Persistence Market Research forecasts that the global biochemistry analyzers market is poised to grow from nearly US$ 3,200 Mn in the year 2017 to about US$ 4,700 Mn by the end of 2024. This represents a CAGR of 5.5% over the forecast period. The global market for biochemistry analyzers represents an incremental dollar opportunity of nearly US$ 1,500 Mn between 2016 and 2024.
Lab collaboration to reduce the diagnostic test cost by 40%
In India, the recent decision to reduce stent prices by 85% has set a new healthcare benchmark in the medical parlance. On similar lines, in an effort to reduce the price burden for people who spend a hefty amount of money on medical tests, 45 diagnostic laboratories in Bangalore city have come under one umbrella. This massive collaboration will reduce the price of many diagnostics tests by 40% on an average. The organization is named Association of Diagnostic Centers – Bengaluru. The association has till now published a list of 26 tests comparing the current test prices with the reduced prices. However, in this city, only 50 of the 1,000 odd laboratories possessed high-end equipment. Currently, there is no mechanism in place to check prices that laboratories charge and this new initiative may be able to bridge the gap in the prices that are prevalent in different laboratories.
Positive identification with shorter turnaround time
Manufacturers are developing biochemistry analyzers with multiplexing analyzers. Such type of analyzers possess the feature of positive identification that reduces the process of repeated pathogen testing. This becomes a critical feature in cases of samples that have low volume such as neonatal units. This type of system with shorter turnaround time gives advantages of high clarity and result accuracy. The feature of positive identification helps acquire accurate results in shorter run time by avoiding the inclusion of too many targets. On the other hand, besides pathogen testing, biochemistry analyzers are used for drug monitoring, drug abuse detection and many more applications. Due to such technological advancements in the field of professional diagnostics, the applications of biochemistry analyzers that were initially restricted to the detection of infectious diseases are now venturing into other areas as well. As a result of this technological evolution, the diagnostics tests are now witnessing a boost in their demand.
Development of analyzers with low volume reagent consumption
Initially, biochemistry analyzers were used for repetitive analysis that consumed a lot of reagents. This has now changed and due to the replacement by discrete working systems, low volume reagents are now being used. The new instruments are able to automate repetitive sample analysis steps that would have otherwise been done manually by a lab technician. Moreover, as a result of the convergence of system engineering, automation and IT technology, a significant change has been brought in the global biochemistry analyzers market. The use of ELISAs for clinical testing within a laboratory is time consuming and demands more personnel and resources. However, moving from ELISA technique to an automated biochemistry method increases time and personnel efficiency considerably, and this leads to cost effectiveness as well.
Global Biochemistry Analyzers Market Attractiveness Analysis by Application, 2016-2024
The Clinical Diagnostics application segment dominated the global biochemistry analyzers market in revenue terms in 2015 and is projected to continue to do so throughout the forecast period. Clinical Diagnostics is the most attractive segment, with a market attractiveness index of 3.5 during the forecast period. The Drug Development Applications segment is forecast to be the second most lucrative segment in the global biochemistry analyzers market, with an attractiveness index of 0.4 during the forecast period. The Bioreactor Byproduct Detection segment is anticipated to be the least attractive segment in the global biochemistry analyzers market, recording an attractiveness index of 0.1 during the forecast period.
Focus on volume and error-free testing is an upcoming trend boosting the global biochemistry analyzers market
As per the World Health Organization, in the year 2014, 65% of patients with suspected malaria cases in public health facilities in the WHO African region received a diagnostic test, as compared to just 41% in the year 2010. This example underscores the increase in the sample load on diagnostic labs. In addition, the percentage of the population that is insured is high as compared to previous years. This has also driven the need for more labs and automated systems. Moreover, the potential offered by medical diagnostics has attracted a number of private players. For example in India, there are around one lakh diagnostic labs. The newly operating labs are installing automatic systems to handle higher sample load with accurate results. Due to a rise in the disposable income, the number of people with insurance has also increased, giving them accessibility to private labs that have high-end diagnostic instruments.
