According to FutureWise analysis the market for Biochemical Analyzers in 2023 is US$ 4.3 billion, and is expected to reach US$ 6.92 billion by 2031 at a CAGR of 6.12%.
Growing activities in drug development, cost reduction of diagnostic tests are some of the major factors contributing to the growth of the market. Furthermore, increased geriatric population, the capability of analysers for identifying a pathogen shall bolster the biochemical analyser market growth. Biochemical analysers provide clear and accurate results, which make them a viable diagnostic option, thereby boosting the proliferation of the market. Additionally, the rising incidence of appalling diseases shall propel the market proliferation. For example, as per the data provided by the International Diabetes Federation, over 480 million people are predicted to be diagnosed with diabetes in 2020 and this number is expected to rise to 580 million by 2030. Moreover, the rising usage of analysers for monitoring drugs, drug provision, detection of drug abuse shall provide lucrative opportunities for market growth.