BIOCHEMISTRY ANALYZERS MARKET ANALYSIS

Biochemistry Analyzers MarketSize and Trends

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.

Market- Trends

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.