London, England -- (SBWIRE) -- 05/17/2012 -- Technological advancements in laboratory automation, including point-of-care (POC) testing, and initiatives to increase patient satisfaction are transforming the clinical chemistry market, according to a new report by medical intelligence company GlobalData.

The new report* suggests that rapid growth of POC testing will spread worldwide in the coming years, as a result of rising patient and physician satisfaction, increasing awareness of laboratory testing for disease prevention, and increasing disposable income in emerging economies.

Rapid tests and POC testing have become increasingly popular due to high levels of doctor and patient satisfaction, which has led to market growth. These testing methods cut down on trips to laboratories, waiting time for results, length of hospital stays, and follow-up appointments with physicians to discuss results. They also have a reduced blood sample volume requirement for pediatric cases, which improves upon a routine treatment for a huge market. Studies have shown that, with POC results, physicians are twice as likely to modify or intensify treatments, and are able to minimize delays in treatment that could otherwise result in adverse complications.

The increasing number and complexity of tests, coupled with a shortage in laboratory staff, is leading to a greater level of automation in laboratories. Labor accounts for around 65% of operating expenses in a typical laboratory, and automating a laboratory can expand its capabilities while achieving significant savings.

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Emerging economies such as India and China are expected to drive growth in the clinical chemistry market in the future. Growing health consciousness among middle and high-income families in India is providing significant business opportunities for preventive healthcare, while in China clinical chemistry is being supported by the government and national institutions. The China National Accreditation Committee for Laboratories (CNACL) exists to support clinical laboratory accreditation, and the Ministry of Health is also preparing additional regulations, indicating both an individual and national concern.

The global market for clinical chemistry was valued at $11.1 billion in 2011, and is forecast to grow at a compound annual growth rate (CAGR) of 6.5%, to reach $17.3 billion in 2018. The US 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% during that time period. In contrast, the clinical chemistry markets in China and India were valued at only $703 million and $198 million respectively in 2011, but are forecast to grow at CAGRs of 17.8% and 19.4% to reach $2,210 million and $683 million, respectively, by 2018.

This report provides key data, information and analysis on the global clinical chemistry market. It 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. It 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 conducted by GlobalData’s team of industry experts.

GlobalData is a leading global business intelligence provider offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.

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