Clinical Chemistry Market
PUBLISHED: 2023 ID: SMRC24224
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Clinical Chemistry Market

Clinical Chemistry Market Forecasts to 2030 - Global Analysis By Product Type (Reagents, Analyzers, Point of Care (POC) Test Kit and Other Product Types), Application (Basic Metabolic Panel, Electrolyte Panel, Thyroid Function Panel, Liver Panel, Specialty Chemical tests, Lipid Profile and Other Applications), End User and By Geography

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4.7 (87 reviews)
Published: 2023 ID: SMRC24224

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $14.9 BN

Projected Year Value (2030)

US $24.4 BN

CAGR (2023 - 2030)

7.3%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Clinical Chemistry Market is accounted for $14.9 billion in 2023 and is expected to reach $24.4 billion by 2030 growing at a CAGR of 7.3% during the forecast period. Clinical chemistry, commonly referred to as clinical biochemistry, is a field of medicine that focuses on examining physiological fluids to determine how well a patient is doing, it entails performing a variety of chemical and biological tests to determine the levels of elements such as enzymes, electrolytes, hormones, and metabolites in blood, urine, or other physiological fluids. 

According to the American Cancer Society, in the U.S, 1,688,780 new cancer cases were diagnosed, and 600,920 cancer deaths occurred in 2017.

Market Dynamics: 

Driver: 

A rise in clinical chemistry

An increase in the prevalence of chronic diseases like cancer and diabetes has recently driven the growth of clinical chemistry by increasing demand for quicker diagnoses, technological advancements, and scientific study for potential therapeutic applications. Additionally, benefits from the improvements include, among others, simple parameter monitoring, automatic data collection, and automatic variable adjustments. Therefore, due to rising disposable incomes and improved knowledge of the value of diagnostic tests, the clinical chemistry industry is experiencing an upward trend in the market.

Restraint:

High cost

The high cost of clinical chemistry devices poses several significant drawbacks. Primarily it restricts access to cutting-edge diagnostic tools by placing a heavier financial burden on healthcare institutions and patients. Additionally, the price of equipment can also make it difficult for people to use cutting-edge diagnostic tools, delaying the creation and use of breakthrough testing. Thus, overall, the high expense of clinical chemistry equipment may contribute to imbalances in access to healthcare and outcomes.

Opportunity:

Innovative automated solutions in clinical laboratories

The automated solutions streamline the diagnostic testing process by using cutting-edge robotics and technology, which decreases human error and boosts efficiency. They make it possible to execute a lot of tests rapidly and with high throughput. Moreover, by delivering timely and accurate results, this not only improves patient care but also increases laboratory productivity. Additionally, automation makes it easier to integrate complicated tests, giving healthcare practitioners access to a greater range of diagnostics. Therefore, in general, clinical chemistry laboratories' automation has changed the profession, enabling quicker diagnosis, better patient outcomes, and expanded capacities for the healthcare sector.

Threat:

Lack of skilled professionals

A major disadvantage is the lack of qualified clinical chemistry practitioners. Moreover, for accurate and dependable test findings, well-trained laboratory staff is required, including clinical chemists, pathologists, and medical technologists. Additionally, diagnostic mistakes may result from a lack of qualified personnel, thereby threatening patient care. It may also have an impact on the application of cutting-edge diagnostic methods and research in the area. Hence, clinical chemistry faces hurdles in both patient treatment and medical research due to a shortage of qualified personnel in the discipline.

Covid-19 Impact

Clinical chemistry has suffered from the COVID-19 pandemic in a number of ways. Initially, because of the enormous demand for COVID-19 testing, laboratory resources had to be redistributed, taking focus away from standard clinical chemistry tests. Additionally, delays and shortages were brought on by supply chain problems that impacted the availability of supplies and tools for non-COVID testing. Therefore, the delay in receiving test results was impacted by the strain on hospital infrastructure and people, which gradually hampered the market expansion.

The point of care (POC) test kit segment is expected to be the largest during the forecast period

The point of care (POC) test kit segment is estimated to hold the largest share, due to the instant test results provided by these fast diagnostic kits enable healthcare practitioners to make decisions right away. Additionally, by making it possible to quickly diagnose ailments including infectious infections, diabetes, and cardiac biomarkers, point-of-care test kits (POC) have dramatically improved patient care, particularly in emergency situations and remote or resource-constrained settings. Therefore, POC test kits continue to be a driving force in clinical chemistry innovation, improving accessibility, diagnostic effectiveness, and, ultimately, patient outcomes.

The lipid profile segment is expected to have the highest CAGR during the forecast period

The lipid profile segment is anticipated to have highest CAGR during the forecast period, due to the crucial component of determining a person's cardiovascular health is the clinical chemistry lipid profile segment. Additionally, with diseases like atherosclerosis and coronary artery disease, abnormal lipid profiles are frequently linked. Therefore, the inclusion of these tests in standard health examinations has made them a crucial component of preventive healthcare programs and early disease diagnosis, which has helped to lower the incidence of cardiovascular diseases, which gradually propelled the market growth. 

