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clinical chemistry reagents, analyzers and test kits

Clinical Chemistry Devices Market is forecast to exceed $15 billion by 2017

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clinical chemistry reagents, analyzers and test kits

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  1. Clinical Chemistry Reagents, Analyzers and Test Kits -Global Pipeline Analysis, Competitive Landscapeand Market Forecasts to 2017

  2. Clinical Chemistry Devices Market is forecast to exceed $15 billion by 2017 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 Remains the Largest Clinical Chemistry Devices Market Driven by Laboratory Automation and Point Of Care (POC) Testing 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

  3. 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. Any clinical chemistry test in a laboratory takes longer because of several 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. There are about 40 million Americans who are currently without health insurance, and more than 8 millionn of them are children. The Affordable Care Act passed in 2010 aims to change this. Some of the new changes aim to ensure that everyone has health insurance by 2014. This will give Americans new rights and benefits, including helping more children get health coverage and giving patients the access to recommended preventive services. For further details, please click or add the below link to your browser: http://www.globaldata.com/reportstore/Report.aspx?ID=Clinical-Chemistry-Reagents-Analyzers-and-Test-Kits-Global-Pipeline-Analysis-Competitive-Landscape-and-Market-Forecasts-to-2017&Title=Medical_Devices&ReportType=Industry_Report

  4. However, the health care reform bill passed by the US President Barrack Obama in 2010 has brought a 1.75% reimbursement cut and productivity adjustment for laboratory testing. This is expected to have a slightly negative impact on the growth of the US market for clinical chemistry devices. Emerging Economies such as India and China are Expected to Drive the Clinical Chemistry Devices Market in the Future 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, and self paid health checks are also expected to drive the clinical chemistry devices market. In China, not only are the laboratory personnel and modern instrumentation catching up with the rest of the world, but a national quality assurance program

  5. and a systematic laboratory management regulation also follow the trend. Clinical laboratory accreditation has also been receiving support from the China National Accreditation Committee for Laboratories (CNACL). The accreditation system is in accordance with the International Organization for Standardization and International Electrotechnical Commission (ISO/IEC) guides. The Ministry of Health is preparing regulations for clinical laboratories in China to formalize the practices. Clinical Chemistry Rapid Tests and POC Testing to be The Fastest Growing Segment Clinical chemistry rapid tests and POC testing are forecast to be the fastest growing category in the clinical chemistry devices market. The global market for clinical chemistry rapid tests and POC testing was valued at $3.2 billion in 2010, and is forecast to grow at a CAGR of 6.2% to reach $4.8 billion in 2017. There are tangible benefits of POC testing, such as reduced blood sample requirement in pediatrics, reduced length of stay, and greater doctor and patient satisfaction. Studies have proved the numerous benefits of POC testing. The immediate results may lead to improved patient understanding, sense of urgency and compliance. Studies have also shown that with immediate, point-of-care results, physicians were twice as likely to modify or intensify treatments. POC testing also streamlines the process for patients. It saves trips to

  6. For further details, please click or add the below link to your browser: http://www.globaldata.com/reportstore/Report.aspx?ID=Clinical-Chemistry-Reagents-Analyzers-and-Test-Kits-Global-Pipeline-Analysis-Competitive-Landscape-and-Market-Forecasts-to-2017&Title=Medical_Devices&ReportType=Industry_Report laboratories, waiting time for results, and follow up appointments with physicians to discuss results and therapy decisions. Clinical Chemistry Devices Market is Fragmented in Nature with the Top Three Players Accounting for 33% of the Market The market for clinical chemistry devices is fragmented with numerous key players. In 2009, F. Hoffmann- La Roche Ltd., Siemens Healthcare and Abbott Laboratories were the leading players in the global clinical chemistry devices market with a combined share of only 33%. F. Hoffmann-La Roche Ltd. was the market leader with a 13.5% market share. The leadership of these three companies can be attributed to their diverse product portfolio, diverse presence across all geographies and technological innovation. The fragmented nature of the market can be attributed to the presence of various sizes of laboratory. The large number of laboratories prevents economies of scale from creeping in. The small sized labs tend to go for semi automated or manual analyzers giving market share to numerous small players and low end equipment.

  7. However, with the growing trend of laboratory consolidation there soon will be a trend for consolidation in the clinical chemistry market. 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. For further details, please click or add the below link to your browser: http://www.globaldata.com/reportstore/Report.aspx?ID=Clinical-Chemistry-Reagents-Analyzers-and-Test-Kits-Global-Pipeline-Analysis-Competitive-Landscape-and-Market-Forecasts-to-2017&Title=Medical_Devices&ReportType=Industry_Report

  8. For further details, please click or add the below link to your browser: Visit our report store: http://www.globaldata.com For more details contact: pressreleases@globaldata.com North America: +1 646 395 5477 Europe: +44 207 753 4299 +44 1204 543 533 Asia Pacific: +91 40 6616 6782

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