About the Report
Persistence Market Research in its latest report titled ‘Biochemistry Analyzers Market: Global Industry Analysis and Forecast, 2016-2024’ has presented a comprehensive research on the competition landscape in the global biochemistry analyzers market. The competition landscape portion of the global biochemistry analyzers market report begins by introducing the readers of the report to the company share analysis of all the important players operating in the global biochemistry analyzers market. This section of the report gives the breakup of the market share of all the key players operating in the global biochemistry analyzers market and observes that the market is highly fragmented owing to the presence of various companies, especially domestic players, in the global biochemistry analyzers market. In the subsequent section of the report, a competition dashboard is presented, which supplies information on various key players operating in the global biochemistry analyzers market; such as product offerings, regional presence and most important of all, strategies adopted by the key market players in order to succeed in the global biochemistry analyzers market. This kind of information is important for any new entrants or established players operating in the global biochemistry analyzers market as it provides insights on the kind of strategies being adopted by the leading market players so that they can emulate their success and also gauge the effectiveness of such strategies in different regions of the global biochemistry analyzers market.
In the subsequent sections of the competition landscape, individual information is supplied on the various key players operating in the global biochemistry analyzers market. The kind of information that is given includes company details, company description, product offerings, key financial information and key developments pertaining to the company. In addition, a strategic overview of the companies is also given that provides valuable information regarding the direction that the company is taking with respect to the market in the coming few years and how this will impact the global biochemistry analyzers market. Last but not the least, a SWOT analysis of all the key market players is also given in the competition landscape that provides deep insights regarding the key market players operating in the global biochemistry analyzers market and how the key market players are going to shape up the global market in the future with regards to their strengths and weaknesses and how they utilize the opportunities provided to them and tackle the various market threats and challenges.
Besides this, in the beginning of the report, a market forecast is given that comprises three scenarios, namely the conservative scenario, the likely scenario and the optimistic scenario. All of these three scenarios will result in different market numbers and growth rates and the report gives information why a particular scenario has been chosen as the most likely scenario in the global biochemistry analyzers market and also gives information regarding the other scenarios that may change the market forecasts, if at all, and the magnitude of the change on the forecasted market numbers and growth rates. Besides this, a section on regional biochemistry analyzers market volume (Unit Mn) analysis and forecast by product type, 2016-2024 is also given that provides an overview of the volume share in the regional biochemistry analyzers market and which region is the largest, most lucrative and fastest growing in terms of volume so that correct decisions pertaining to the global biochemistry analyzers market are taken. In addition, there is a section of the report devoted to the fully and semi-automated biochemistry analyzers price forecast by region, 2015 & 2024. This section of the report gives a price overview of the market region wise, so that important decisions on market growth and expansion can be taken by the players who wish to operate in the biochemistry analyzers market.
Another important and attractive feature of the global biochemistry analyzers report present by Persistence Market Research is the inclusion of PEST analysis. The detailed PEST analysis provided in the report gives all the important political, economic, social and technological aspects governing the global biochemistry analyzers market so that readers are fully aware of all the important factors that directly or indirectly affect the growth of the biochemistry analyzers market globally. Besides, information about the Laboratory Accreditation: Internal Quality Control (IQC), Laboratory Accreditation: External Quality Assessment Scheme (EQAS) are also given, adding more value to the report. Important guidelines by the Clinical and Laboratory Standards Institute (CLSI) are provided to enable readers to get an idea about the nuances of the global biochemistry analyzers market.
Also, in addition to all the above, the biochemistry analyzers market report contains an executive summary and also market definitions and the market taxonomy. Macroeconomic factors affecting the global biochemistry analyzers market along with the demand side drivers and supply side drivers are also given in order to give a deep overview of the global biochemistry analyzers market. Besides, restraints impacting the market along with opportunities and trends shaping up the biochemistry analyzers market also given to further add value to the report. The global biochemistry analyzers market analysis and forecast by product type, by end user, by modality, and by region is also given. This section of the report contains valuable information like Basis Point Share (BPS) analysis, Y-o-Y growth projections and market attractiveness analysis to provide in-depth insights into the global biochemistry analyzers market.
By Product Type
By End User