BIOCHEMISTRY ANALYZERS MARKET ANALYSIS

Global biochemistry analyzers market 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). Increase in product launches by key market players is expected to drive the market growth over the forecast period. Moreover, an increase in product approvals and inorganic strategies such as collaborations and partnerships are expected to drive the global biochemistry analyzers market.

Analysts’ Views on Global Biochemistry Analyzers Market:

Key market players are focusing on improvement in patient care by broadening access to high-quality test results. Thus global biochemistry analyzers market growth can be driven by an increase in product launches by the key market players over the forecast period. For instance, in November 2022, Roche, healthcare company, nnounced the cobas 5800 System, a compact, fully-automated molecular laboratory instrument that offers a flexible, PCR testing solution that aids clinicians in the diagnosis of infectious diseases. The cobas 5800 is designed to provide optimized workflow efficiencies, simplicity, and timely results that can benefit labs of all sizes.

Figure 1. Global Biochemistry Analyzers Market Share (%), by Product type, 2023

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Global Biochemistry Analyzers Market- Driver

Rise in research and development of novel emerging products

To avail the required tools in blood donation and plasma centers for enabling reliably test and process the samples that are coming in, the key market players are indulged in research and development activities, thus the global biochemistry analyzers market is expected to drive the market growth over the forecast period. For instance, in July 2020, Beckman Coulter, science and technology company, announced that its novel PK7400 automated microplate system analyzer and its reagents had received U.S. Food and Drug Administration clearance, which can be utilized in blood donation centers and large laboratories. The PK7400 Automated Microplate System offers the industry's highest throughput for a single analyzer and is available in countries across U.S., Canada, and Europe.

Figure 2. Global Biochemistry Analyzers Market Share (%), by Region, 2023

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Global Biochemistry Analyzers Market- Regional Analysis

Among all regions, North America is expected to dominate the global biochemistry analyzers market over the forecast period. This is attributed to North America holding a 35.10% market share. An increase in the number of biochemistry analyzers manufacturing is expected to propel the growth of the global biochemistry analyzers market over the forecast period. For instance, in April 2020, AB Sciex LLC, manufacturer of mass spectrometry instrumentation, partnered with Intabio, Inc., a bio-technology development company, for accelerating bio therapeutic development and bio manufacturing.

Global Biochemistry Analyzers Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for biochemistry analyzers and medical devices, by creating disruptions in modality, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of biochemistry analyzers from one place to another.

Quarantine, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending. Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources which were required to ensure safety in hospitals and provide treatment to patients with other diseases. Though the overall impact on the healthcare market was positive. For Instance, In December 2020, Mindray, a medical device company introduced Mindray biochemistry D-Dimer assay, which had fully automated processing and reduced sample dilution, and improve efficiency. Additionally, there were an increase in hospitalization and laboratories as the number of patient visits increased with the usage of biochemistry analyzers, which is expected to affect the global biochemistry analyzers market over the forecast period.

Global Biochemistry Analyzers Market Segmentation:

The global biochemistry analyzers market report is segmented into by product type, by modality, and by end user.

By product type, the market is segmented into fully-automatated biochemistry analyzers and semi-automated biochemistry analyzers. Out of which, the fully automatic biochemistry analyzers segment is expected to dominate the global biochemistry analyzers market during the forecast period. Major players in the market are focused on expanding their product portfolio through various research and development activities.

By Modality, the market is segmented into bench top and floor standing Out of which, the bench top segment is expected to dominate the market over the forecast period and this is attributed to an increase in technological advancements.

By End user, the market is segmented into hospitals, diagnostic centers, pharmaceutical companies, biotechnology companies, contract research organizations, and academic research institutes. Out of which hospital and diagnostic centers segment is expected to dominate the market over the forecast period. For Instance, in 2020, hospitals and clinics accounted for the greatest market share in the era of COVID-19. Expanding healthcare facilities, and technological developments, all these factors had boosted the growth of the global biochemistry analyzer market.

Among all segmentation, Bench Top segment has the highest potential due to an increase in product launches by the market key players over the forecast period. For instance, in June 2020, Avicenna, a provider of diagnostic products, announced the launch of its new product, a compact-size clinical chemistry analyzer, AviChem Mini, which is one of the smallest bench-top automation analyzers which had high potential for routine and special tests.

Global Biochemistry Analyzers Market Cross Sectional Analysis:

In the product type, the fully automated biochemistry analyzers segment holds a dominant position in the Europe region due to the increasing number of inorganic strategies such as agreements and investments in the biochemistry analyzers market by key market players. For instance, In January 2020, Sysmex, a manufacturer of laboratory equipment, announced an agreement to invest in Astrego Diagnostics AB, a diagnostic company developing new urinalysis solutions for the primary care business.

Global Biochemistry Analyzers Market: Key Developments

In March 2020, Abbott Diagnostics, medical devices and healthcare company, announced that the U.S. Food and Drug Administration had issued emergency use authorization for the m2000 RealTime system for the novel coronavirus (COVID-19). This molecular platform uses PCR technology for obtaining a broad menu of tests and it has been used in laboratories around the world.

In November 2022, Siemens Healthineers, a medical device company, and Atrium Health, a healthcare company, announced a multi-year value partnership agreement. This strategic agreement focused on driving access to care in Atrium Health’s service region across the southeastern U.S. Atrium Health purchased medical devices and equipment for enhancing economic mobility and improvement of health equity. 

Global Biochemistry Analyzers Market: Key Trends

Adoption of growth strategies such as collaboration and partnership

Key market players are adopting growth strategies such as partnerships and collaborations to launch new products and to provide actionable intelligence that streamlines compound synthesis, purification, screening, etc. This is expected to drive the biochemistry analyzers market growth over the forecast period. For instance, in January 2023, Biosero, a developer of laboratory automation solutions, and Virscidian, a developer of solutions to automate (Liquid chromatography and Mass spectrometry), announced a collaboration for medicinal chemistry applications in drug discovery, through which the companies will support fully automated analytical workflows.

Global Biochemistry Analyzers Market: Restraint

Increase in product recall by the regulatory authorities

The major factors that can hamper the growth of the global biochemistry analyzers market over the forecast period include product recalls of biochemistry analyzers due to a potential Emicizumab carryover on patient samples. For Instance, in April 2021, U.S. Food and Drug Administration (FDA) recalled the product launched by Siemens Healthcare Diagnostics named BCS XP System which was used for in vitro coagulation system, intended to perform quantitative assays of specific parameters in plasma, the company has confirmed that BCS XP System may be affected by a potential Emicizumab carryover on patient samples.

Global Biochemistry Analyzers Market: Key Players

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.

*Definition: Biochemistry analyzer is one of the most commonly used devices in pathology laboratories. It is a medical equipment that is designed to perform tests on a wide range of elements from blood, serum, plasma, cerebrospinal fluid to urine as sample.