Global Analyzer Market to Reach USD 16.0 Billion by 2025
By Labmedica International staff writers
Posted on 31 Mar 2017
Image: The global market for clinical chemistry analyzers is expected to reach USD 16.0 billion by 2025 (Photo courtesy of Medgadget).
The global market for clinical chemistry analyzers is expected to reach USD 16.0 billion by 2025, driven by their increased adoption due to the growing prevalence of chronic diseases, fueled further by an increasing geriatric and bariatric population, which is highly susceptible to chronic diseases. The resulting high sample volume requiring high capability analyzing devices will drive the growth of the global clinical chemistry analyzers market, going forward.
These are the latest findings of Grand View Research, Inc., a market research and consulting company.
The increasing prevalence of chronic diseases, such as diabetes, is one of the key growth drivers of the global clinical chemistry analyzers market, as companies are producing advanced analyzers on a large scale to aid diagnosis. Moreover, technological innovations in clinical chemistry analyzers have led to early disease detection and specialized diagnosis in oncology, gynecology, & endocrinology and enabled testing on a larger scale.
Advancements such as advanced modeling & parameter estimation, better resolution, improved pattern recognition, computer-assisted interpretation, and artificial intelligence are providing various benefits, including automatic data acquisition, greater process control allowing real-time automation, efficient parameter monitoring, and automatic variable adjustment.
In terms of products, reagents accounted for the largest share in 2015 due to the wide array of reagents available in the market for meeting different requirements of clinicians. In terms of tests, Basic Metabolic Panel (BMP) held the largest share in 2015, on account of the growing prevalence of lifestyle-induced diseases, such as obesity and other metabolic abnormalities, as well as the rising importance and awareness of point-of-care testing. Based on end-use, hospitals dominated the segment in 2016, owing to high patient volume, frequent readmissions, large sample volumes, and increasing government initiatives to promote efficient diagnostic facilities for generating quick results and improving overall efficiency. Geographically, North America held the highest share of the global clinical chemistry analyzers market in 2016, due to supportive government initiatives and high implementation of practice guidelines released by healthcare organizations in the region.
Technologically advanced clinical chemistry analyzers can analyze a wide range of samples and generate immediate results, thus creating potential for their application in intensive care unit, outpatient clinics, and emergency and surgical wards in future. These benefits are expected to significantly increase physician preference for clinical chemistry analyzers, thus creating the potential for high growth opportunities in the market, going forward.
The huge demand for clinical chemistry analyzers has also resulted in an unprecedented growth of new market entrants, leading to intense competition. The key players in the clinical chemistry analyzers market are extensively undertaking new and advanced product development activities, collaborative strategies, and mergers & acquisitions, resulting in significant market growth.
Going forward, the Asia Pacific clinical chemistry analyzers market is expected to record an exponential growth due to increased outsourcing by instrument manufacturers to countries, such as India and China, located in the region. Additionally, high R&D investments by global players and unexplored opportunities available in Asia Pacific will also be among the key growth drivers of the clinical chemistry analyzers market in the region.