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The clinical chemistry market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 5%, as per The Business Research Company’s market report!

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The Clinical Chemistry Market Size In 2022 And Forecast

The global clinical chemistry market 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%.

The clinical chemistry market consists of sales of clinical chemistry by entities (organizations, sole traders, and partnerships) that are used to measure analytic, or physiologically significant compounds, to offer precise estimates of their concentration.

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Increase In The Prevalence Of Chronic Diseases Is Driving The Growth Of The Clinical Chemistry Market

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.

Competitive Landscape And The Regional Analysis Of The Clinical Chemistry Market

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.

Additionally, as per TBRC’s research – North America was the largest region in the clinical chemistry market in 2021 holding the largest market share and Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The Clinical Chemistry Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the clinical chemistry market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the clinical chemistry market.

Technological Advancement – A Key Trend 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.

Clinical Chemistry Market Segmentation By The Business Research Company

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

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