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period owing to a number of government initiatives and programs. Moreover, such government programs seek to enhance healthcare outcomes, expand the clinical chemistry industry, and guarantee that more people have access to cutting-edge diagnostic tools, as these plans frequently center on advancing the healthcare sector's infrastructure, increasing accessibility to diagnostic services, and fostering innovation. This is due to Japan's advanced healthcare and insurance systems.

Region with highest CAGR:

North America is expected to witness highest CAGR over the projection period, owing to a lot of beneficial changes in the area of clinical chemistry. Modern diagnostic techniques and enhanced patient care have been made possible by robust research and development combined with significant financial investments in healthcare infrastructure. Additionally, with several pharmaceutical and biotechnology firms advancing diagnostic techniques, the area is also a hotspot for innovation. Hence, these elements work together to improve illness management, healthcare quality, and the steady expansion of the clinical chemistry market in North America.

Key players in the market

Some of the key players in the Clinical Chemistry Market include Abbott Laboratories, EKF Diagnostics Holdings PLC, Danaher Corporation, Hitachi, Horiba, Ltd., Johnson & Johnson, Siemens Healthineers, Sysmex ADR, Thermo Fisher Scientific, Diatron, Nova Biomedical, Hoffmann-La Roche Ltd, Alfa Wassermann Inc., Ortho-Clinical Diagnostics and ELITechGroup. 

Key Developments:

In September 2023, Abbott and Bigfoot Biomedical announced a definitive agreement for Abbott to acquire Bigfoot, a leader in developing smart insulin management systems for people with diabetes.

In March 2023, Hamamatsu, a leading manufacturer of photonics devices, including whole slide scanners for digital pathology, announced a multi-year distribution agreement with Siemens Healthineers.

In February 2023, Abbott and Cardiovascular Systems, Inc. (CSI), announced a definitive agreement for Abbott to acquire CSI, a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease.

Product Types Covered:
• Reagents
• Analyzers
• Point of Care (POC) Test Kit
• Other Product Types

Applications Covered:
• Basic Metabolic Panel
• Electrolyte Panel
• Thyroid Function Panel
• Liver Panel
• Specialty Chemical tests
• Lipid Profile
• Other Applications

End Users Covered:
• Hospitals
• Maternity Centres
• Pathology Laboratories
• Outpatient Centres
• Clinics
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary           
            
2 Preface           
 2.1 Abstract          
 2.2 Stake Holders          
 2.3 Research Scope          
 2.4 Research Methodology          
  2.4.1 Data Mining         
  2.4.2 Data Analysis         
  2.4.3 Data Validation         
  2.4.4 Research Approach         
 2.5 Research Sources          
  2.5.1 Primary Research Sources         
  2.5.2 Secondary Research Sources         
  2.5.3 Assumptions         
            
3 Market Trend Analysis           
 3.1 Introduction          
 3.2 Drivers          
 3.3 Restraints          
 3.4 Opportunities          
 3.5 Threats          
 3.6 Product Analysis          
 3.7 Application Analysis          
 3.8 End User Analysis          
 3.9 Emerging Markets          
 3.10 Impact of Covid-19          
            
4 Porters Five Force Analysis           
 4.1 Bargaining power of suppliers          
 4.2 Bargaining power of buyers          
 4.3 Threat of substitutes          
 4.4 Threat of new entrants          
 4.5 Competitive rivalry          
            
5 Global Clinical Chemistry Market, By Product Type           
 5.1 Introduction          
 5.2 Reagents          
  5.2.1 Small (400-800 Test/H)         
  5.2.2 Medium (800-1300 Tests/ H)         
  5.2.3 Large (1300-2000 Test/ H)         
  5.2.4 Very Large (2000 Test/H)         
 5.3 Analyzers          
  5.3.1 Semi-Automated Chemistry Analyzers         
  5.3.2 Automated Chemistry Analyzers         
 5.4 Point of Care (POC) Test Kit          
  5.4.1 Cassettes         
  5.4.2 Dipsticks         
  5.4.3 Test Strips         
 5.5 Other Product Types          
            
6 Global Clinical Chemistry Market, By Application           
 6.1 Introduction          
 6.2 Basic Metabolic Panel          
 6.3 Electrolyte Panel          
 6.4 Thyroid Function Panel          
 6.5 Liver Panel          
 6.6 Specialty Chemical tests          
 6.7 Lipid Profile          
 6.8 Other Applications          
            
7 Global Clinical Chemistry Market, By End User           
 7.1 Introduction          
 7.2 Hospitals          
 7.3 Maternity Centres          
 7.4 Pathology Laboratories          
 7.5 Outpatient Centres          
 7.6 Clinics          
 7.7 Other End Users          
            
