Higher adoption rate of point of care testing to accelerate growth of biochemistry analyzers market
Point-of-care testing (POCT) is a major trend in the biochemistry analyzers and in-vitro diagnostics markets, as it supports patient-centered approaches and provides faster results. POCT enables rapid analysis of blood samples, with devices designed to address the challenges faced in the treatment and diagnosis of various chronic diseases. Moreover, the high cost of clinical diagnostic devices have increased the demand and adoption rate of POCT devices. The specimens can be studied using a unique barcode number when automated biochemistry analyzers are used. The results obtained can be automatically viewed in the laboratory information system. The systems provide good quality results and avoid pre and post analytical errors, thereby generating accurate results. It generates quicker reports, which helps in better disease management and patient outcomes, especially in critical cases. In vitro diagnostic, manufacturers are developing analyzers with new capabilities and feature sets, including greater use of automation, increases from low- or medium-volume to high-volume devices, and upgraded technology to offer a wider array of tests and provide faster and more accurate results.
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The Global Biochemistry Analyzers Market, by Product Type (Semi-automatic and Fully Automatic), by Modality (Bench Top and Floor Standing), by End User (Hospitals, Diagnostic Centers, Pharmaceutical and Biotechnology Companies, Academic Research Institutes, and Contract Research Organizations), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 3.1 billion in 2017 and is projected to exhibit a CAGR of 5.4% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights. Biochemistry analyzers market is expected to gain significant traction due to increasing usage of biochemistry analyzers in laboratories for diagnosis of increasing diseases.
Manufacturers are developing biochemistry analyzers with multiplexing analyzers that include the feature of positive identification, which reduces the process of repeated pathogen testing. The industry is highly competitive in nature due to the presence of various local and international manufacturers. Major players are spending huge capital in product innovations, product/service extensions, and mergers and acquisitions, in order to dominate in the industry. For instance, in 2017, Thermo Fisher Scientific announced the U.S. launch of Thermo Scientific Cascadion SM Clinical Analyzer, which combines together the ease of use of clinical analyzers with the selectivity and sensitivity of liquid chromatography-tandem mass spectrometry (LC-MS/MS).
Browse 30 Market Data Tables and 25 Figures spread through 191 Pages and in-depth TOC on “Biochemistry Analyzers Market, by Product Type (Semi-automatic and Fully Automatic), by Modality (Bench Top and Floor Standing), by End User (Hospitals, Diagnostic Centers, Pharmaceutical and Biotechnology Companies, Academic Research Institutes, and Contract Research Organizations), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2026”
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Key Takeaways of the Biochemistry Analyzers Market:
The global biochemistry analyzers market is expected to exhibit a CAGR of 5.4% over the forecast period, owing to rising adoption of point of care devices
Among product type, the fully automatic segment is estimated to hold the dominant position in the biochemistry analyzers market in 2017, owing to increasing use of biochemistry analyzers in laboratories
Among modality, the bench-top segment is estimated to hold the dominant position in the biochemistry analyzers market in 2017, due to low cost and portability
Among end user, the hospital segment is estimated to hold the dominant position in the biochemistry analyzers market in 2017, owing to increasing demand for biochemistry analyzers in hospitals with huge patient volume
North America holds a dominant position in the global biochemistry analyzers market, owing to increasing R&D process and affordability among various organizations
Key players operating in the global biochemistry analyzers market include Abbott, Danaher Corporation, F.Hoffman-La Roche Ltd., Siemens AG, Thermo Fisher Scientific, Inc., Randox Laboratories Ltd., Meril, Hologic Inc., Beckman Coulter Inc., and Horiba Medical
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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