicians worldwide, therefore expecting to restrain the market growth.

In 2020, reagents segment accounted for the largest share of the clinical chemistry  analyzers market, by product

Based on product, the clinical chemistry analyzers market is segmented into analyzers, reagents and other products. The reagents segment accounted for the largest share in the clinical chemistry analyzers market in 2020. The recurrent requirement of reagents in large numbers as compared to analyzers is the major factor driving the growth of this segment.

In 2020, basic metabolic panel tests segment accounted for the largest share in the market, by test type

The clinical chemistry analyzers market is segmented into basic metabolic panels, electrolyte panels, liver panels, lipid profiles, renal profiles, thyroid function panels, and specialty chemical tests based on test type. In 2020, the basic metabolic panel tests segment accounted for the largest share. This can be attributed to the rising incidence of diabetes and other lifestyle & chronic diseases and the increasing trend of preventive healthcare.

North America is the largest regional market for clinical chemistry  analyzersa

The global clinical chemistry analyzers market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global clinical chemistry analyzers market. The North American clinical chemistry analyzers market’s growth can be attributed to the increasing geriatric population, increasing prevalence of chronic & lifestyle conditions, implementation of favorable government initiatives, increasing healthcare expenditure, improved healthcare infrastructure, and the availability of technologically advanced instruments.

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COVID-19 Impact on Clinical Chemistry Analyzers Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Clinical Chemistry Analyzers market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Clinical Chemistry Analyzers market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Clinical Chemistry Analyzers market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Clinical Chemistry Analyzers market include:

  1. 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)

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

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

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/clinical-chemistry-analyzers-market

Why Buy this Report?

The purpose of Nova one advisor’s Clinical Chemistry Analyzers market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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