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) is estimated to be valued at US$ 4,362.1 Million in 2023 and is expected to exhibit a CAGR of 5.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
To provide the opportunity to address the In vitro diagnostics (IVD) market's multidisciplinary requirements key market players are focusing on expanding laboratory offerings which is expected to drive the growth of the global Biochemistry Analyzers market over the forecast period. For Instance, in March 2021, HORIBA, a manufacturer of precision instruments, announced it had acquired MedTest Dx, provider of clinical testing solutions and Pointe Scientific, Agricultural machinery manufacturer, to expand its laboratory chemistry offerings. This acquisition offered multidisciplinary requirements and complementary innovative technology.
Global Biochemistry Analyzers Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdowns in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a positive impact on the global biochemistry analyzers market, as the usage of biochemistry analyzers has been incraesd. For Instance, in December 2021, Quidel, a manufacturer of diagnostic healthcare products, and Ortho Clinical Diagnostics, leader in diagnostic solutions, announced the intent to combine for accelerating the development of molecular technologies and innovative product expansion.
Global Biochemistry Analyzers Market: Key Developments
Funding for the diagnosis of various diseases is expected to aid in the growth of the biochemistry analyzers 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.
In May 2022, Transasia, a diagnostics company, displayed a range of IVD goods with enhanced customer interactions. An equipped automatic loader with random access clinical chemistry analyzer named Erba XL 640, its increased output gives a reduction in the amount of manual labor needed from staff members, and a shorter TAT are all made possible by the equipment.
Browse 25 Market Data Tables and 27 Figures spread through 180 Pages and in-depth TOC on “Global Biochemistry Analyzers Market”- Forecast to 2030, 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)
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Moreover, increasing adoption of growth strategies such as the acquisition of companies by the market key players to provide seamless access to the premier, label-free HTS MS platform and create a comprehensive, industry-leading library of drug discovery solutions is expected to drive the market over the forecast period. For instance, in January 2023, Charles River Laboratories, pharmaceutical company, announced that it had acquired SAMDI Tech, a leading provider of high-quality, label-free high-throughput screening (HTS) solutions for drug discovery research. It will offer proprietary mass spectrometry (MS) technology for high-throughput analysis of biochemical activities and affinity selection MS for identifying binding interactions.
Key Takeaways of the Global Biochemistry Analyzers Market:
- The global biochemistry analyzers market is expected to exhibit a CAGR of 5.9% during the forecast period due to an increase in product approvals by the regulatory authorities. For Instance, in June 2021, Nova Biomedical, a developer and manufacturer of blood testing analyzers, announced the addition of another important critical care parameter to its Stat Profile Prime Plus blood gas analyzer which had the ability to rapidly calculate and report mean corpuscular hemoglobin concentration (MCHC).
- Among product type, fully automatic biochemistry analyzers segment is estimated to hold a dominant position in the global biochemistry analyzers market, owing to increasing product launches by key market players. For instance, in May 2022, Snibe, a leading brand of Chemiluminescence immunoassay solution, announced the launch of a new Biossays C8 automatic biochemistry analyzer that provides powerful performance and modular scalability, which enables labs to realize full automation and maximum efficiency.
- Among regions, North America is estimated to account for the largest market share in the global biochemistry analyzers market, owing to the increase in technological advancement and commencement of products by key market players. For Instance, in October 2022, Randox Laboratories, the largest diagnostics company from the U.K., collaborated and invested in Verv Technologies, which is focused on creating the first-of-its-kind consumer-oriented, affordable, high-quality blood chemistry analyzer with disposable tests for home use, that will help individuals measure a wide range of analytes.
- 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., Nova Biomedical Corp.