Clinical Chemistry Diagnostic Devices Market: Introduction
- Clinical chemistry is a biochemical analysis of body fluids. It makes use of chemical reactions to regulate the levels of several chemical compounds in bodily fluids. Numerous chemical tests are used to sense and measure different compounds in blood and urine, which are the most commonly tested specimens in clinical chemistry.
- Clinical chemistry diagnostic devices consist of automated devices that are used to measure and examine the levels of proteins, sugar, and other products in the blood. These devices help in determining the illnesses of a liver function, kidney function, nutritional state, and other conditions in the human body. These devices are technologically advanced, sophisticated, highly accurate, and time efficient. They are used for analyzing several conditions such as diabetes, hyperlipidemia, and arteriosclerosis, and also regular health check-up.
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Key Drivers of Clinical Chemistry Diagnostic Devices Market
Rise in Number of Diabetic Cases Globally
- The clinical chemistry diagnostic devices market is driven by the growing number of diabetic cases across the world. For instance, as per the International Diabetes Federation, diabetes affects approximately 285 million people worldwide, and is anticipated to affect 438 million people by 2030, with two-thirds of these cases prevalent in low- to middle-income countries. The rise in the number of diabetic cases is resulting in increased diagnostic tests, thus driving the market for clinic chemistry diagnostic devices.
Various Kidney and Other Diseases Pertaining to Nutritional Deficiencies
- Increase in the number of kidney diseases caused by nutritional deficiencies is likely to drive the global clinical chemistry diagnostic devices market. For instance, as per the National Kidney Foundation, 10% of the population worldwide is affected by chronic kidney disease (CKD). CKD is leading to rise in the number of diagnostic tests, which, in turn, will fuel the expansion of the clinical chemistry diagnostic devices market.
High Capital Investments to Hamper Global Market
- High capital investments is required to set up diagnostic equipment. This factor is restraining the growth of the clinical chemistry diagnostic devices market. Due to this, a limited number of players are setting up diagnostic device equipment laboratories that use clinical chemistry tests.
- North America holds a major share of the clinical chemistry diagnostic devices market due to a robust health care infrastructure and high affordability of consumers. Various government initiatives and execution of their guidelines by health care organizations are factors contributing to the expansion of this market in North America. High R&D investments by global players in this region is another factor for the large market share of North America.
- The clinical chemistry diagnostic devices market in Asia Pacific is expected to expand at a significant rate, as several emerging economies, such as China, India, Indonesia, and Malaysia, are increasingly investing in the health care diagnostics sector of the region. Rapid growth of the diagnostics market, increase in health care spending, and rise in lifestyle diseases are driving the clinical chemistry diagnostic devices market in the region. Moreover, awareness about preventive health care and increase in geriatric population is promoting the market in Asia Pacific.
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Key Players Operating in Global Market
The global clinical chemistry diagnostic devices market is concentrated, as only a few key players account for a significant share of the market. A number of manufacturers hold a considerable share of the regional market. The demand for these tests has recently increased in both emerging and developed markets due rise in lifestyle diseases. This has resulted in increased demand for diagnostic test kits and devices in emerging markets. Some of the major players operating in the global market are:
- Beckman Coulter, Inc.
- Siemens AG
- Thermo Fisher Scientific, Inc.
- Nova Biomedical Corporation
- Abbott Diagnostics
- Elitech Group
- Mindray Medical International Limited
- Johnson and Johnson
- Horiba, Ltd.
- Sysmex Corporation
- Ortho-Clinical Diagnostics, Inc.
Global Clinical Chemistry Diagnostic Devices Market: Research Scope
The global clinical chemistry diagnostic devices market can be segmented on the basis of parameters tested, specimens tested, end-users, and region.
Global Clinical Chemistry Diagnostic Devices Market, by Parameters Tested
Global Clinical Chemistry Diagnostic Devices Market, by Specimens Tested
- Cerebrospinal Spinal Fluid (CSF)
Global Clinical Chemistry Diagnostic Devices Market, by End-user
- Academic Research Centers
- Diagnostic Laboratories
Global Clinical Chemistry Diagnostic Devices Market, by Region
- North America
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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