The global market for clinical chemistry, valued at $11.1 billion in 2011, is forecast to grow at a compound annual growth rate (CAGR) of 6.5 percent, to reach $17.3 billion in 2018, said medical intelligence company GlobalData in a new report.
In the report, “Clinical Chemistry – Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2018,” GlobalData said that technological advancements in laboratory automation, including point-of-care (POC) testing, and initiatives to increase patient satisfaction are transforming the clinical chemistry market.
“Growing demand for POC testing in various diagnoses is expected to drive market growth in the future,” said Bhaskar Vittal, GlobalData’s head analyst for the medical devices segment. “According to a study by the University of Connecticut Health Center, it was found that hospitals struggle to get results for a diagnostic test within an hour when using hospital laboratories. POC testing enables faster diagnosis in the hospital setting itself. The benefits of POC testing, such as reduced blood sample requirement in pediatrics, reduced length of stay and greater doctor and patient satisfaction, have led to a steep increase in demand for POC testing in various hospital settings.”
The U.S. is the largest clinical chemistry market, valued at $4.3 billion in 2011 and expected to reach $6.5 billion by 2018, growing at a CAGR of 6.2 percent during that time period.
Emerging economies such as China and India are expected to drive market growth in the future. The clinical chemistry markets in China and India were valued at $703 million and $198 million, respectively, in 2011, but are forecast to grow at CAGRs of 17.8 percent and 19.4 percent to reach $2.21 billion and $683 million by 2018.
“The increasing incidence of infectious diseases and growing awareness of testing, with the emergence of new testing models, will be the key factors influencing and driving growth in the emerging markets,” said Vittal. “The clinical chemistry market in India has witnessed an historic CAGR (2004-2011) of 15 percent, and is forecast to grow at a CAGR of 19.4 percent during the period 2011 to 2018.”
“Manufacturers continue to develop products that provide faster, more accurate and more effective diagnostic devices,” he added. “Advancements in devices, which include enhanced instrumentation and automation, improved data and information management and miniaturization of devices, encourage POC testing.”
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