Growth Expected in Clinical Chemistry: Report
ROCKVILLE, Md., Oct. 25, 2017 /PRNewswire/ -- A new report says that the clinical chemistry sales will grow at 3% for the next five years. The report, published by Kalorama Information, estimated that the market for clinical chemistry tests is $17.8 billion. Based on the advanced nature of medical delivery systems and the widespread health insurance coverage of residents, the major developed economies (United States, Canada, the West European countries, Australia, and Japan) combined will account for almost 60 percent of this total. However, demand in the developing countries as a whole will advance faster as medical delivery systems are expanded and upgraded and the availability and accessibility of basic patient testing services improves. The finding was made in Kalorama Information's Clinical Chemistry Markets.
The report observed the following:
- The US will remain the largest national market for clinical chemistry products, absorbing more than one-fourth of global demand in 2021, or over $5.1 billion. The country will maintain its leading position based on aging demographic patterns, a high healthcare spending intensity, the high receptiveness of medical providers to new reagents and instruments, and overall trends promoting the use of patient tests to detect diseases in early, more treatable stages.
- Western Europe, Japan and other developed economies will also continue to provide a high and diverse volume of clinical chemistry testing. However, tighter national health insurance-imposed cost controls will keep per capita demand for related reagents and instruments below US levels.
- Developing world demand for clinical chemistry products will increase faster than developed world demand as countries upgrade and expand health care systems. These improvements will boost the volume of patient testing, especially in the large expanding economies of Brazil, China, India, and Russia. However, a large share of developing world demand for clinical chemistry products will remain concentrated in lower value-added reagents and instruments for basic health screening. This trend will reflect continuing limits on the availability of healthcare funding and the less advanced nature of medical delivery systems in most countries.
- Applications in regular patient physical examinations and pre- and post-hospital admission testing will account for the majority of demand. On the downside, this product group will generate below average sales growth due to the commodity, price-sensitive nature of most reagents and the maturing of instrument markets in major countries.
In addition, the report says that of the three major groups of clinical chemistry products, reagents, supporting consumables, and instruments used in general chemistry, blood gas and electrolyte measurement, and urinalysis procedures will command the largest share of global revenues over the long term. Spurred by advances in instrument capabilities and the expansion of testing menus, immunoassay reagents and instruments adaptable to core laboratory workstations will post the fastest sales growth among clinical chemistry-related products. Rising applications in the diagnosis of cancer, heart disorders, infectious and viral diseases, infertility, and various other medical conditions will underlie gains.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
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SOURCE Kalorama Information
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