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Global Clinical Chemistry Analyzers Market to Reach USD 15.97 Billion by 2028

By LabMedica International staff writers
Posted on 11 Jun 2021
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The global clinical chemistry analyzers market is projected to grow at a CAGR of 4.25% from USD 11.45 billion in 2020 to USD 15.97 billion by 2028, driven by growth in technology, rising global population, technological improvements in point of care testing devices, and development of laboratory automation.

These are the latest findings of Verified Market Research (Lewes, Delaware, USA), a global research and consulting firm.

The increasing incidences of chronic diseases triggered largely due to lifestyle changes have been a key growth driver of the clinical chemistry analyzers market. A number of tests are carried out for the diagnosis of such diseases that gives a physician important insights into renal, cardiac and liver functions, among others. Thus, the growing prevalence of chronic diseases, especially diabetes, is expected to significantly contribute to the growth of the clinical chemistry analyzers market.

Another key growth driver of the clinical chemistry analyzers market is the rise in geriatric population around the world. The high geriatric population makes it vulnerable to contracting numerous age-associated chronic diseases that require efficient diagnosis, thus leading to the growth of the global clinical chemistry analyzers market.

However, COVID-19 has had a negative impact on the clinical chemistry analyzers market. Due to the ongoing lockdowns, people have been forced to stay indoors, and this restricted movement has slowed down the pace of testing, hence hampering market growth. Additionally, high initial setup costs and shortage of skilled laboratory technicians create further expenses for maintenance of equipment, which further hinders market growth. Nevertheless, increasing government support in the area of diagnostics, coupled with technological advancements, will provide further growth opportunities in the global clinical chemistry analyzers market.

Geographically, North America holds the highest share of the global clinical chemistry analyzers market and is expected to maintain its dominant position throughout the forecast period due to the presence of globally leading market players, technological leadership and an established healthcare infrastructure in the region. The Asia Pacific region is expected to register the highest CAGR in the forecast period, with countries such as China and Japan increasing their expenditure on healthcare facilities. This, coupled with a growing geriatric population and rapid technological growth, will be the key growth drivers of the clinical chemistry analyzers market in Asia Pacific.

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