SOURCE: MarketResearch.com

MarketResearch.com

February 14, 2011 10:08 ET

Clinical Chemistry Market to Grow 5% Annually Through 2016

ROCKVILLE, MD--(Marketwire - February 14, 2011) - MarketResearch.com has announced the addition of GlobalData's new report "Clinical Chemistry Global Market Briefing to 2016" to their collection of In Vitro Diagnostics market reports. For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=6066892

The global clinical chemistry market is expected to grow at 5.1% during 2009-2016 to reach $14,260m by 2016. Clinical chemistry rapid tests & POC is expected to be the fastest growing segment at 6% during the same period and is forecast to reach $4,483m in 2016. Clinical chemistry analyzers, the second largest segment, is forecasted to grow at 4.4% CAGR during 2009-2016, to reach $3,388m in 2016. The urine analysis market is expected to reach $3,382m in 2016, growing at 5.5% during 2009-2016. Metabolite, enzyme and electrolyte chemistry reagents markets are expected to grow at 4.1%, 4.1% and 4.5% respectively during 2009-2016, reaching $1,331m, $1,091m and $585m in 2016. The global clinical chemistry market is expected to be driven by the increasing availability of tests covering a wide range of disease areas expanding the pool of potential consumers.

Emerging countries such India, China and Brazil are expected to continue to grow at an above average CAGR of 15%, 15% and 10% respectively in 2009-2016. The growth is expected to be driven by huge population base which continues to grow as well as the growing affordability for obtaining better medical care. All three countries currently have stable economic indicators in contrast to developed economies which are still trying to recover from the recession. This indicates growing affordability of the masses and thus will drive demand for superior quality of care in these countries.

Clinical chemistry is a mature and stable market in developed economies due to high levels of automation in laboratories. However, it still has scope for growth in the developing economies, due to low penetration of automation. In spite of no apparent lack of skilled labor in these countries, laboratories continue to implement automated laboratory solutions to achieve high accuracy, reproducibility and efficiency. One reason for this is the demand for high quality of care which necessitates superior QC. This can be achieved easily through automation. The growth in diagnostic laboratories opting for ISO certification in developing countries such as India also demonstrates their growing emphasis on delivering superior quality and reproducible results. Thus, automation indirectly aids laboratories in growing their domestic customer base in an increasingly competitive and crowded market, but also helps them garner medical tourism.

With escalating healthcare expenditure, declining reimbursements and new regulations which put downward pressure on the healthcare budgets, diagnostic laboratories are demanding solutions for delivering high-quality, efficient and timely testing. This has led to growing adoption of automated solutions, newer analyzers which deliver high throughput in lesser time and provide high efficacy. Similarly, Point of Care (POC) testing has gained momentum in the past years as need for quick turnaround time and reliable results have accelerated. Many POC tests on the market today offer results within a period of few minutes as compared to hours for centralized testing. The fast access to results in particularly useful in critical situations when testing needs to be carried out frequent intervals.

For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=6066892

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