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Clinical Chemistry Analyzers Market Size, Share, Trends, and Forecast 2024
Clinical Chemistry Analyzers Market Size
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According to The Business Research Company's, The clinical chemistry analyzers market size has grown strongly in recent years. It will grow from $14.29 billion in 2023 to $15.2 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to growing aging population, disease prevalence and diagnostics, automation in laboratories, increasing healthcare expenditure, demand for point-of-care testing.
The clinical chemistry analyzers market size is expected to see strong growth in the next few years. It will grow to $19.49 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to integration of artificial intelligence (ai), expanding applications in personalized medicine, rising awareness of preventive healthcare, point-of-care molecular diagnostics, emerging markets growth. Major trends in the forecast period include lab-on-a-chip technology, real-time monitoring capabilities, environmental sustainability initiatives, interoperability with electronic health records, virtual clinical chemistry analyzer platforms.
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Market Drivers and Trends:
The increasing incidence of infectious and chronic disorders is expected to propel the growth of the clinical chemistry analyzer market in the coming future. Infectious diseases refer to diseases brought on by pathogens, which are dangerous substances that enter the human body via food or from a person. Chronic diseases often last for three months or more and may worsen with time. The increasing incidence of infectious and chronic disorders is booming the clinical chemistry analyzer market, as it is used to analyze specimen samples to diagnose and manage disease. For instance, in September 2022, according to Johns Hopkins University, a US-based private university, in 2021, more than 353,000 COVID-19-related fatalities had been documented, surpassing the 352,000 cases noted in 2020. Therefore, the increasing incidence of infectious and chronic disorders drives the clinical chemistry analyzer market.
Product innovation is the key trend gaining popularity in the clinical chemistry analyzer market. Major companies operating in the clinical chemistry analyzer market are concentrating on creating revolutionary products to improve their market share. For instance, in July 2022, EDAN Instruments Inc., a China-based manufacturing company of clinical chemistry analyzers and other diagnostic tools, launched the first-ever unique and innovative POC (Point-of-Care) fluorescence-based CO-OX blood gas and chemistry analysis device, the i20. The i20 was furnished with approximately 45 parameters at the 74th American Association for Clinical Chemistry Annual Scientific Meeting and Clinical Laboratory Exposition (2022 AACC), ranging from blood gases and electrolytes to CO-oximetry. The new method is intended to lessen the workload in specific patient care settings, such as neonatal intensive care units, critical care units, pulmonary units, hospital emergency rooms, and operating rooms. The technology's photoluminescent biosensor dramatically improves accuracy and stability while obviating the need for space, personnel training, and maintenance.
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Major Key Players of the Market:
Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Siemens Healthcare GmbH, Shenzhen Jusmooth Medical Instruments Co. Ltd., Rayto Life and Analytical Sciences Co. Ltd., Grifols S.A., Mindray Medical International Limited, Beckman Coulter Inc., Endress+Hauser Group Services AG, Sysmex Corporation, Horiba Ltd., Nova Biomedical Corporation, Biobase Group, Tecan Group Ltd., Randox Laboratories Ltd., Hitachi High-Technologies Corporation, EKF Diagnostics Holdings plc, ELITech Group Clinical Systems, SenTec AG, DiaSys Diagnostic Systems GmbH, SNIBE Co. Ltd., Awareness Technology Inc., Bio Systems Diagnostics Pvt. Ltd., DRG Instruments GmbH, Analyticon Biotechnologies AG, SFRI Medical Diagnostics, Jokoh Co. Ltd.
Clinical Chemistry Analyzers Market 2024 Key Insights:
• The clinical chemistry analyzers market size is expected to see strong growth in the next few years. It will grow to $19.49 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Surge In Infectious And Chronic Disorders Is Anticipated To Fuel The Clinical Chemistry Analyzer Market Growth.
• Major Players Redefine The Clinical Chemistry Analyzer Landscape With Product Innovations
• North America was the largest region in the clinical chemistry analyzer market in 2023
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