Biochemistry Analyzers Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Semi-automatic, Fully Automatic); Modality (Bench-top, Floor Standing); End-Users (Hospitals, Diagnostic Centers, Pharmaceutical & Biotechnological Companies, Research Institutes, and Others); Region/Country
Global Biochemistry Analyzers Market is anticipated to grow with an elevated CAGR of around 6% over the forecast period (2021-2027). Biochemistry Analyzers is an instrument that has the capability of performing routine biochemistry, hormonal assay, electrolytes, therapeutic drugs and drug-enzyme investigations. Many electrochemical and optical techniques are used by these analyzers to analyze blood, urine, cerebral spinal fluid and other biological samples.
The growing adoption of biochemistry analyzers can be attributed to the rising prevalence of various infectious diseases caused by bacteria, viruses, and other organisms. Some of the most common infectious diseases include HIV/AIDS, malaria, influenza, hepatitis, and tuberculosis. One of the most common infectious diseases around the world is HIV/AIDS, in 2019, 38 million people were affected by the disease, and this number is expected to increase in the upcoming years. As the disease burden is likely to increase globally with the changing environmental factors due to global warming, laboratory automation has gained importance as a result of outbreaks of new diseases because of adapting and mutating bacteria which in turn is boosting the biochemistry analyzers market across the globe.
Furthermore, the biochemistry analyzers market is anticipated to grow on account of the growing technological advancement and frequent product launches. For example, in March 2021, Roche launches cobas pure integrated solutions analyzer to help simplify operations in small to medium-sized labs. This new compact analyzer combines three technologies on a single platform helping to simplify daily operations in labs with limited space and resources. Furthermore, the increase in the adoption of point-of-care testing devices and the growing demand for automation in laboratories are also some of the prominent reasons contributing to the market growth.
Prevalence of Various Infectious Diseases Worldwide (Number), 2010-2019
Siemens AG, Roche Diagnostics GmbH, Abbott Diagnostics Inc., Beckman Coulter, Inc., Nova Biomedical Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Awareness Technology, Inc., Hologic, Inc., Randox Laboratories Ltd., Transasia Biomedicals Ltd., are some of the prominent players operating in the biochemistry analyzers market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with biochemistry analyzers.
Insights Presented in the Report
“Amongst Type, Fully Automatic segment holds the major share”
Based on type, the biochemistry analyzers market is segmented into semi-automatic and fully automatic. The fully automatic segment accounted for the significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period as these types of analyzers speed up the result and minimize the variation in results as well as increase accuracy and reproducibility. Also, the potential errors of manual analyses such as volumetric pipetting steps, calculation of results, among others can also be eliminated by the automation in biochemistry analyzers which in turn is boosting the growth of this segment.
“Amongst Modality, Bench-top segment holds the major share”
Based on application, the biochemistry analyzers market is divided into bench-top and floor standing. The bench-top segment occupied the major share of the biochemistry analyzers market in 2020 and it is expected to grow with substantial CAGR in the upcoming years. The growth of this segment is attributed to the new compact design that enables bench-top analyzers to increase significant productivity and overall performance. Furthermore, the growing preference for bench-top automatic analyzers by most of the pharmaceutical and biotechnology companies is because of their minimal maintenance and cost-effective operations which in turn is also driving the growth of this segment.
“Amongst End-Users, Pharmaceutical & Biotechnological Companies segment holds the major share”
Based on end-user, the market is fragmented into hospitals, diagnostic centers, pharmaceutical & biotechnological companies, research institutes, and others. In 2020, the pharmaceutical & biotechnological companies segment grabbed the considerable market share, and it is expected to grow at the significant CAGR during the forecast period owing to growth in drug discovery activities in these companies ensuring the sustained demand for biochemistry analyzers. However, Hospitals are also likely to witness the fastest growth during the forecast period.
“North America represents one of the largest markets of biochemistry analyzers market”
For a better understanding of the market dynamics of the biochemistry analyzers market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the Biochemistry Analyzers market industry and generated revenue of USD XX Million in 2020 owing to strong healthcare infrastructure and growing adoption of automation in a laboratory in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The global biochemistry analyzers market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global biochemistry analyzers market were the three major steps undertaken to create and analyze the adoption of biochemistry analyzers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global biochemistry analyzers market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Biochemistry Analyzers through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the biochemistry analyzers market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, modality, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of biochemistry analyzers across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the biochemistry analyzers. Further, we conducted factor analysis using dependent and independent variables such as growing advancement in technology and increasing adoption of automation in laboratories. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the biochemistry analyzers sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the biochemistry analyzers market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Biochemistry Analyzers across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the biochemistry analyzers market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the biochemistry analyzers market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, modality, and end-users of the biochemistry analyzers market.
The main objective of the Biochemistry Analyzers Market Study
The current & future market trends of biochemistry analyzers were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of biochemistry analyzers in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, modality, and end-users
- Define and analysis of the regulatory framework for the biochemistry analyzers industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the biochemistry analyzers market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
- Company profiles of the biochemistry analyzers market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry
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