Biochemistry analyzers are used research purposes and for diagnosis of various diseases. It is also used in analysis of many cellular processes and to determine the structure of a biomolecules. There are two types of biochemistry analyzers depending on modality: bench-top and floor-standing. It is used in clinical diagnostics, bioreactor byproduct detection, and drug development applications.
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 clinical trials is expected to propel growth of the global biochemistry analyzers market over the forecast period. For instance, according to the U.S. National Library of Medicine, the number of clinical trials conducted in the U.S. increased from 30,978 in 2018 to 32,523 in 2019.
Global Biochemistry Analyzers Market: Opportunities
Increasing prevalence of pandemic diseases is expected to boost demand for biochemistry analyzers. For instance, in April 2020, the government of Haiti requested China medical inputs of US$ 18 million, which included 2.5 million gloves, 300,000 sterilized gowns, 10 biochemistry automatic analyzers, 100 ventilators and accessories, and 1,500 hospital beds, for the treatment of COVID-19.
Global Biochemistry Analyzers Market: Restraints
Presence of several laws regulation diagnostic labs in developed economies is expected to limit growth of the market. In the U.S., there are following laws:
The Clinical and Laboratory Standards Institute creates voluntary standards and guidelines in respect to the clinical and laboratory testing used within the medical testing and healthcare communities. The standards are accredited by the American National Standards Institute (ANSI)
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. Increasing number of drug development activities, and increasing prevalence of chronic disorders is expected to aid in growth of the market.
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. Fully automated biochemistry analyzers do not require constant manual attention, and they can perform tasks automatically.
Clinical diagnostics segment held dominant position in the global biochemistry analyzers market in 2019, accounting for 82.8% share in terms of value, followed by drug development applications and others, respectively. Increasing prevalence of metabolic diseases, and other chronic diseases is expected to support growth of the segment over the forecast period.
Major players in the market are focused on launching products for mid-volume laboratories. For instance, in October 2019, Beckman Coulter launched its new DxH 690T hematology analyzer for mid-volume laboratories.
Major players in the market are also focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in October 2019, Abbott Laboratories partnered with Australian Red Cross Blood Service for its blood and plasma screening technology, Alinity s System.
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
November 2019: Mindray Bio-Medical Electronics Co., Ltd. demonstrated its product portfolio at MEDICA 2019
September 2019: Randox Laboratories launched a new online store with exclusive offers and discounts