The Clinical Chemistry Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Clinical Chemistry Global Market Report 2024, The clinical chemistry market size has grown strongly in recent years. It will grow from $14.04 billion in 2023 to $15.02 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increased diagnostic testing demand, healthcare industry growth, aging population, increased disease diagnosis and management, and research and development.
The clinical chemistry market size is expected to see strong growth in the next few years. It will grow to $20.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to increasing demand for precision medicine, growing need for biomarker discovery, increasing demand for personalized healthcare, emerging infectious diseases, and telemedicine and remote monitoring. Major trends in the forecast period include advanced analytical techniques, ai and machine learning integration, technological innovations, laboratory automation, and cutting-edge solutions.
The increase in the 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. In September 2023, the World Health Organization (WHO) reported that chronic diseases kill 41 million people each year, equivalent to 74% of all deaths globally . Therefore, the increasing prevalence of chronic diseases is driving the clinical chemistry market growth.
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The clinical chemistry market covered in this report is segmented –
1) By Product: Analyzers, Reagents And Consumables
2) By Application: General Chemistry Test, Liver Function Test, Kidney Function Test, Urinalysis, Electrolyte Panel, Lipid Profile, Specialty Chemical Test, Other Applications
3) By End User: Hospitals, Diagnostic Or Pathology Centers, Ambulatory Surgery Centers, Other End Users
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 center 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.
The clinical chemistry market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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