Automated Biochemical Analyzers Market to Reach $24.1 Billion, Globally, by 2033 at 12.2% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Automated Biochemical Analyzers Market by Analyzer (Biochemistry Analyzers, Immuno-Based Analyzers and Hematology Analyzers), by Application (Drug Discovery, Genomics, Proteomics, Bioanalyss, Analytical Chemistry and Others), and End User (Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the automated biochemical analyzers market was valued at $7.6 billion in 2023, and is estimated to reach $24.1 billion by 2033, growing at a CAGR of 12.2% from 2024 to 2033.
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Prime determinants of growth
Increase in prevalence of chronic conditions, surge in technological advancements, and rise in awareness about early diagnosis are the major factors that drive the growth of the automated biochemical analyzers market. However, the high initial cost of automated biochemical analyzers systems restricts the market growth. Moreover, growth opportunities in emerging markets and growing need for point-of-care testing offer remunerative opportunities for the expansion of the global automated biochemical analyzers market.
Report coverage & details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $7.6 billion |
| Market Size in 2033 | $24.1 billion |
| CAGR | 12.2% |
| No. of Pages in Report | 228 |
| Segments Covered | Analyzer, Application, End User, and Region. |
| Drivers |
|
| Opportunities |
|
| Restraint | High cost of automated biochemical analyzers systems |
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Segment Highlights
Immuno-based analyzer segment is expected to witness significant growth
By analyzer, the immuno-based analyzer segment is expected to drive significant growth in the automated analyzer market due to its high sensitivity and specificity in detecting a wide range of biomarkers. These analyzers are essential for diagnosing infectious diseases, cancer, and autoimmune disorders, providing rapid and accurate results. In addition, technological advancements, such as enhanced automation and integration with artificial intelligence, further boost their adoption. Further, the rising prevalence of chronic diseases and the increasing demand for personalized medicine also contribute to the growth of this segment.
Rise in demand for automated biochemical analyzers technology in drug discovery
By application, the drug discovery segment is poised for significant growth in the automated analyzer market owing to increasing demand for precise and high-throughput screening technologies. Automated analyzers streamline biochemical assays critical for drug development, enhancing efficiency and reducing time-to-market for new therapies. These analyzers enable rapid screening of compound libraries, biomarker identification, and toxicity testing, crucial for optimizing drug candidates. In addition, advances in automation, integration of AI and machine learning, and expanded capabilities in handling complex assays further bolster their appeal in pharmaceutical research.
Benefits of automated biochemical analyzers in pharmaceutical and biotechnology companies
By end user, the pharmaceutical and biotechnology companies segment is poised for significant growth in the automated analyzer market due to increasing demand for advanced analytical tools in drug development, quality control, and regulatory compliance. These companies require precise and reliable biochemical analysis for research on new therapies, batch testing of pharmaceutical products, and ensuring product safety and efficacy. In addition, rise in pharmaceutical research, driven by innovations in biotechnology and personalized medicine, the adoption of automated analyzers is expected to accelerate.
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Regional Outlook
North America to dominate by 2033
North America is poised to lead the growth in the automated analyzer market due to high healthcare infrastructure, high healthcare spending, and a strong emphasis on technological advancements. Rising prevalence of chronic diseases, such as diabetes and cardiovascular disorders, drives demand for automated analyzers for efficient diagnostic solutions. In addition, the presence of leading healthcare and pharmaceutical companies fosters innovation and adoption of advanced medical technologies which further supports the market growth.
Key Players
- Thermo Fisher Scientific
- Danaher Corporation
- Hudson Robotics Inc.
- Becton Dickinson and Company
- Synchron Lab Automation
- Agilent Technologies Inc.
- Siemens
- Tecan Group Ltd
- PerkinElmer Inc.
- Honeywell International Inc.
The report provides a detailed analysis of these key players in the global automated biochemical analyzers market. These players have adopted different strategies such as agreement, product approvals, product launch, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Developments in Automated Biochemical Analyzers Industry
In November 2023, the Canon Medical held a ceremony at its Dalian plant in Liaoning province to mark the domestic production of its TBA-FX8 fully automated biochemistry analyzer, which was approved for sale in China in June.
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