New York, March 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Clinical Chemistry Global Market Report 2023" - https://www.reportlinker.com/p06433308/?utm_source=GNW
, Alfa Wassermann Inc., HORIBA Ltd., Mindray Medical International Ltd., Randox Laboratories Ltd., and SYNLAB International GMBH.
The global clinical chemistry market grew from $12.84 billion in 2022 to $13.7 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The clinical chemistry market is expected to grow to $17.48 billion in 2027 at a CAGR of 6.3%.
The clinical chemistry market includes revenues earned by assays and analysers.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Clinical chemistry is a quantitative field of study that measures the concentrations of biologically significant chemicals, or analytes, in bodily fluids.
North America was the largest region in the chemical chemistry market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the clinical chemistry market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in clinical chemistry are analysers, reagents, and consumables.The term "analyzer" refers to a laboratory device that is used to determine the concentration of certain compounds in samples of serum, plasma, urine, and/or other bodily fluids and a device that initiates reactions utilising reagents using the pale-yellow supernatant part (serum) of centrifuged blood or urine samples.
The different applications include general chemistry tests, liver function tests, kidney function tests, urinalysis, electrolyte panels, lipid profiles, specialty chemical tests, and others that are used in hospitals, diagnostic and pathology centres, ambulatory surgery centres, and other end users.
The increasing prevalence of chronic diseases is expected to propel the growth of the clinical chemistry market going forward.A chronic disease is a condition that lasts for a year or longer, necessitates continuous medical care, restricts daily activities, or both.
Chronic diseases, including diabetes, cancer, and heart disease, are the top causes of death and disability across the globe.Clinical Chemistry creates and enhances techniques for determining the illness status and risk of a number of chronic diseases, such as cardiovascular disease, diabetes, and hormone disorders.
It uses laboratory support for initiatives involving the flu and particular infectious diseases.For instance, in September 2020, according to a study report issued by American Action Forum, chronic illness frequency and expenses are increasing in the United States.
Chronic illness is anticipated to continue increasing as the illness incidence among children and young people increases. Chronic illness is a significant healthcare issue since it costs the USD3.7 trillion annually, or about 19.6% of the GDP, and is rising. Therefore, the increasing prevalence of chronic diseases is driving the growth of the clinical chemistry market.
Technological advancements are a key trend gaining popularity in the clinical chemistry market.Major companies operating in the clinical chemistry sector are focused on adopting new technological solutions to strengthen their market position.
For instance, In July 2021, Core Clinical Chemistry Lab, the medical centre od Vanderbilt University based in US, launched a faster, higher-volume automated chemistry line. This chemistry line doubled the daily capacity for routine, critical tests of patient blood samples’ electrolyte, protein, and enzyme levels.
In May 2021, Roche, a Switzerland-based company that deals in pharmaceuticals and diagnostics, acquired GenMark Diagnostics for USD 1.8 million. Through this acquisition, Roche will be able to broaden its line of molecular diagnostic products and add techniques that can quickly offer patients and healthcare professionals with information that can save their lives. In addition, Roche’s management of infectious diseases and antibiotic resistance would be improved by GenMark’s ePlex technologies. GenMark Diagnostics is a US-based provider of multiplex molecular diagnostic solutions with expertise in syndromic testing and clinical chemistry.
The countries covered in the clinical chemistry market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The clinical chemistry market research report is one of a series of new reports that provides clinical chemistry market statistics, including clinical chemistry industry global market size, regional shares, competitors with clinical chemistry market share, detailed clinical chemistry market segments, market trends and opportunities, and any further data you may need to thrive in the clinical chemistry industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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