Biochemistry Analyzers Market to Reach Beyond USD 5.0 Billion by 2026

The global biochemistry analyzers market was valued at USD 3.1 billion in 2017 and is projected to exhibit a CAGR of 5.4 percent during 2018 – 2026. Biochemistry analyzers market is expected to gain significant traction due to increasing usage of biochemistry analyzers in laboratories for diagnosis of increasing diseases. 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 has 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.

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 US 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). – Coherent Market Insights