Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
A biochemistry analyzer is an instrument designed to measure various chemicals and characteristics in blood samples. The principal of a bio-chemistry analyzer is based on Lamberts and Beer’s law of photo-chemistry. The use of chemistry analyzers span from high-throughput clinical labs to point-of-care clinics, to test enzymes, electrolytes and proteins. Applications include, drugs-of-abuse testing, diagnosing diseases such as diabetes and testing for metabolic functions.
The global biochemistry analyzers market is estimated to account for US$ 3,716.8 Mn in terms of value in 2020 and is expected to reach US$ 5,429.5 Mn by the end of 2027.
Global Biochemistry Analyzers Market: Drivers
Increasing number of drug development activities are expected to propel growth of the global biochemistry analyzers market over the forecast period. For instance, in April 2020, AB Sciex LLC partnered with Intabio, Inc. for accelerating biotherapeutic development and biomanufacturing.
Moreover, increasing prevalence of chronic disorders is also expected to aid in growth of the market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Fully automated biochemistry analyzers held dominant position in the global biochemistry analyzers market in 2019, accounting for 85.6% share in terms of value, followed by Semi automated biochemistry analyzers, respectively
Figure 1. Global Biochemistry Analyzers Market Share (%), by Product Type, 2019
Global Biochemistry Analyzers Market: Restraints
Absence of streamlined laws in emerging economies to hinder growth of the global biochemistry analyzers market. For instance, in India, there are few diagnostic laboratories that are accredited. Moreover, these labs are facing price competition because of weak regulations and low entry barriers.
High cost of biochemistry analyzers is also expected to limit growth of the market. For instance, a biochemistry analyzer may cost around US$ 26,000 to US$ 40, 000.
Global Biochemistry Analyzers Market: Opportunities
Increasing prevalence of infectious, and metabolic disorders are expected to offer lucrative growth opportunities for players in the market. For instance, according to National Health Council, approximately 157 million people in the U.S. are expected to suffer from chronic diseases in 2020.
Moreover, major players in the market may focus on expanding their presence in emerging economies that still adopt conventional methods of blood analysis.
The global biochemistry analyzers market was valued at US$ 3,520.5 Mn in 2019 and is forecast to reach a value of US$ 5,429.5 Mn by 2027 at a CAGR of 5.6% between 2020 and 2027.
Figure 2. Global Biochemistry Analyzers Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
Funding for diagnosis of various diseases is expected to aid in growth of the market. For instance, in October 2019, the Biomedical Advanced Research and Development Authority, U.S. Department of Health and Human Services, awarded Beckman Coulter, Inc. a contract of US$ 1.25 million to develop and commercialize a novel machine-learning-based sepsis detection algorithm.
Major players in the market are also focused on launching diagnostic tests for COVID- 9. For instance, in March 2020, Abbott Laboratories received Emergency Use Authorization (EUA) for the fastest available molecular point-of-care test for the detection of COVID-19, from the U.S. Food and Drug Administration (FDA).
Global Biochemistry Analyzers Market: Competitive Landscape
Major players operating in the global biochemistry analyzers market include, Roche Diagnostics GmbH, Siemens AG, Beckman Coulter Inc., Abbott Diagnostics Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Hologic, Inc., Randox Laboratories Ltd., Awareness Technology, Inc., Transasia Biomedicals Ltd., and Nova Biomedical Corp.
Global Biochemistry Analyzers Market: Key Developments
Major players in the market are focused on product approval and launch to expand their product portfolio. For instance, in September 2019, Roche Diagnostics GmbH received the U.S. Food and Drug Administration (FDA) approval for the cobas Babesia test for use on the cobas 6800/8800 Systems for individual blood donation testing.
Similarly, in March 2019, Beckman Coulter received 510(k) clearance for its DxH 520 hematology analyzer for low-volume laboratories, from the U.S. Food and Drug Administration.