Market Trends of Clinical Chemistry Analyzers Industry
This section covers the major market trends shaping the Clinical Chemistry Analyzers Market according to our research experts:
Analyzers in Product Type Segment are Expected to Witness Fastest Growth over the Forecast Period
The analyzers segment is expected to have the largest market share during the forecast period.
The analyzers are the instruments that examine the samples, such as blood serum and urine. Analyzers are witnessing high growth owing to the technological advancements in these instruments. Automation has become pervasive in clinical laboratories around the world. To reduce healthcare costs, laboratories have relied on automation to maintain profitability as well.
Furthermore, in September 2021, Roche Diagnostics India launched the Cobas pure integrated solutions analyzer with a smarter system that is particularly suitable for numerous laboratories and hospitals in India. The analyzer allows for better utilization of space and increased delivery of high-medical-value tests for greater patient benefits. Moreover, in May 2022, EKF Diagnostics launched its new EKF Link digital connectivity solution for the secure management of point-of-care (POC) analyzers and associated data on one centralized platform. Thus, the rising technological advancements in analyzers are expected to propel the growth of the analyzers segment in the clinical chemistry analyzers market.
Therefore, owing to the above-mentioned factors, the analyzers segment is expected to grow significantly over the forecast period.
North America is Expected to Hold Significant Market Share in the Forecast Period
The North American region is expected to contribute significantly to the market growth during the study period. The major factors contributing to the market growth in the region include the rising prevalence of chronic diseases; the increase in healthcare expenditures; and product innovations by the key market players in the region.
According to the CDC data on chronic diseases updated in July 2022, chronic diseases are the leading cause of death and disability every year in the United States. The rising number of chronic diseases in the nation adds to the growth of clinical chemistry analyzers in the North American region. The high burden of the target and chronic diseases in the region and increasing demand for early diagnostics are the other major factors that are driving the growth of the studied market in the North American region. For instance, according to the Canadian Cancer Society's 2021 report, about 229,200 new cancer cases will be diagnosed in Canada in 2021, and on average, 628 Canadians are diagnosed with cancer every day, which is further expected to increase in the future. Also, as per the same report, lung, breast, colorectal, and prostate cancer are the most diagnosed types of cancer in Canada (excluding non-melanoma skin cancer).
The major market players are launching new technologically advanced products into the market. For instance, in February 2021, Thermo Fisher Scientific partnered with Mindray to provide customers in the United States and Canada with two clinical chemistry analyzers for drug screening in clinical and forensic laboratories. Thermo Fisher and Mindray entered into an agreement to offer the USD FDA-cleared and Health Canada-approved BS-480 (400 tests/hour) and BA-800M (800 tests/hour) analyzers to toxicology labs.
Thus, owing to all the above-mentioned factors, North America is expected to hold the largest share of the clinical chemistry analyzers market.
