The global automated biochemistry analyzers market is expected to post a CAGR of 7 percent during 2020–2024, estimates Technavio. A key factor driving the growth of the market is an increase in the geriatric population. Subsequently, the number of people with age-related ailments like kidney, heart, and liver problems, hemoglobin-related problems, including anemia, as well as diabetes, has been on the rise. Automated biochemistry analyzers are used for determining the health condition of a person by analyzing body fluid samples, such as blood and urine.
The automated biochemistry analyzers industry market is becoming reasonably fragmented with the presence of several vendors, who offer products for determination of the health of a person by analyzing blood and urine samples. Large and established vendors of automated biochemistry analyzers are focusing on developing advanced hematology analyzers to cater to healthcare centers and research institutes. Many international and regional vendors are vying for their share of the market, and players must differentiate themselves to gain vital traction over their competitors.