8 Global Clinical Chemistry Market, By Geography           
 8.1 Introduction          
 8.2 North America          
  8.2.1 US         
  8.2.2 Canada         
  8.2.3 Mexico         
 8.3 Europe          
  8.3.1 Germany         
  8.3.2 UK         
  8.3.3 Italy         
  8.3.4 France         
  8.3.5 Spain         
  8.3.6 Rest of Europe         
 8.4 Asia Pacific          
  8.4.1 Japan         
  8.4.2 China         
  8.4.3 India         
  8.4.4 Australia         
  8.4.5 New Zealand         
  8.4.6 South Korea         
  8.4.7 Rest of Asia Pacific         
 8.5 South America          
  8.5.1 Argentina         
  8.5.2 Brazil         
  8.5.3 Chile         
  8.5.4 Rest of South America         
 8.6 Middle East & Africa          
  8.6.1 Saudi Arabia         
  8.6.2 UAE         
  8.6.3 Qatar         
  8.6.4 South Africa         
  8.6.5 Rest of Middle East & Africa         
            
9 Key Developments           
 9.1 Agreements, Partnerships, Collaborations and Joint Ventures          
 9.2 Acquisitions & Mergers          
 9.3 New Product Launch          
 9.4 Expansions          
 9.5 Other Key Strategies          
            
10 Company Profiling           
 10.1 Abbott Laboratories          
 10.2 EKF Diagnostics Holdings PLC          
 10.3 Danaher Corporation          
 10.4 Hitachi          
 10.5 Horiba, Ltd.          
 10.6 Johnson & Johnson          
 10.7 Siemens Healthineers          
 10.8 Sysmex ADR          
 10.9 Thermo Fisher Scientific          
 10.10 Diatron          
 10.11 Nova Biomedical          
 10.12 Hoffmann-La Roche Ltd          
 10.13 Alfa Wassermann Inc.          
 10.14 Ortho-Clinical Diagnostics          
 10.15 ELITechGroup          
            
List of Tables            
1 Global Clinical Chemistry Market Outlook, By Region (2021-2030) ($MN)           
2 Global Clinical Chemistry Market Outlook, By Product Type (2021-2030) ($MN)           
3 Global Clinical Chemistry Market Outlook, By Reagents (2021-2030) ($MN)           
4 Global Clinical Chemistry Market Outlook, By Small (400-800 Test/H) (2021-2030) ($MN)           
5 Global Clinical Chemistry Market Outlook, By Medium (800-1300 Tests/ H) (2021-2030) ($MN)           
6 Global Clinical Chemistry Market Outlook, By Large (1300-2000 Test/ H) (2021-2030) ($MN)           
7 Global Clinical Chemistry Market Outlook, By Very Large (2000 Test/H) (2021-2030) ($MN)           
8 Global Clinical Chemistry Market Outlook, By Analyzers (2021-2030) ($MN)           
9 Global Clinical Chemistry Market Outlook, By Semi-Automated Chemistry Analyzers (2021-2030) ($MN)           
10 Global Clinical Chemistry Market Outlook, By Automated Chemistry Analyzers (2021-2030) ($MN)           
11 Global Clinical Chemistry Market Outlook, By Point of Care (POC) Test Kit (2021-2030) ($MN)           
12 Global Clinical Chemistry Market Outlook, By Cassettes (2021-2030) ($MN)           
13 Global Clinical Chemistry Market Outlook, By Dipsticks (2021-2030) ($MN)           
14 Global Clinical Chemistry Market Outlook, By Test Strips (2021-2030) ($MN)           
15 Global Clinical Chemistry Market Outlook, By Other Product Types (2021-2030) ($MN)           
16 Global Clinical Chemistry Market Outlook, By Application (2021-2030) ($MN)           
17 Global Clinical Chemistry Market Outlook, By Basic Metabolic Panel (2021-2030) ($MN)           
18 Global Clinical Chemistry Market Outlook, By Electrolyte Panel (2021-2030) ($MN)           
19 Global Clinical Chemistry Market Outlook, By Thyroid Function Panel (2021-2030) ($MN)           
20 Global Clinical Chemistry Market Outlook, By Liver Panel (2021-2030) ($MN)           
21 Global Clinical Chemistry Market Outlook, By Specialty Chemical tests (2021-2030) ($MN)           
22 Global Clinical Chemistry Market Outlook, By Lipid Profile (2021-2030) ($MN)           
23 Global Clinical Chemistry Market Outlook, By Other Applications (2021-2030) ($MN)           
24 Global Clinical Chemistry Market Outlook, By End User (2021-2030) ($MN)           
25 Global Clinical Chemistry Market Outlook, By Hospitals (2021-2030) ($MN)           
26 Global Clinical Chemistry Market Outlook, By Maternity Centres (2021-2030) ($MN)           
27 Global Clinical Chemistry Market Outlook, By Pathology Laboratories (2021-2030) ($MN)           
28 Global Clinical Chemistry Market Outlook, By Outpatient Centres (2021-2030) ($MN)           
29 Global Clinical Chemistry Market Outlook, By Clinics (2021-2030) ($MN)           
30 Global Clinical Chemistry Market Outlook, By Other End Users (2021-2030) ($MN)           
            
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
           

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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