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Clinical Chemistry Reagents, Analyzers and Test Kits
Clinical Chemistry Reagents, Analyzers and Test Kits
Clinical Chemistry Devices Market is forecast to exceed $15 billion by 2017
Hyderabad,
AP,
India
(prbd.net)
03/05/2011
The global market for clinical chemistry devices was valued at $10.6 billion in 2010, and is forecast to grow at a compound annual growth rate (CAGR) of 5.3% to reach $15.2 billion in 2017. The market is expected to be driven by an increase in reagent rental agreements, laboratory automation, the rapid growth of point of care (POC) testing, a growing elderly population, an increase in awareness about the importance of laboratory testing in the prevention of diseases, the increase in the average disposable income of the general population in emerging economies and the increasing use of recertified analyzers.
The US clinical chemistry devices market was valued at $4 billion in 2010 and is expected to reach $5.7 billion in 2017, growing at a CAGR of 5.2% from 2010 to 2017. The US market remains the largest clinical chemistry devices market. The market is expected to be driven by the increasing trend for laboratory automation, an increase in the number of insured people in the US and an increase in POC testing.
The increasing number and complexity of tests, coupled with a shortage in laboratory staff, has led to the automation of laboratories to a greater extent. Other reasons include patient safety, efforts to reduce errors and financial constraints. Automation helps laboratories expand their capabilities without needing to hire more people. It was found that labor accounts for about 65% of operating expenses in a typical laboratory and automating the laboratory can lead to significant cost improvements.
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Any clinical chemistry test in a laboratory takes longer because of sever al steps involved in the standard protocol. POC testing enables the clinicians to take quick action for treatment. POC testing minimizes delays in treatment that could otherwise result in adverse complications and costly consequences.
The clinical chemistry devices markets in India and China were valued at $186.4m and $614.9m respectively in 2010. They are forecast to grow at CAGR of 16.2% and 15.1% to reach $533.6m and $1,645.6m respectively in 2017.
In India, the speedy registration of new products and an increasing number of university graduates are expected to drive the market in future. Additionally, growing health consciousness among middle and high-income families in India is heralding a new business opportunity for preventive healthcare. This has shifted focus from in-patient treatment to a regular preventive health check. Corporate companies offering
annual health checks for their employees, insurance companies conducting pre-insurance policy checks.
GlobalData’s new report, “Clinical Chemistry Reagents, Analyzers and Test Kits - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017” provides key data, information and analysis on the global clinical chemistry market. The report provides market landscape, competitive landscape and market trends information on the clinical chemistry market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market dynamics. The report also reviews the competitive landscape and technology offerings.
This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s team of industry experts.
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