Biochemistry Analyzers Market Size to Expand at 5.5% CAGR by 2024

The clinical use of biochemistry analyzers in measurement solutions such as latex agglutination, ion-selective potentiometry, and colorimetric & photometric testing. In addition to this, accuracy of biochemistry analyzers in analyzing blood and urine samples has benefited pathology labs and diagnostic centers across the globe. Persistence Market Research predicts that the global demand for biochemistry analyzers will continue to soar on the grounds of such factors. A recent report published by Persistence Market Research projects that by the end of 2024, the global market for biochemistry analyzers will reach US$ 4,625.3 Mn in terms of value.

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Key findings in the report cite that the use of chemistry analyzers spans from high-throughput clinical labs to point-of-care clinics, and its use for testing enzymes, electrolytes and proteins is gaining traction. The report current values the global biochemistry analyzer market at a little over US$ 3,000 Mn. During the forecast period, revenues generated through global sales of biochemistry analyzers are, thus, expected to soar at a steady CAGR of 5.5%.

Key Research Insights from the Report include:

The global market for biochemistry analyzers represents absolute $ opportunity of US$ 154.6 Mn in 2017 over 2016 and incremental opportunity of US$ 1,570.8 Mn between 2016 and 2024
Apart from clinical diagnostics, critical applications of biochemistry analyzers include drugs-of-abuse testing and diagnostic testing of patient’s metabolic functions
Over 40% of biochemistry analyzers sold across the globe during the forecast period will be concentrated in North America
Demand for biochemistry analyzers is also expected to surge in Asia-Pacific, revenues from which will record steadfast growth at 6.1% CAGR
Leading manufacturers of biochemistry analyzers are developing multiplexing analyzers – a cost-effective upgrade to existing product line

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. are profiled in the report as key players of global biochemistry analyzer market.

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The report further reveals that fully-automated biochemistry analyzers will remain in great demand in the years to come. In 2017 and beyond, more than 85% of global biochemistry analyzer revenues will be accounted by sales of fully-automated biochemistry analyzers. Moreover, clinical diagnostics will also remain the largest application of biochemistry analyzers throughout the forecast period. Revenues accounted by global sales of biochemistry analyzers in clinical diagnostics are anticipated to register speedy growth at 5.7% CAGR. The report further identifies diagnostic centers as largest end-users of biochemistry analyzers in the world. On the other hand, rising number of point-of-care diagnostic labs instated in hospitals will render a key end-user of biochemistry analyzers. Together, hospitals and diagnostics centers will be responsible for procure over two-third of global biochemistry analyzers revenues through 2024.

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The use of biochemistry analyzers in drug development applications is also expected to gain traction in the future. Based on modality, the report forecasts that in 2016, more than 70% of the market value was accounted by bench-top biochemistry analyzers. However, towards the end of the forecast period, the demand for bench-top modality will incur a marginal decline, while floor standing biochemistry analyzers will bring in over US$ 1,200 Mn revenues.

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This release was published on openPR.