Global Clinical Chemistry Analyzers Market to Reach $15.7 Billion by 2026

BY PR Newswire | ECONOMIC | 11/16/21 10:46 AM EST

SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ --?A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled?"Clinical Chemistry Analyzers - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Global Clinical Chemistry Analyzers Market

FACTS AT A GLANCE
Edition:?17;?Released:?October 2021
Executive Pool:?5782
Companies:?98 - Players covered include Abbott Laboratories; Beckman Coulter Inc.; Biobase Biodusty (Shandong), Co., Ltd.; Dirui Industrial Co., Ltd.; EKF Diagnostics; ELITechGroup; Erba Mannheim; F. Hoffmann-La Roche Ltd.; Genrui Biotech Inc.; Hitachi High-Tech Corporation; Horiba, Ltd.; KPM Analytics, Inc.; Medica Corporation; Ortho Clinical Diagnostics; Randox Laboratories Ltd.; SFRI SAS; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Shenzhen New Industries Biomedical Engineering Co., Ltd.; Siemens Healthineers AG; Teco Diagnostics; Thermo Fisher Scientific Inc.; Trivitron Medical Systems (P) Ltd. and Others.
Coverage:?All major geographies and key segments
Segments:?Product (Reagents, Analyzers, and Other Products); Test (Basic Metabolic Panel, Electrolyte Panel, Liver Panel, Lipid Profile, and Other Tests); End-Use (Hospitals & Clinics, Diagnostic Laboratories, Research Laboratories & Institutes, and Other End-Uses)
Geographies:?World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Clinical Chemistry Analyzers Market to Reach US$15.7 Billion by the Year 2026
Clinical chemistry analyzers are widely used for analyzing bodily fluids like blood serum, urine and plasma using technologies like photometric or colorimetric testing, latex agglutination and ion-selective potentiometry. Growth in the global market is set to be driven by rapid expansion of the diagnostics domain, increasing geriatric population and rising cases of chronic medical conditions. Clinical chemistry analyzers are widely used to assess kidney or liver function, metabolic state and various diseases. Ongoing technological advances have resulted in better products intended to simplify workflow, push turnaround times and deliver accurate results. The market growth is also aided by rising sample volumes that require high-capacity analyzing solutions. The increase in spending by private research agencies is expected to further propel the market growth.

Amid the COVID-19 crisis, the global market for Clinical Chemistry Analyzers estimated at US$12.1 Billion in the year 2020, is projected to reach a revised size of US$15.7 Billion by 2026, growing at a CAGR of 4.5% over the analysis period. Reagents, one of the segments analyzed in the report, is projected to grow at a 4.9% CAGR to reach US$10.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Analyzers segment is readjusted to a revised 4.1% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Clinical Chemistry Analyzers market. The high uptake of reagents is attributed to their cost-effective nature, optimal sensitivity, superior precision and linearity that ensure desirable performance. These advantages are prompting a large number of clinicians to rely on reagents for precise and accurate diagnosis.

The U.S. Market is Estimated at $4.4 Billion in 2021, While China is Forecast to Reach $1.6 Billion by 2026
The Clinical Chemistry Analyzers market in the U.S. is estimated at US$4.4 Billion in the year 2021. The country currently accounts for a 34.17% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR while Rest of European market (as defined in the study) will reach US$1.7 Billion by the end of the analysis period.?North America enjoys a dominant position due to rising aging population, increasing cases of lifestyle and chronic medical conditions. The regional market is gaining from rising healthcare expenditure, presence of well-established healthcare infrastructure, high penetration of sophisticated instruments and supportive initiatives by governments. High growth is expected in the Asia-Pacific region as a result of outsourcing of clinical chemistry analyzer production to countries like China and India. China and India is witnessing an increase in medical tourism, which is expected to stimulate the clinical chemistry analyzers market. s

Basic Metabolic Panel (Test) Segment to Reach $5.5 Billion by 2026
The basic metabolic panel test panels are widely used to test and analyze indicators related to various diseases through routine or disease-specific tests. The segment is bound to gain from increasing prevalence of chronic medical conditions coupled with the preventive healthcare trend. In the global Basic Metabolic Panel (Test) segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.3 Billion in the year 2020 will reach a projected size of US$4.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$582.5 Million by the year 2026, while Latin America will expand at a 5.7% CAGR through the analysis period. More

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