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LONDON, Dec. 15, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the clinical chemistry market, the increasing 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.

For instance, according to the World Health Organization (WHO), a Switzerland-based specialized agency responsible for international public health, in 2021, cardiovascular disease (CVD) took the lives of 17.9 million individuals worldwide in 2019, accounting for 32% of all deaths. Heart attacks and strokes were responsible for 85% of these deaths. CVDs were responsible for 38% of the 17 million premature deaths (before the age of 70) caused by no communicable diseases in 2019. Therefore, the increasing prevalence of chronic diseases is driving the growth of the clinical chemistry market.

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The global clinical chemistry market size is expected to grow from $ 11.93 billion in 2021 to $ 12.76 billion in 2022 at a compound annual growth rate (CAGR) of 7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The clinical chemistry market is expected to grow to $ 15.69 billion in 2026 at a CAGR of 5.3%.

Technological advancements are gaining popularity in the clinical chemistry market trends. Major companies operating in the clinical chemistry sector are focused on adopting new technological solutions to strengthen their market position. For instance, in July 2019, Trivitron Healthcare, an India-based medical device company, launched Nanolab 200, a super-efficient clinical chemistry analyzer and a cost-effective diagnostic solution. The Nanolab 200 is a fully automated, small benchtop clinical chemistry analyzer with a capacity of 200 tests per hour. The device incorporates a versatile sample and reagent probe with liquid-level detecting technology and collision safety. The Teflon-coated mixing arm of Trivitron's Nanolab 200 includes options for variable speed control. Additionally, the system has a built-in laundry that is designed to use the least amount of water possible, making it the most appropriate technology.

Major players in the clinical chemistry market are Abbott Laboratories, F. Hoffmann-La Roche Ltd., ELITech Group, Beckman Coulter Inc., Thermo Fisher Scientific Inc., Siemens AG, Ortho Clinical Diagnostics, Diatron Mi Apac Private Limited, Nova Biomedical Corporation, Johnson & Johnson Services Inc., Alfa Wassermann Inc., HORIBA Ltd., Mindray Medical International Ltd., Randox Laboratories Ltd., and SYNLAB International GMBH.

North America was the largest region in the chemical chemistry market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the clinical chemistry market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The global clinical chemistry market is segmented by product into analyzers, reagents and consumables; by application into general chemistry test, liver function test, kidney function test, urinalysis, electrolyte panel, lipid profile, specialty chemical test, other applications; by end user into hospitals, diagnostic or pathology centers, ambulatory surgery centers, other end users

Clinical Chemistry Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide clinical chemistry market forecast size and growth, clinical chemistry market segments, clinical chemistry market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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