The global biochemistry analyzers market is poised to grow from USD 3200 million in the year 2017 to USD 4700 million by the end of 2024, reflecting a CAGR of 5.5 percent, estimates Persistence Market Research. The clinical diagnostics application segment dominated the global biochemistry analyzers market in revenue and is projected to continue to do so till 2024. It is the most attractive segment, with a market attractiveness index of 3.5 during 2016–2024. The drug development applications segment is the second most lucrative segment in the market, with an attractiveness index of 0.4 during the same time period.
There is continuous increase in the sample load on diagnostic labs. In addition, the percentage of the population that is insured is increasing over the 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.
Manufacturers are developing biochemistry analyzers with multiplexing analyzers that possess the feature of positive identification to reduce 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. 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.