LOS ANGELES, Feb. 10, 2021 (GLOBE NEWSWIRE) -- The Global Clinical Chemistry Analyzers Market is anticipated to grow at a CAGR of around 5.8% during the forecast period from 2020 to 2027 and reach around US$ 17.7 Bn by 2027.
The market in North America is expected to account for significant revenue share in the global market due to high technological advancements in medical devices. Players operating in the country are investing high in product development activities. They are focused on developing smart analyzers that provide real time and accurate data. Innovative product offerings by major players in order to attract a new customer are expected to positively impact the growth of the target market.
Increasing government spending on development of healthcare sector and approach towards rise in healthcare awareness among consumers is expected to boost the growth of target market.
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In addition, increasing number of patients suffering from various chronic diseases along with the availability of advanced infrastructure for the adoption of advanced devices is expected to support the growth of target market.
- In 2019, NexTech AR Solutions Corp. a leader in web based augmented reality for e-commerce, and advertising & virtual events signed a strategic agreement with Block Scientific with the focus to show clinical chemistry analyzer with the help of virtual and augmented reality. This is expected to help the company to attract new customers.
The market in Asia Pacific is expected to witness faster growth in the target market over the forecast period due to increasing government expenditure on development of healthcare sector. In addition, major players approach towards shifting the production unit to developing countries due to easy availability of raw materials and low cost labor is expected to boost the growth of target market.
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Developing regulatory scenario and changing business policies is attracting major players in developing countries along with emergence of small and mid-size players with innovative solution are factors influencing the growth of region market.
Rising prevalence of chronic diseases across the globe, increasing demand for advanced diagnostic devices form hospital and laboratories, along with high government spending on development of healthcare sector are factors expected to drive the growth of global market. In addition, rapid technological advancements in medical devices and demand for devices that aid in early diagnosis of diseases along with features such as advanced modeling & parameter estimation, better resolution, improved pattern recognition, etc. are gaining importance. Innovative product offerings by major players are expected to boost the growth of the target market.
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Factor such as strategic merger and acquisitions and business development activities in order to increase the business presence and enhance the product portfolio are factors responsible to boost the growth of the target market.
- In 2018, Siemens Healthineers received clearance from FDA and AACC to transform cardiac triage in emergency departments. This is expected to increase the revenue opportunities for the company in clinical chemistry workflows.
- In 2018, Sysmex Corp. entered into a strategic agreement with McKesson in order to distribute Sysmex’s XW-100 automated hematology analyzers in the US. This is expected to help the company to enhance the customer base.
- In 2017, the company launched XN-L automated hematology analyzers for the US market which is expected to strengthen its position in US market.
However, factors such as high capital investment and high cost devices are major factors expected to drive the growth of global market. In addition, stringent government regulation related to product approval is expected to challenge the growth of target market.
Inclination towards developing counties by the major players in order to increase the revenue share and development of smart and low cost analyzers are expected to create new opportunities for players over the forecast period. In addition, infrastructure development activities by the government in order to facilitate the adoption of advanced devices are expected to support the revenue traction of target market.
Players operating in the global clinical chemistry analyzers market are Beckman Coulter, Abbott Diagnostics, Siemens AG, Ortho-Clinical Diagnostics, Thermo Fisher Scientific, Randox Laboratories Ltd., Roche Diagnostics, Elitech Group, Mindray, and Horiba. The market is highly competitive due to presence of large number of players operating on global level.
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