Analyzing urine and blood samples has significantly benefitted diagnostic centers, and pathology labs. Moreover, biochemical analyzers witness clinical application, which include ion-selective potentiometry, agglutination of latex beads, and photometric & colorimetric testing. Such factors are likely to impact growth of the global biochemistry analyzers market in the upcoming years. Persistence Market Research has recently compiled a report, which highlights that the global biochemistry analyzers market will witness a growth of 5.5% CAGR over the predicted period, 2016-2024.
Factors Fuelling Growth of the Global Market
Manufacturers increasingly prefer building biochemistry analyzers along with multiplexing analyzers. Such analyzers possess features of positive identification, which diminishes the need for continuous pathogen testing. Moreover, these analyzers result in benefits of accuracy and high clarity. Attributes of positive identification enables end users to acquire accurate results in relatively shorter time by limiting the inclusion of various targets.
In contrast to this, biochemistry analyzers find application for detection of drug abuse, monitoring drugs, and other such applications. Attributed to such technological developments in the field of diagnostics, the applications of biochemistry analyzers were mainly limited to detection of infectious diseases. However, these analyzers are witnessed to be venturing in other areas of application as well. Diagnostic test are now witnessing a significant boost in demand, due to various technological evolutions during the predicted period.
Diagnostic Centers to Represent Major End-Users
Critical applicators of biochemistry analyzers, apart from clinical diagnostics also witness significant demand. The clinical applicators of biochemistry analyzers include diagnostic testing of patient’s metabolic functions. Clinical diagnostics among other segments are likely to remain the major application of biochemistry analyzers during the predicted years. In terms of sales, the biochemistry analyzers are likely to witness a CAGR growth of 5.7% through 2024.
Moreover, diagnostic centers represent major end users of biochemistry analyzers globally. In contrast to this, growing number of increasing number of point-of-care labs for clinical diagnostics in various hospitals will represent a major end-user of biochemistry analyzers. Diagnostic centers and hospitals will collectively account for over two-third of the global revenue share for biochemistry analyzers throughout 2024. Fully-automated biochemistry analyzers are likely to witness significant demand during the projected years. This segment will represent revenues over 85% from the sales of biochemistry analyzers through 2024.
Drug development among other applications will account for over two-thirds of the biochemistry analyzers in terms of revenue throughout 2024. Over 70% of the market value was represented by bench-top biochemistry analyzers among other modalities in 2016. However, floor standing biochemistry analyzers will account for over US$ 1,200 Mn in terms of revenue, whereas bench-top among other modalities will witness a nominal decline in terms of revenues during the predicted period.
North America to Represent a Major Market
North America will account for over 40% of the biochemistry analyzers sold globally during the predicted years. APAC among other regions will witness an upsurge in demand representing a robust CAGR growth rate of 6.1% throughout 2024.
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Leading market players operating in the global biochemistry analyzers market include Siemens AG, Roche Diagnostics GmbH, Abbott Diagnostics Inc., Beckman Coulter Inc., Hologic, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Awareness Technology, Inc., Randox Laboratories, Ltd., Nova Biomedical Corp., and Transasia Biomedicals Ltd.