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Clinical Chemistry Market Overview
Clinical chemistry refers to the biochemical analysis of the body fluids, where different chemical reactions are followed to determine the level of various chemical compounds. Simple chemical tests are used to detect and quantify different compounds present in blood and urine, which are the most commonly tested specimens in clinical chemistry laboratories.
The clinical chemistry market based on product is categorized into analyzer and reagent. Between these, the reagent category accounted for the larger share in the market during the historical period (2014–2019). This can be primarily attributed to the availability of wide array of reagents, and their repetitive use in the clinical chemistry laboratories. These reagents include enzymes, substrates, specific proteins, electrolytes, and lipids, which are imperative to obtain accurate results in analytical procedures.
The clinical chemistry market in terms of test type is categorized into the basic metabolic panel (BMP), electrolyte, liver, lipid, renal, thyroid function, and others. Among these tests, the BMP category is anticipated to hold dominant market share during the forecast period (2020–2030). This is majorly based on the growing prevalence of lifestyle-induced diseases, such as obesity and other metabolic abnormalities. Moreover, rising awareness regarding point-of-care testing further supports the growth of this category.
Hospitals, laboratories, and academics research institutes are the end users of the analyzers and reagents in the clinical chemistry market. Hospitals accounted for significant share in the market during historical period, owing to the increased patient volume and frequent readmissions. Moreover, increasing government initiatives aimed at promoting efficient diagnostic facilities to generate quick results and improve overall efficiency also serve as key contributing factor for market growth under this category.
North America held the largest share in the global clinical chemistry market, owing to its growing geriatric population, huge number of people with a sedentary lifestyle, and a favorable reimbursement scenario. However, in the coming years, Asia-Pacific (APAC) is predicted to observe the fastest advance in the industry, due to the escalating healthcare spending, rising investments by the government and leading players, large pool of patients, and increasing government initiatives. Additionally, the awareness about general health and well-being, various diseases, and the kinds of tests available for diagnosis is increasing in India, China, and other country, which further drives the market.
Clinical Chemistry Market Dynamics
Increasing prevalence of chronic diseases, such as diabetes and cancer, is the key factor driving the growth of the clinical chemistry market. This has triggered companies to produce advanced analyzers at large scale, to aid in diagnosis. The technological innovations in clinical chemistry analyzers have enabled testing on a larger scale and led to early disease detection and specialized diagnosis in the areas of oncology, gynecology, and endocrinology mainly. The advancements comprise advanced modeling, improved pattern recognition, computer-assisted interpretation, and artificial intelligence.
However, the growing consolidation in the market is acting as an entry barrier for the new players. Further, stringent regulatory policies and high capital expenditure also obstruct the growth of the clinical chemistry market.
Clinical Chemistry Market Competitive Landscape
The key players in the global clinical chemistry market are involved in adopting various strategies, such as mergers, acquisitions, and partnerships, to strengthen their offerings and increase customer base. For instance, in October 2019, Siemens Healthineers completed the acquisition of Corindus Vascular Robotics Inc., which helped the company to open up a new field for the advanced therapies business, tapping into adjacent growth of markets with great potential for the future.
Some of the major players in the clinical chemistry market are F. Hoffmann La Roche Ltd., Siemens Healthineers GmbH, Thermo Fisher Scientific Inc., Johnson & Johnson, Beckman Coulter Inc., and Siemens AG.
The major countries taken into consideration for the analysis of the clinical chemistry market are the U.S., Canada, France, Germany, the U.K., Italy, Spain, Russia, the Netherlands, Japan, China, India, Australia, Brazil, Mexico, Argentina, Saudi Arabia, the U.A.E., and South Africa.