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Global Biochemistry Analyzers Market, by Product Type (Semi-automatic and Fully Automatic), By Modality (Bench Top and Floor Standing), By End User (Hospitals, Diagnostic Centers, Pharmaceutical and Biotechnology Companies, Academic Research Institutes, and Contract Research Organizations), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 3.1 billion in 2017 and is estimated to exhibit a CAGR of 5.4% over the forecast period (2018-2026). Biochemistry analyzers market is expected to witness significant growth over the forecast period, owing to increasing adoption of biochemistry analyzers in laboratories for diagnosis of increasing diseases.
Higher adoption rate of point of care testing is expected to accelerate growth of the biochemistry analyzers market.
Point-of-care testing (POCT) is a major trend in the biochemistry analyzers and in-vitro diagnostics markets, as it supports patient-centered approaches and provides faster results. POCT allows rapid analysis of blood samples, with devices designed to address the challenges faced in the treatment and diagnosis of various chronic diseases. Moreover, high cost of clinical diagnostic devices have augmented demand and adoption rate of POCT devices. The specimens can be studied using a unique barcode number, when automated biochemistry analyzers are used. The results can be automatically viewed in the laboratory information system. Moreover, the systems provide good quality results and avoid pre and post-analytical errors, which aids in generating accurate results. It generates quicker reports, which helps in better disease management and patient outcomes, especially in critical cases. In vitro diagnostic, manufacturers are developing analyzers with new capabilities and feature sets such as greater use of automation, increases from low- or medium-volume to high-volume devices, and upgraded technology to offer wider array of tests and provide faster and more accurate results.
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Moreover, key players are focusing on developing biochemistry analyzers with multiplexing analyzers, which include positive identification feature that reduces the process of repeated pathogen testing. In addition, the industry is highly competitive in nature due to the presence of various local and international manufacturers. Major market players are spending huge capital in product innovations, product/service extensions, and focuses on mergers and acquisitions, in order to strengthen their position in the global market. For instance, Thermo Fisher Scientific launched Thermo Scientific Cascadion SM Clinical Analyzer, which combines together the ease of use of clinical analyzers with the selectivity and sensitivity of liquid chromatography-tandem mass spectrometry (LC-MS/MS), in 2017, in the U.S.
Browse 30 Market Data Tables and 25 Figures spread through 191 Pages and in-depth TOC on “Biochemistry Analyzers Market, by Product Type (Semi-automatic and Fully Automatic), By Modality (Bench Top and Floor Standing), By End User (Hospitals, Diagnostic Centers, Pharmaceutical and Biotechnology Companies, Academic Research Institutes, and Contract Research Organizations), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2026”
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Key Takeaways of the Biochemistry Analyzers Market:
- The global biochemistry analyzers market is expected to exhibit a CAGR of 5.4% over the forecast period, attributed to increasing adoption of point of care devices
- Among product type, fully automatic segment accounted for the largest market share in the biochemistry analyzers market in 2017, attributed to increasing utilization of biochemistry analyzers in laboratories
- Among modality, bench-top segment accounted for the largest market share in the biochemistry analyzers market in 2017, owing to low cost and portability
- Among end user, hospital segment accounted for the largest market share in the biochemistry analyzers market in 2017, owing to increasing demand for biochemistry analyzers in hospitals with huge patient volume
- Among regions, North America is expected to hold a dominant position in the global biochemistry analyzers market over the forecast period, attributed to increasing R&D process and affordability among various organizations
- Major players operating in the global biochemistry analyzers market include Abbott, Danaher Corporation, F.Hoffman-La Roche Ltd., Siemens AG, Thermo Fisher Scientific, Inc., Randox Laboratories Ltd., Meril, Hologic Inc., Beckman Coulter Inc., and Horiba Medical.
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